The company broke ground this month on 70 Eye St., a 448-unit, two-building project being situated on a two-acre parcel. The second building with 246 units, 100 Eye St., is scheduled to break ground in October. Projected development costs for 70 Eye St. is $140 million and $80 million for 100 Eye St., Greg Lamb, senior vice president and regional managing partner of JPI in McLean, Va., tells GlobeSt.com.
Both buildings are scheduled for a summer 2008 delivery. GE Capital is JPI's partner in this project, as well as many others in the DC area and nationwide, Lamb says. Amenities at 70 Eye St. will include three levels of below-grade parking, a fitness center, community movie theater, business center, conference room, billiards and pub room, rooftop pool and patio.
There is strong demand for apartment buildings in the Washington, DC area, Lamb says, citing the region's strong job growth as well as the recent wave of condo conversions that took a lot of supply off of the market. Next year, JPI plans to break ground on another $75-million apartment building along New Jersey Avenue. The company has additional projects in the pipeline in the early stages of pre-development, he says.
The Eye Street and New Jersey projects are the fourth, fifth and sixth multifamily projects in Washington, DC. "We have had a focus on this area for about four years now," Lamb says, While JPI's core business in this market has been luxury rental housing, increasingly it has been responding to a demand for mixed-use developments, he says. "We are searching for projects that would benefit from a mixed use environment," Lamb says.
The eastern division of JPI--with offices in Northern Virginia, Boston, New York and Atlanta--wants to develop and or acquire $600 million annually in new production, Lamb says. Of that amount, $300 million is focused on the mid-Atlantic region.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
