The proposed development includes two office towers, a 250-unit residential tower and a 150-key extended stay hotel. Because of its urban location, MRP Realty plans to develop Washington Gateway as a pedestrian-friendly cityscape by substantially widening New York and Florida avenues, adding new trees, sidewalk cafes and shops. Ground breaking is planned for Q4 of this year and the buildings are expected to deliver in Q1 2010.
"We have been working closely with the DC Office of Planning, DC Department of Transportation, and members of the community to unlock the site's potential and create the highest possible project quality," says Frederick Rothmeijer, an MRP Realty founding principal, in a statement.
MRP Realty was launched in July 2005 by former Trammell Crow Co. executives Rothmeijer, Bob Murphy and Ryan Wade. In October, Wade told GlobeSt.com that the firm was poised to close on the land that would be Gateway Washington.
Other projects the firm has under way include a $75 million office tower in Northern Virginia and a 600,000-sf, $150 million office park at the intersection of Route 7 and Loudoun County Parkway in the Ashburn area of Loudoun County. It currently has more than 2.3 million sf under development and another 2.2 million sf of projects in the pipeline.
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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.
