Encompassing 24 acres near Union Station, between Florida Avenue, Sixth Street, Penn Street and the railroad tracks, New Town at Capital City Market is one of the more ambitious proposed developments in the District in recent times. Its location in the city's underutilized northeast quadrant also makes it unique--at least for now.
One reason Apollo likes the area, according to Jim Simmons, Apollo partner, is its proximity to the rapidly development NOMA submarket, an area in which Apollo is already active.
Other reasons include its access to transportation and its access to the northeast neighborhoods, which have never been well served by retailers, Simmons tells GlobeSt.com.
Initial plans now call for 3.4 million sf of housing, retail, restaurants, hotels, entertainment facilities and other community services. Specifically, there will be 1,600 condominium and rental apartments, with between 20% and 40% set aside as affordable housing for renters and buyers.
The retail storefronts and restaurants, which will stretch for more than one mile, will include 300 shops, an outdoor ice-skating rink and an entertainment center with a theater, bowling alley and roller-skating. There will be two hotels and a new YMCA that would offer such services as a teen center, senior citizen programs, and child day care center with outdoor playground.
The Market's historic structures will remain part of the new development through adaptive re-use. Plans also call for the use of green technology in design, construction and operations.
The DC Council approved initial plans for the project last year, including provisions that would allow the current merchant property owners in the area to stay in the new development.
Apollo Real Estate Advisors and Sang Oh Development will submit a final conceptual plan for review and approval later this year. Simmons says he can't speculate whether the initial plans will change significantly during these talks. "Eventually, though, we will come up with a plan that is acceptable to both us and the city," he says.
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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.
