(Read more on the multifamily market.)
WASHINGTON, DC-With building on its three multifamily projects in its $500-million mixed-use development, Capital Yards, well in hand, JPI has acquired the necessary land for its fourth project here. To be called Jefferson at the Ballpark, the 416-unit, $150-million multifamily building will complement JPI's apartments at 70 and 100 Eye St. and 909 New Jersey Ave.
JPI has just closed on the necessary land for its latest project for an undisclosed price. It acquired the 47,313-sf parcel, located at 23 I St. SE, from South Capitol Partnership. The plot, bounded by Half, K and I streets, is currently occupied by a Wendy's restaurant. Jayne Shister of Cassidy & Pinkard Colliers represented JPI.
JPI EVP Greg Lamb tells GlobeSt.com that the company expects to break ground on its latest luxury apartment building next August. "We like this part of town," he says, referring to the District's up-and-coming Baseball District. "It is an area in which we expect to see tremendous growth in housing." Jefferson at the Ballpark will be a green building, he adds. "We want to differentiate this building from the others [at 70, 100 Eye St. and 909 New Jersey]. It will have a rooftop terrace, dog run and large open court yard, for instance."
By contrast, 70 Eye St. reflects the area's historical industrial architecture, infused with modern design and materials. The building facade is reminiscent of old historical warehouse buildings, such as those found in the old Navy Yard, with large windows and brick veneers. The same concept is replicated inside with open ceilings and exposed ductwork. 100 Eye St. takes a different design approach with dark-colored brick, metallic bay windows, detailed metal rail accents, and contemporary metal-framed bay caps. A triple-height lobby will feature a glass staircase, white terrazzo marble flooring, and other such decor. WDG Architecture of Washington, DC is the project architect for both 70 and 100 Eye St. Both are expected to be completed in summer 2008, shortly after the Nationals open their first season in their new hometown stadium.
The Preston Partnership designed 909 New Jersey Ave., which is a glass tower that will anchor the intersection of K Street and New Jersey Avenue. The building's double-height lobby will have a "floating" concierge desk and floor-to-ceiling stainless steel fireplace. The lobby will lead to a pub with a curbed bar topped by a 90-inch theater screen. 70 and 100 Eye St. are in the structural concrete phases; 909 New Jersey is still in the excavation phase.
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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.
