(Read more on the multifamily market.)
CHEVY CHASE, MD-One of the first projects in a previously announced joint venture between local developer JBG Cos and San Francisco-based MacFarlane Partners is under way. JBG and the Washington Metropolitan Area Transit Authority have broken ground on the first phase of Twinbrook Station, a $700-million mixed-use project at full build-out.
The first phase is two-million-sf, mixed-use transit oriented development on the 26 acres of land surrounding the Twinbrook Metro Station, which should deliver by early 2010, Rod Lawrence, a partner with JBG tells GlobeSt.com. It will include 279 luxury apartments and 17,000 sf of retail.
This development falls under the auspices of a first-time JV JBG and MacFarlane announced in August to develop an ambitious office, retail, hotel and multifamily portfolio of 93 developments at 43 sites throughout the Greater DC area. JBG contributed the assets to the venture, which are expected to be valued at $10 billion once the development and renovations planned are complete. The joint venture, called JBG Urban, will be seeded with $2.6 billion from a variety of sources including investment entities managed by MacFarlane Partners, investors in JBG Investor Funds I through V, JBG's principals, and the Morgan Stanley Special Situations Fund.
"There are a number of projects under way in that JV at various stages of development," Lawrence says. "This is one of the first to have broken ground."
When complete Twinbrook Station will include approximately 325,000 sf of office space; 220,000 sf of ground floor retail; and 1,595 multifamily residential units, 15% of which will be workforce housing. It was selected by the US Green Building Council as a pilot project for the LEED Neighborhood Design program.Other projects in the JV include:
- Mark Center, a 150-acre, mixed-use, retail-multifamily campus in Alexandria, VA, that will be redeveloped to add additional multifamily units.
- The 225-key Bethesda North Marriott will be expanded to include an additional 225 new rooms, as well as rental apartments.
- Central Place I and II, which will entail the redevelopment of a city block directly above the Rosslyn Metrorail station into a mixed-use project with office, retail and multifamily space.
- Rosslyn Gateway North and South, two class B office buildings near the Rosslyn Metrorail will be redeveloped into a mixed-use project with class A office, retail, hotel and multifamily space.
- Capitol Square, a planned, 1.6-million-sf, mixed-use development in NoMA, which will feature retail, office, hotel and multifamily space.
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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.
