(Read more on the multifamily market.)
WASHINGTON, DC-The District government is putting to bed an $850 million development deal that has been pending for several years. After being awarded the contract in June 2005, Hines|Archstone-Smith can start moving towards a ground-breaking on the retail, residential and office project that has been designed for the site of the former Washington Convention Center. Last minute details that had to be negotiated included: approval of the schematic design; the completion of zoning approvals; and agreement on the financial details of the land disposition.
Now that the schematic design phase of the project is complete Hines|Archstone-Smith is working to finalize design, bidding and permitting by November 2008. It expects to break ground on the site, which is located on a 10-acre parcel bounded by New York Avenue and 9th, H and 11th streets in Downtown DC, by January 2009.
After awarding the development rights to the site in June 2005, the District approved the master-plan in October 2006: an ambitious pedestrian-friendly neighborhood with 250,000 sf of retail; more than 670 apartment and condos including at least 134 units of affordable units; 465,000 sf of office space and parks and entertainment areas.
"This project is going to be a true city center--our downtown retail anchor--befitting a world-class city," DC Mayor Adrian Fenty says in a statement. "We are creating a place, designed by one of the world's most pre-eminent architects, which will complete the recent transformation of our downtown."
The design effort has been led by London-based Foster + Partners; District-based Shalom Baranes Associates and Lee + Papa and Associates; and Gustafson Guthrie Nichol of Seattle. After an anticipated that a 35-month construction period, initial occupancy is expected in July 2011.
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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.
