Clark Realty To Develop $2.5B Poplar Point

WASHINGTON, DC-Clark Realty’s plan to redevelop the District’s Poplar Point–a $2.5-billion project–has been selected by local officials. The firm beat out an Archstone-Smith and Madison Marquette joint venture, and Forest City Enterprises–the two other developers that made it to the District’s short list last month–to win the plum assignment. According to Mayor Adrian Fenty, it is the largest economic development project on which District has ever embarked.

Part of the District’s $10-billion-plus Anacostia Waterfront Initiative, Poplar Point is a 110-acre-stretch along the Anacostia River in Ward 8. An environmental impact study is still under way and until it is complete details of the plan cannot be finalized. But Clark’s redevelopment of the area is likely to include hundreds of units of housing, new retail, hotels and office space–as well as a 70-acre waterfront park. Other requirements made by the District for the project include a 51% employment rate for District residents when developing the project, a portion of the housing must be affordable and 35% of the contracting dollars awarded to small and local certified businesses.