Hines│Archstone is the master developer for the six-acre urban, mixed-use Downtown community that was once the old Convention Center. Now it will develop parcel B as well. The entire project has been branded CityCenter DC. "It is time we start calling this place what it is, our City Center," DC Mayor Adrian Fenty, says in a prepared statement. "CityCenter DC is going to be a true retail and entertainment destination--the heart and soul of our dynamic new downtown."
Under the terms of the development agreement for the Old Convention Center site, Hines | Archstone had the first right of refusal if the District did not build a new central library on 53,000-sf parcel B as it once was considering. Hines | Archstone will lease the B parcel for 99 years and the District will have the right to approve any retail or hotel tenants for the site.
Much of the details for the Parcel B's development are still fluid, a DC government spokesperson tells GlobeSt.com. Even the development costs--which he put at $150 million after a consultation with the developer--are a rough estimate, depending on the retail use. "There is talk of getting a department store," he says. "Or it could be a large format store like an Apple." Ground-breaking has not been scheduled yet.
Ground-breaking for the rest of CityCenter DC has been slated for Jan. 2009. Located between New York Avenue and 9th Street, H Street and 11th Street, the project will deliver more than 350,000 sf of retail; more than 670 apartments and condos including at least 134 units of affordable units; 465,000 sf of office and; now, a 400-room high-end hotel, as well as parks and entertainment areas. 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.
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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.
