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October 2, 2008

A big shout-out to great new sponsor Beveridge & Diamond. Ed West joined their team in August and is now the Chair of their Real Estate Practice Group. Congrats, and welcome aboard!


As promised, here's the second part of our story about the burgeoning new area around the stadium. Again, we urge you to shake your head several times to get rid of the wrongheaded idea that SE is just baseball. Yes, it's Nats Park (future if not current home of the world champs). But it is way more. We talked about office space yesterday. Here's today's national security briefing for you on what residential and retail are planned. Maybe it will come up in tonight's VP debate.


Capitol Riverfront Business Improvement District executive director Michael Stevens describes a cool future via this scale model of southeast DC in the BID office. (You can check out an interactive map at

Capitol Riverfront

Here's something we were ourselves a little fuzzy on. Forest City's The Yards is actually an integral part of Capitol Riverfront: 42 acres of its 500, starting just a block east of the stadium. It'll include restoration of historic buildings and new construction, a 5.5 acre waterfront park and marina, and a 15-year plan to create 2800 residential units, 1.8M SF of office, and 400,000 SF of retail. The first building (residential loft apartments) opens in fall '09. Overall, here's the breakdown for key residential and retail pieces (those in bold are existing or under construction):

  • Faison/Canyon-Johnson (Onyx: 266 units)
  • Forest City (Foundry Lofts: 170 units)
  • JPI (Jefferson 70 I, Axiom 100 I, 909 N.J., 23 I: 1,352 total units)
  • Akridge (Half Street: 300 units)
  • Cohen (Velocity Condos: 200 units)
  • Forest City (Building 202: 250 units)
  • Monument (Half Street: 340 units)
  • Valhal (Capitol Hill Tower: 344 units)
  • EYA (Capitol Quarter: 323 units)
  • Akridge: Half Street
  • Forest City: Boilermaker, Park Pavilions, Foundry Lofts ground floor retail (total of 114k SF)
  • Monument: Half Street
  • Ground floor retail in most buildings (120k existing, another 116k coming in '09 and 50k in '10)
  • Neighborhood Retail on Barracks Row

JPI's first two apartment buildings, the Jefferson and Axiom, known collectively as Capitol Yards, opened in August. Bisnow had our fall Happy Hour here a couple weeks ago where 350 of you also joined us and got to see that these rooftops really do have amazing views.


Melanie Martin and Mimi Abdo show off the leasing office at the Jefferson. The team tells us they have already leased 15% of the units since the building opened in August, about a lease a day—including Melanie!


EYA VP of Land Acquisition and Development AJ Jackson is managing the construction of 323 Capitol Quarters townhouses being built north of M between 3rd and 5th. A first phase of 160 is completely sold out, top price around $625,000, and residents start moving in this winter. AJ tells us the new storm sewer they're installing is so deep that they had to send a diver swimming up the pipe from the river to make the final tie-in.


Alan Cohen and Eric Siegel show off a Vespa to be raffled at the Velocity Condos sales center. The Cohen Companies' 200 units are 25% pre-sold with the help of Mayhood. Velocity's scheduled to open 3Q '09 with a 2k SF restaurant yet to be named, but we understand it will be an Italian caf? theme. They also tell us the building will be the only new condo opening in DC next year. 


Faison/Canyon-Johnson's 266 apartments, one block from the Navy Yard Metro, two blocks from baseball, and one day surrounded by retail and restaurants in every direction.


Forest City VP for Development Ramsey Meiser and EastBanc VP for Real Estate Marcie Connelly in front of the Foundry Lofts at The Yards.  The 160 units in this renovated historic building will be available in fall '09. Marcie, who leased Cady's Alley in Georgetown for EastBanc, is now handling retail for The Yards' Boilermaker Shops (46k SF) and the Park Pavilion (57k SF).


No, this is not movie night in New York's Central Park, but Capitol Riverfront's outdoor summer flicks behind DOT. This year they showed baseball theme movies, and before the screening movie go-ers got to play Nintendo-Wii on the 32' inflatable screen.


The 204-room Courtyard by Marriott opened in '06 and has been averaging near 80% occupancy and is becoming a popular spot for visiting contractors, conventioneers, and tourists since it's on the Green Line to the Mall and downtown. Friends, go drive around this area now, while you can still find a parking space.


Beveridge & Diamond
Builders' Ball
Capitol Riverfront
Arnold & Porter
Cardinal Bank
Stout and Teague
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