Boston Properties JV Pivots From Office To Residential For Mount Vernon Triangle Site

The parking lot at 1001 6th St. NW, where Steuart Investment Company and BXP are proposing a development with residential.
The Parking Lot At 1001 6Th St. Nw, Where Steuart Investment Company And Boston Properties Are Proposing A Development With Residential.

A development team including Boston Properties has pivoted plans away from office for a site in a growing central D.C. submarket.

The Mount Vernon Triangle site, located at 1001 Sixth St. NW, is currently a parking lot used as a pickup and drop-off site by FlixBus, and it had previously been planned as a 525K SF trophy office building.

But the REIT and its partner, Steuart Investment Co., have put forth two new proposals that contain either just residential or residential and hotel use, UrbanTurf reported.

Both options would be about 130 feet tall. One would feature up to 550 residential units, and another would feature about 465 units plus a 270-room hotel, according to details shared by ANC Commissioner Rachelle Nigro on Instagram.

“We think this is an excellent residential site and we’re in the early stages of design,” Boston Properties Executive Vice President Pete Otteni told Bisnow in an email.

Development partners Wilkes Co. and Quadrangle Development also appear to have pivoted away from office for a nearby development at 300 K St. NW. The team had previously marketed it to office tenants, but Wilkes' website now shows plans for a 302-unit residential building on the site.

Wilkes and Quadrangle also began construction last year on The Cantata, a 275-unit project in the neighborhood.

Despite some developers shifting to other uses, the neighborhood's office market has still drawn interest from major investors. Last week, Boston Properties sold the building at 601 Massachusetts Ave. NW to a Japanese investor for $531M.

The property's neighbors include other recently completed projects, including the AC Hotel that Douglas Development delivered in 2020. The hospitality industry has been steadily climbing its way out of the pandemic in D.C., and in July the average daily room rate reached 95.2% of the same measure in July 2019, according to data from JLL.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

270-Unit Manassas Gated Community Sells: The D.C. Deal Sheet

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

How Metropolis Is Bringing Parking Into The Future With AI And Recognition Technology

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

How A New Financing Model Helps Spur More Mixed-Income Housing