9 D.C.-Area Developments Preparing To Deliver In Q4
The real estate industry has slowed down new groundbreakings during the pandemic, but a large number of D.C.-area projects are still under construction and preparing to open.
From Capitol Riverfront to Clarendon to College Park, developers are preparing to deliver thousands of new apartments, hundreds of thousands of square feet of office space, hundreds of hotel rooms and a host of new retail space in the D.C. area. These projects were spearheaded by some of the region's biggest developers, such as Carr Properties, Douglas Development, Akridge and The Meridian Group.
The coronavirus pandemic will present these developers with new challenges they didn't anticipate when they broke ground, from completing construction to receiving permits to leasing and managing the buildings. Bisnow took a look at nine D.C.-area projects preparing to break ground in Q4.
- Developer: Tishman Speyer
- Neighborhood: Capitol Riverfront
- Size: 818 apartments, 30K SF of retail
The first residents are scheduled to move in this month to Tishman Speyer's Crossing project in the Capitol Riverfront neighborhood. The project is delivering in two phases, with the 410-unit east building finishing this fall and the 408-unit west building scheduled for a December 2021 completion.
The X-shaped development features a passageway between the buildings branded as Bond Alley, lined with gardens and seating areas. The project's amenities include two pools, a penthouse clubroom, a music production studio, a fitness center, a shared kitchen, event space, a work lounge and a children's playroom.
The development is also planned to include 30K SF of ground-floor retail, for which the developer has yet to announce a tenant. The project spans a full block at the First and K streets SE intersection, three blocks north of Nationals Park.
- Developer: Akridge, Western Development, Orr Partners
- Neighborhood: Buzzard Point
- Size: 480 apartments, 70K SF of retail
The former headquarters of the Coast Guard has been redeveloped into apartments and is preparing to welcome its first tenants this month. Akridge, Western Development and Orr Partners teamed up on the Buzzard Point project, branded as RiverPoint.
The 480-unit development has 70K SF of retail and has already landed multiple tenants. Chef Spike Gjerde plans to open a 20K SF market plus two restaurants at the development. Another 12K SF restaurant is planned by Greg Casten, the restaurateur behind Ivy City Smokehouse, Tony & Joe's and Nick's Riverside Grill.
The delivery comes after Douglas Development last quarter completed its redevelopment of another former Coast Guard building on Buzzard Point. Its project, branded as Watermark, features 453 units and 17K SF of retail.
The Wilson and The Elm
- Developer: Carr Properties
- Neighborhood: Downtown Bethesda
- Size: 360K SF of office, 456 apartments, 12K SF of retail
The office and residential towers at Carr Properties' massive Downtown Bethesda development are scheduled to deliver this quarter.
The developer is completing building work on the 360K SF office tower, The Wilson, this month and will have tenants build out and move into their spaces over the next year, Carr Properties CEO Oliver Carr said. It has announced office tenants including WTTG Fox 5, ProShares and Enviva Partners, and Carr said it is working on deals that will bring it to roughly 80% leased.
The project's 456-unit apartment building, The Elm, is scheduled to welcome its first residents in December. The development also features 12K SF of ground-floor retail, where Carr landed a 4K SF deal with Boston's Tatte Bakery & Café.
- Developer: WC Smith
- Neighborhood: Capitol Riverfront
- Size: 375 apartments, 13K SF of retail
WC Smith began leasing last week for The Garrett, the third building at The Collective, and it is preparing to deliver the project in November. The project features 375 apartments and 13K SF of retail, for which it has not yet signed a tenant.
The Garrett's amenities include an indoor basketball court, a rooftop clubroom, outdoor grills, a fitness center and 5K SF of coworking space offering hot desks and private offices. The Collective features over 100K SF of amenities in total, and residents in each of the three buildings can access all of the development's amenities.
1333 New Hampshire Ave. NW
The renovation of the office building at 1333 New Hampshire Ave. NW is slated to deliver this quarter, a Meridian Group spokesperson confirmed. Meridian acquired the building in December 2018 in partnership with WeWork's real estate arm.
WeWork had initially planned to occupy 100K SF of the 350K SF building, which lost anchor tenant Akin Gump in 2017. But in June, the coworking provider listed 56K SF of its planned space available for sublease. The Meridian Group declined to share the percentage of the building it has leased.
Former retail tenants Buffalo Billiards and The Front Page closed as part of the building's renovation, but indoor mini-golf course and restaurant Swingers filed permits to open in the building. The renovation also included a re-skinning of the building's exterior, an upgraded lobby and new amenities, including a rooftop penthouse.
Loft Office at Market Common
Construction began in January 2019 on the redevelopment of the 10-acre Market Common Clarendon complex. Regency Centers is adding a fourth floor to the former Sears building at the development and turning it into a mix of office and retail space.
The developer has reportedly signed Equinox to anchor the redevelopment's retail space. Regency Centers in 2016 paid over $400M to acquire Market Common Clarendon, which also features a Whole Foods, a Barnes & Noble, an Apple store and a host of other retailers.
4600 River Road
A new office building broke ground in College Park's Discovery District in May 2019. The 105K SF project at 4600 River Road is a partnership between COPT and the University of Maryland. The project is slated to deliver this quarter, according to JLL.
The development team signed Cybrary to occupy the 25K SF top floor of the four-story building. The 4600 River Road project is the fourth building to be constructed through the joint venture of UMD and COPT, which owns 60 acres between the College Park Metro station and the university.
AC Hotel by Marriott
- Developer: Douglas Development Corp.
- Neighborhood: Mount Vernon Triangle
- Size: 234 rooms
The pandemic has been a difficult time for the hospitality market, but new projects that were under construction continue to open. The AC Hotel by Marriott at 601 K St. NW welcomed its first guests Monday.
Douglas Development broke ground early last year on the 234-room hotel, the second location of the AC Hotel brand in the District. The hotel's rooftop bar, Estrella Lounge, is planning to open later this fall and have weekly live jazz performances. The hotel also will feature food and beverage offerings from Chef Gene Sohn, a library space and a fitness center.
Holiday Inn Express
- Developer: Habte Sequar
- Neighborhood: Mount Vernon Triangle
- Size: 247 rooms
Another hotel is under construction at 317 K St. NW in Mount Vernon Triangle, a hospitality-heavy neighborhood near the Walter E. Washington Convention Center. Developer Habte Sequar broke ground in May 2019 on the 247-room hotel project and said at the time it was scheduled to deliver this quarter.
The 14-story hotel features the Holiday Inn Express flag. Stonehill Strategic Capital provided financing for the $93M project, which has been planned since 2015. Sequar didn't immediately respond to a request for comment on the status of the project.