Opportunity To Redevelop 80-Acre Northwest D.C. Campus Attracts Top CRE Players
The Armed Forces Retirement Home is looking for developers to build on an 80-acre portion of its Northwest D.C. campus, and many of the area's top players are showing interest.
More than 150 commercial real estate professionals, representing companies such as Lerner Enterprises, Jair Lynch Real Estate Partners and Quadrangle Development Corp., attended an information session on the property Monday, the Washington Business Journal reports.
The 284-acre campus sits at North Capitol Street and Pershing Drive, about a mile from the Georgia Avenue-Petworth Metro station. AFRH aims to secure a long-term lease for an 80-acre parcel on the southern edge of the property with the potential for 4.4M SF of mixed-use development. The northern portion of the campus would remain an active retirement home for military members.
AFRH, a self-funded federal agency, is consulting with JLL and the General Services Administration in the process, but the military will make the final decision. It hopes to issue a solicitation this spring.