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

Lawmakers Punt On Stripping Approvals From 15 Projects In Data Center Alley

Hines Spends $170.5M On Mixed-Use Portfolio In Dallas' Bishop Arts District

How UK Investment Giant L&G Plans To Grow Its U.S. Multifamily Holdings

Properties Owned By REIT Accused Of Fraud To Be Auctioned Off

Affinius Relinquishes Big Office Building Next To Capital One Arena

Major NYC Multifamily Firm Expands With Tech-Driven Operations

One Thomas Circle, The Elevated Workplace For The Way D.C. Works

Multifamily's Days As Commercial Real Estate's 'Golden Child' Are Over

Riverwards Secures $36M In Construction Financing For Philly Apartment Project

Lioncor Bets Ireland's Residential Reset Can Unlock A New Wave Of Capital

Structural Design Decisions Can Box Owners In. The Right Partner Can Help Them Make More Informed Decisions

How Miami Multifamily Developers Are Approaching Dealmaking Today