What’s New In Northeast D.C.: Developments, Acquisitions And A Rising Multifamily Market
1. The development of the D.C. Housing Authority’s new headquarters is moving forward, after being on pause since 2019. DCHA Executive Director Tyrone Garrett told the D.C. Council that he expects to close on the deal for the 1,200-unit project at 1133 North Capitol St. NE this fall.
2. JBG Smith has announced plans for Capitol Point North, a mixed-use development at 55 and 75 New York Ave. NE that will replace the existing McDonald’s. The first phase of construction will bring 500 apartments, 13,130 SF of retail and a 5,250 SF rooftop bar and restaurant. The second phase will include 305 apartments above 9,125 SF of retail and a 4K SF fast-food restaurant, presumably a replacement McDonald's.
3. Boyd Watterson Asset Management acquired the office building at 64 New York Ave. NE for $201.75M from Bethesda-based private equity investor ASB Real Estate Investments. This is the sixth D.C.-area acquisition in three years for Boyd Watterson, a Cleveland-based national investment firm.
4. D.C.-area investment sales are showing signs of heating up after a year of stagnation with a handful of major deals closing in April, including the afore-mentioned Boyd Watterson buy.
5. After nearly a three-year delay, MidCity is finally able to move forward with the development of its 1,700-unit RIA development in Northeast D.C. In March, a D.C. Court of Appeals panel ruled against an appeal that aimed to strip the company of its Zoning Commission approval.
6. Vacancy rates for all classes of apartments across the D.C. Metro stood at 4.3% at the end of Q1 2021, down from 6.1% in Q4 2020, according to data from Delta Associates. The report suggests that the city’s apartment market is recovering from the coronavirus pandemic’s hit.
7. The NoMa Parks Foundation gave residents a first glimpse of Swampoodle II, the area’s newest park, at the corner of Third and L streets. New renderings show a boxcar that can serve as a stage for small performances or a pop-up eatery, an amphitheater-like main entrance and a central oval surrounded by greenery.
8. The next D.C. Comprehensive Plan is nearing completion. The massive document, which spells out goals for new growth and development, is revised every several years. The latest iteration includes initiatives to address the city’s housing shortage — although key disagreements have emerged over guidance for Eckington — boost public gathering space and encourage residents to rely more on public transportation.
9. A popular D.C. pizza slice shop is bringing a new branch to the Streets Market in NoMa, while a new Texas-style barbecue spot opened at the corner of North Capitol Street and Florida Avenue. Restaurants are starting to open again in Northeast D.C. as the Washington D.C. Economic Partnership expresses optimism about the future of retailers and restaurants in the area.