Wednesday, January 02, 2008

District Seeks Developers for Mt. Vernon Parcel

The District of Columbia has issued a Solicitation for Offers for the Redevelopment of a vacant 20,600-s.f. lot in Mount Vernon Triangle. The lot, at 463 I Street, NW, sits five blocks from the nearest Metro, and adjacent Walnut Street Development's newly announced project at 459 Eye Street, but will have substantial street presence on Massachusetts Ave. The District is seeking to turn the vacant lot into a mixed-use project that could potentially include housing, cultural and "hospitality uses," and it certainly wouldn't hurt if the project provided retail for the nearby Convention Center.

The Office of the Deputy Mayor for Economic Development (DMPED) issued the solicitation on December 27th, responses are due by March 7th. The property is located on the Northwest corner of Fifth and Eye streets, skirting Mass Ave.; current zoning allows for office, residential, hotel and entertainment uses, and for a height of up to 130 feet, with allowable FAR of up to 10.0. As with all DC-owned property sold off for private development, the District is requiring that at least 30% of any new housing conform to the District's "affordable" criteria.

The property is part of Mount Vernon Triangle, a 30-acre section that the DC government has been actively promoting in order to transform the vacant or shuttered properties into, well, an actual neighborhood. According to the District, there is currently more than 4 million square feet of development in the neighborhood's development pipeline, anchored by the nearly completed CityVista project.

Washington DC real estate development news



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