Thursday, April 09, 2009

Factory 202 Gets Mixed-Up in Southeast?


Forest City Washington's aggressive development of the Capitol Riverfront via The Yards project is still keeping pace with its brisk timetable, but one component in particular might be getting a little retooling before it sees the light of day. The SK&I-designed Factory 202 project - a renovation and expansion of the Navy Yard industrial building formerly occupied by Federal Protective Services - had initially been inked as a 271-unit condo project. Now, whether due to the enduring pain of the condo market or saturation from competing projects in the area, Forest City is exploring the possibility of a different development scheme for the property.

"We're currently evaluating whether it will be all residential or include some mixed-use retail," said Gary McManus, Marketing Manager for Forest City.

Another contributing factor to the planned renovation and two-story addition to the historic warehouse/factory - still slated for a 2011 completion - is the fact that the property remains in the hands of the General Services Administration (GSA). Said McManus:

That’s former federal land…GSA actually owns that site and we’re partnering with them...When we actually begin development of a new building or redevelopment of one of the existing buildings, we buy that parcel from GSA at that point. But…nothing is happening on that building yet, we haven’t bought [it].
As such, a definitive start date for project has yet to be scheduled. Nonetheless, work continues on several other mixed-use Yards projects. The Park at the Yards is under is construction, while the adjoining “Lumber Shed” renovation, new retail pavilions and stainless steel spire all recently received approvals from the DC Zoning Commission and National Capital Planning Commission. Meanwhile, the Boilermaker Shops at 200 Tingey Street, SE continues to court retailers for what (one day) will be space along the linchpin of the Capitol Riverfront boardwalk.

1 comments:

Anonymous said...

Unfortunately, work has stopped on the "Lofts" and hasn't yet begun on the Boilermaker shop. They need to hold up their end of the bargain- the city/feds negotiated with this bunch in good faith.

 

DCmud - The Urban Real Estate Digest of Washington DC Copyright © 2008 Black Brown Pop Template by Ipiet's Blogger Template