Forest City presented their updated plans for a mixed-use development at the Yards to the local ANC, gratefully receiving a vote of approval. The National Capital Planning Commission (NCPC) also voiced their support for the project earlier this year. And now the proposal, which sees rental apartments stacked atop ground floor retail, goes before the Zoning Commission next month in hopes of earning final approval. Dubbed "Parcel D," the project is one of the first phases of new construction at The Yards, a Southeast waterfront redevelopment site that will eventually feature 2,800 residential units, 1.8 million s.f. of new office space, and 400,000 s.f. of retail shops and dining places. Forest City already delivered the promised 5.5 acre, riverfront Yards Park early this summer. An expansive, vacant parking lot currently occupies the development site at the southeast corner of 4th and M St.
Project Manager Alex Nyhan of Forest City told ANC6D that he and his team were optimistic that the predicted LEED Silver certification could be upgraded to an ambitious Gold rating by the project's end. Shalom Baranes is responsible for the building design, which has evolved significantly over the last three years as architects and developers responded to the suggestions of the HPRB, the NCPC, and the surrounding community. While plans are firming up, there is still plenty of work to be done. Senior Vice President of Development Ramsey Meiser at Forest City explains that even if all goes swimmingly next month at the zoning hearing, architectural plans will still need to be finalized, and building permits must be secured, likely a six to ninth month process. "I'm hoping to have construction under way by the middle part of next year," Meiser says. Once a groundbreaking happens, excavation and subsequent construction is expected to last 20-24 months.
Washington D.C. Real Estate Development News