Monday, January 17, 2011

Camden Readies to Build New South Capitol Apartments


While land development in southwest DC takes on a somewhat leisurely pace for most, some developers think the time is just right, especially if the soil in question is right across from the stadium, which is not really southwest, after all. Such is the case for Camden Property Trust, which is about to start developing a 276-unit apartment building on South Capitol facing Nationals Stadium.

The WDG-designed building will take up the now vacant site north of O Street, sparing the historic townhouses along North Capitol, with a very small retail space. Mark Coletta of Camden says the project will break ground in March with a June 2013 completion date, with the timing warranted by the generally full capacity of the adjacent Capitol Riverfront area. "The supply and demand fundamentals are now back where you can start to make sense of new development, by the time we deliver there will be a bit of a [housing] shortage." Coletta says the residence will offer a rooftop pool and deck, underground parking, and possibly (no explicit promises here) droolable views into the ballpark just across the street. Most units will have balconies and floor to ceiling glass for Nationals fans to watch the game from their couch and save time spent in an expensive beer line.

No matter that southwest is still in its development infancy, just look east, not west. "The entire neighborhood is what you'd call an emerging neighborhood...now you're hoping you can get the retail to come and fill in some of the gaps, then you're going to start to complete the neighborhood....it will be a pretty cool feel on game day," says Coletta. With near southeast nearly at capacity within its completed projects - both commercial and residential - the development of southwest has an obvious logic. And with no other projects south of the Capitol building - SE or SW - near construction, Camden will have the only new building on the market, with enviable marketing exposure to large crowds, new parks all around, and possibly a long bike trail wrapping around it, even if the retail is still wanting.

Camden acquired the property in 2007 and has hired Donohoe as the general contractor.

Washington DC real estate development news

5 comments:

Anonymous said...

Shouldn't that read S. Capitol St. not N. Capitol St.????

Ken on Jan 17, 2011, 9:38:00 PM said...

Indeed.

Anonymous said...

Actually, across South Capitol Street from the stadium* (sic) IS southwest.

* It's a ballpark, not a stadium.

Ken on Jan 18, 2011, 10:47:00 PM said...

Thanks for the correction, but I was being cheeky and not literal. Of course it is SW, but it can glom onto SE for proximity. Sigh.

To your second point I say: Nationals call it a stadium (check out their website). You say stadium, I say potato. What-ever. I think you woke up grumpy today, so I'm going to forgive you. Please don't leave more ornery comments or I shall be forced to scold you a second time.

Mike said...

BTW-Foundry Lofts in SE are apartments under construction located near Yards Park and not too far from Nats Stadium. Does that still make Camden the only game in town (SE/SW)?

 

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