Showing posts with label capitol yards. Show all posts
Showing posts with label capitol yards. Show all posts

Wednesday, November 17, 2010

Forest City's Parcel D: The Yards Gets Moving

4 comments
Last month 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.

Under their current Parcel D plans, two towers totaling 225 apartments (20% of which will be offered as affordable housing at 50% of AMI) will rise 102 feet in the air, extending from a single differentiated base structure that will house the 50,000 s.f. grocery store (rumored to be Harris Teeter) a 30,000 s.f. health club, and a few smaller "neighborhood-serving" retail spaces. Developers are in final negotiations with several tenants, and will make announcements as soon as leases are executed, for now renderings reveal them simply as "grocery" and "health club." Below grade parking will serve the retail uses, while a third floor parking deck sandwiched between the grocery store and apartment towers will provide spaces for residents.

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

Wednesday, April 22, 2009

909 at Capitol Yards Opens

9 comments
Capitol Riverfront southeast, 909 at Capitol Yards, JPI, WDG Architecture, the Jefferson, new apartments While the Washington Post may be increasingly skeptical about the viability of Southeast's Capitol Riverfront as either a residential or commercial neighborhood, it is certainly a strategy that developer JPI has bet heavily on. Next month, the developer will open the doors on the 909 at Capitol Yards project - their 421-unit "boutique-hotel themed"Southeast DC, Capitol Riverfront, 909 at Capitol Yards, JPI, WDG Architecture, the Jefferson, new apartments, retail for lease apartment building and third entry under their greater Capitol Yards development. According to the Capitol Riverfront BID, tours of the WDG-designed complex have already begun for prospective residents and move-ins are scheduled to begin late this month. JPI is apparently targeting that hard to pin down 18-35 demographic the project with an advertising campaign that boasts of amenities like a two-story bar and lounge, yoga rooms, a “pub room” with shuffleboard (?!) and Nintendo Wiis, an in-house movie theater, a rooftop swimming pool for hosting “raucous barbeques,” and a Twitter ticker in every elevator tracking losses in the housing market (no, not really). Should you feel the need for something more “classic and traditional” or an apartment with a little “industrial style,” JPI is directing inquisitive renters in the market around the Ballpark to the first two buildings completed under their Capitol Yards banner: the Jefferson and Axiom. Their marketing whizzes have even gone so far as to whip up a “personality quiz” to help choose from among their properties (sample response: "Call up your fav five and hit Banana Cafe for pitchers of Caipirinhas"). Though JPI still has one project in the pipeline– a 419-unit apartment building with 15,000 square feet of retail at 23 Eye Street – completion of Capitol Yards could be viewed largely as the developer’s curtain call the DC area. The Texas-based company had once targeted DC, along with New York City, as hot spots for condo development. However, after completing projects like The Byron and Jenkins Row – the latter of which is still selling four years on – the market’s prospects seem now much dimmer than they did just a few years ago and JPI has yet to announce any new plans for follow-up developments. Correction: 909 at Capitol Yards was designed by the Preston Partnership, not WDG Architecture. WDG designed two other neighboring JPI projects, the Jefferson and Axiom at Capitol Yards.

Washington DC retail and commercial real estate news
 

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