Monday, April 30, 2007

Bethesda's Battery Lane Condo Plan Approved

Last week, the Montgomery County Council approved the Development Plan Amendment submitted by Battery Lane LLC for its Woodmont View mixed-use project, to be located on the northwest corner of Woodmont Avenue and Battery Lane, a block or so east of the main drag of restaurants and shops in Bethesda. Woodmont View will be a residential complex with 46 condo units (with eight moderately priced dwelling units) above a ground-floor restaurant. The existing four-story office building on the property will be destroyed. In addition to the condo complex, the developer will build one single family home on the northern end of the parcel, most likely for personal use. [Additional architect drawings can be found here (PDF).]

Friday, April 27, 2007

Capitol Place Approved, But Upzoning Denied

On April 11, the Near Northeast advisory neighborhood commission (ANC 6C) – while voting unanimously for Dreyfus Properties’ mixed-use Capitol Place project between Second and Third and G and H Streets NE – denied the developer’s request that a portion of the property be “upzoned” for taller and denser construction, saying the proposed scale would set an unwanted precedent for future construction along H Street, and tower over the nearby residential townhouses. Capitol Place, across from the new Senate Square, is projected to have 314 condos (15% set aside for affordable housing), 24,500 sf of retail space, and 380 parking spaces. Dreyfus was looking to have the northwest corner of the project upzoned to allow the construction of a 110-foot tower to match the symmetry of Senate Square. The DC Zoning Commission is next expected to review Dreyfus’ project application on May 7.
[Update (4/31): New rendering of project (h/t: pingo in comments).]

Thursday, April 26, 2007

Silver Spring’s Studio Plaza Project Downsizes

Last year, developer Michael LLC submitted plans for Studio Plaza, the redevelopment of lots between Thayer and Silver Spring Avenues along Georgia Avenue in the Fenton Village area of the Silver Spring Central Business District now occupied with low-scale commercial buildings and surface parking. Initial plans called for a mixed-use development, with one seven-story building facing Thayer Avenue with 146,000 sf of office space and 20,000 sf of new retail on the ground floor, two 90-foot residential buildings facing Silver Spring Avenue containing 255 units and 7,000 sf of retail, and two small green parks.

But last week, the developer, citing zoning issues with the office space and parks, told the Silver Spring Commercial Economic Development Committee that it plans to drop the office building and all its retail space, plus the two parks, from its proposal, leaving just the two residential towers (pictured), but now with only 165 units instead of 255. No decision has been made yet as to whether these will be condos or rentals, though 15% will be set aside as moderately priced dwelling units. The residential buildings will retain the 7,000 sf of retail. There will also be 186 parking spaces below the residential buildings. The revised proposal is expected to be discussed before the Montgomery County Planning Board on June 7.

Wednesday, April 25, 2007

Two New Marina Views for Southwest

The urban renewal of the 1950s left Southwest a forgotten section of DC, but recent projects are bringing new excitement and livability to the area. One such project is Fairfield Residential LLC’s Marina View Towers (click image to see rendering of project layout). The developer is renovating the two existing Marina View Towers at 1100 6th Street SW and adding two additional residential structures, a development that will be a mix of apartments, condos, a large central garden, and 8,000 s.f. retail space. Designed by I.M. Pei, the two original towers are of historic status and, thus could not be demolished; instead, they will undergo complete interior renovations. The north existing tower will become a 128-unit apartment building while the southern tower will be converted into a 120-unit condominium building. The final piece of the project is a 12,000-15,000 s.f. amenities building for residents that will include a pool, gym, lounge, and business center.

Taking the place of the two towers’ surface parking lot will be two new 112-foot towers each with approximately 145 rental apartments. Designed by Esocoff and Associates, both buildings will offer parking for residents, the north tower with three underground levels and the south with four; the new south tower will also include 8,000 s.f. of retail space.

Also being redeveloped in the developer-described “oasis” that is Southwest is the former Waterside Mall into “Waterfront” a mixed-use development that will share a driveway with Marina View. “It (Southwest) is not a hotbed because there are not a lot of available sites. There are the Forest City renovations, PN Hoffman, and Bernstein are working on projects in the area as well, but I do think in the next two years we will start to see a lot of cranes up in our section,” said Graham Brock, Project Manager at Fairfield Residential.

Brock added that while development in the area is picking up, the market will have a large influence on the final outcome of the project. “No one wants to sink each other. We all understand that a critical mass needs to be reached to support retail, we have to build to allow retail to succeed,” he said.

This critical mass will include the 12,000 s.f. of the project that are currently allotted for affordable housing, a number that may increase as current residents decide whether or not to stay in their units. Current residents can choose to be bought out by the developers, to buy a condo, or to rent an apartment at the project’s completion. The Planned Unit Development states what the values for the condo and rental options would be as a benefit to the city based on how many tenants stay in each option.

While plans are currently contingent upon the PUD and votes for the various conversions, the northern tower is tentatively scheduled to break ground later this year with completion in 2008; renovations on the southern tower are slated for summer 2008.

Monday, April 23, 2007

Boomtown Bethesda – Yet More Development

Just when we thought there couldn’t possibly be another inch of space left for development in the Bethesda Row neighborhood, the real estate market again proves us wrong. Things are expected to get very busy and congested at the former parking lots at the corners of Woodmont and Bethesda Avenues, at the south end of the Bethesda Row shops, if two new projects become reality.

First up is a mixed-use project planned for the northeast corner of Bethesda and Woodmont (named Woodmont East - Phase II). Applications submitted by developer JBG show a 121,090-sf hotel, over 36,000 sf of retail, 78,300 of office space, and 250 apartment units (32 of which will be Moderately Priced Dwelling Units or MPDUs) in a five-story (or more) building. The Montgomery County Development Review Committee is expected to next pick up discussion of this project on May 7.

The second development is a joint public-private project between PN Hoffman/Stonebridge Associates and Montgomery County that will take up the southeast and southwest corners of Woodmont and Bethesda (Lots 31 and 31A). Pictured is an early rendering of the project looking south down Woodmont Avenue. Preliminary plans call for 250 hi-rise condominium units (some of which will be MPDUs) with pricing starting in the $600,000 range, plus 40,000 sf of retail. There will also be an underground parking lot to accommodate over 1,500 cars (mostly public). Woodmont Avenue is expected to be relocated and redesigned a bit, but will continue to run through this project. The development will also ensure access to the nearby Capital Crescent Trial. Groundbreaking is expected for Summer 2008, with completion in 2011.

These projects join a number of other new developments in the Bethesda Row area, including the renovated Chase (377 condo units), the Bethesda Row extension (180 rentals), 7001 Arlington Road (111 condo units), 4913-4921 Hampden Lane (60 condo units), and 4901 Hampden Lane (70 condo units).

Developers Unveil Drawings for Old Convention Center Site

Last November, the Deputy Mayor's Office of Planning and Economic Development, after months of community input, approved the master plan submitted by developers Archstone-Smith and Hines for the $650 million complex planned for the 10 acres comprising the site of the former Washington Convention Center, bounded by 11th Street to the west, New York Avenue to the north, 9th Street to the east, and H Street to the south. Last week, the developers finally unveiled their vision at a public meeting at the Carnegie Library for the three main components of this project, which will contain 686 residential units (condos and apartments), 415,000 sf of office space, and 280,000 sf of retail. (In addition, over 100,000 sf of land is being reserved for a possible new DC library.) The designs, by London-based Foster and Partners and also Shalom Baranes Associates, reportedly show the condo complex with a floor-to-ceiling glass curtain allowing maximum sunlight, while the office and apartment structures will feature more traditional features and lines. To gather comments from the community on these new renderings, the developers will shortly post them to and they hope to receive final city approval by the end of May.

The Old Convention Center project is expected to break ground in 2008, with completion in 2011. It will also contain 1,700 underground parking spots and a public plaza, plus feature the reconnecting of both 10th Street and I Street through the site. The project is anticipated to generate over 7,000 construction-period jobs and 5,217 permanent jobs, plus $30 million a year in new tax revenues.

Saturday, April 21, 2007

Beating Swords into Condos

It may be an ironic time for a peace dividend, but the conversion of the Navy Yard into a downtown destination is starting to take shape - condos of course, not plowshares. PN Hoffman is leading the conversion with a 250-unit condominium project in the Navy Yard, or rather, Southeast Federal Center (pictured), beginning next Spring. The former naval gun factory will metamorphose into one of the coolest projects in DC, according to the developer, which intends to fully renovate the interior space, leaving the existing shell and giant six-story atrium - to become the amenities center, encircled by the residences. There will be "nothing like this" in the District or its environs, according to Dave DeSantis of PN Hoffman. Certainly its location one block from the water will be unique to DC's condo buyers. Architects SK&I are working on the plans for the site, which also sits next to the new DOT headquarters, but too far from the stadium for any random fly balls.

Washington DC real estate development news

Friday, April 20, 2007

JPI’s 909 New Jersey Avenue SE Project

Adding to their share of the Southeast ballpark development, developer JPI is planning a 14,000 s.f., 13-story residential and retail project at 909 New Jersey Avenue SE. Just blocks from the company’s 70 and 100 I Street apartment buildings, the new 247-unit tower, designed by the Preston Partnerships, will include an arched class turret that will be up-lit at night creating a light in the sky to be seen by crowds as they exit the nearby Navy Yard metro station.

According to Aaron Liebert, the Area Managing Partner for JPI, “As you exit the metro, you will be able to see the Capitol and the dramatic building.” The interior will feature a “transitional concept” mixing modern finishes and design with warm colors and furnishings.

The project, which will break ground in May, will include 6,000 s.f.ground floor retail and restaurants, and is slated for completion in Summer 2009.

"Hill East" Project Moves Forward

DC and Anacostia Waterfront Corp. (AWC) officials are making plans for an official "kick-off" ceremony on Tuesday, April 24, for the $1.3 billion "Hill East" waterfront development, a new, mixed use project at the long-neglected and vacant Reservation 13 site along the western shore of the Anacostia River. The 60-acre plot, located to the south of RFK Stadium, now contains the DC General Hospital and DC Jail campuses. According to the Hill East Master Plan, approved by DC in 2003, this project will transform the area into a mixed-use neighborhood featuring "tree-lined streets, recreational trails, an attractive monument circle, a beautified Metro station, new 'green roof' construction, and the extension of Massachusetts Avenue all the way to the waterfront." In all, almost 800 new housing units and 35,000 sf of retail space are expected as part of this development.

The Hill East project gained traction last year, when Congress agreed to give the District management and control over Reservation 13 (as well as other land, including the McMillan Reservoir sand filtration site), with the stipulation that 12 acres be turned back over to the Federal government for a congressional mail sorting facility. Final and formal transfer of this land is still to occur. In the meantime, city officials are moving forward with preliminary work, such as demolition and environmental clean-up. Developers are expected to begin work on the south part of the site by demolishing the old DC Department of Human Services psychiatric facility. The north site work will come next, including preparation for construction of the new National Capital Medical Center. The full development of all 67 acres of the Hill East project is expected to be completed in 2015.

Thursday, April 19, 2007

Florida Avenue Market Redevelopment – What’s Next?

Last we looked in on the Florida Avenue Market and the controversial plan to redevelop this historic area into a $1 billion “new town” of condominiums, retail shops, a hotel, and offices, the DC Council had approved legislation that would create a public-private partnership between DC and New Town Development LLC to handle and oversee the project. Now comes word that the DC Office of Planning will hold a public meeting on Tuesday April 24th to gauge community reaction to and gather input on the development. The Office of Planning is conducting an economic, and operational study of residents, business owners within the market, and stakeholders around the Market.

According to Jeff Davis, Ward 6 Neighborhood Planner, the next landmark for the development is a meeting on May 30th to examine various alternatives to the project. The Office of Planning is in the process of preparing a report that examines the fiscal impact of the proposed plan, identifies the best uses of the space, and analyzes what the proposed project would bring to the area in terms of jobs and “unique services” preserved. The report will be completed in June at which time several sets of alternatives and their consequences will be compared with the current proposal.

The public meeting will be held in Gallaudet University’s Foster Auditorium at 800 Florida Ave, NE. There will be two presentations of the same information, at 3:30 and 6:00 pm.

The 24-acre Florida Avenue Market is located to the northwest of Gallaudet University between New York and Florida Avenues NE, just blocks from the New York Avenue Metro station. The planned "Gateway Market and Residences" project would put condominiums, retail shops, a hotel, and offices in this location. Up to 40% of the planned 1,700 residential units would be made affordable and available to DC employees, while the remaining 60% will be set aside for DC residents who are first-time buyers. In addition, the developer plans to build a 570,000-sf wholesale distribution space (with hope of luring back displaced vendors who now operate out of the market), plus almost 330,000 sf of retail, restaurant, and merchandising space. Also envisioned is a YMCA building, a health clinic, and library.

Monday, April 16, 2007

School's Out, Condos and Townhouses in at Wormley Row

Sales have begun for Wormley Row, the complete renovation and conversion of Georgetown's Wormley School into seven condominiums. After closing in 1994, the building remained empty until Bethesda-based Encore Development purchased it from Georgetown University for $8.3 million in 2005. Designed by Georgetown-based Cunningham and Quill Architects, the project will include seven condominiums within the brick schoolhouse and six townhouses that will replace the former parking lot and playground.

Located between 34th and 33rd Streets on Prospect Street, the project's address in Georgetown's Historic District meant strict building and zoning requirements. Demolition of the building was not permitted, thus assuring its schoolhouse appearance, however an underground floor has been added. The demolition and restoration of the interior of the schoolhouse is currently underway as is the restoration of the exterior brickwork.

Acknowledging the challenge of finding parking in Georgetown, Gary Kirstein, Principle at Encore said, "We decided to build a garage to put townhouses on, it seemed like a good recipe here." Excavation for the garage has begun; at the project's completion, a driveway between the school and townhouses will lead to the garage, which will include spaces for all residents. Delivery of both the condominiums and townhouses is slated for late 2009.

Thursday, April 12, 2007

Rockville Town Square Project Switches Some Condos to Apartments

It appears - just months before completion – that development team RD Rockville (ROSS Development and Investment and the DANAC Corporation), citing poor sales, has decided to switch at least one (and perhaps more) of the four condominium complexes in its $350 million Rockville Town Square project (specifically, The Lunette building) from condos to apartments, and has notified buyers of the decision, according to the Web site. In its letter to affected purchasers, the developer allegedly offered three options: Rent the selected unit, buy a different unit, or walk away from the project. The Rockville Town Square project (pictured) is located along (and to the west of) Rockville Pike, just two blocks from the Rockville metro station, and bounded by Beall Avenue to the north, Washington Street to the west, and E. Middle Lane to the south. Design by WDG Architects. When completed, the Square will contain 644 residential units and 180,000 sf of retail.

The Rockville Town Square Project is not to be confused with developer Duball’s $240 million Rockville Town Center project, which is located just south of Rockville Town Square, and, when completed in 2011, will consist of a two residential-tower complex with 485 homes and 45,300 sf of retail just one block west of the metro and bounded by East Montgomery Avenue, Maryland Avenue and Monroe Street.

Wednesday, April 11, 2007

Half Street Project Update

Excavation, sheeting and shoring are underway at the north end of Monument Realty’s Half Street project, with the permit for the southern end of the site expected at the end of the month. As we reported in January, Monument is planning a mixed-use project for this site, located on the eastern section of Half Street between M and N Streets SE, at the north entrance of the new Nationals stadium location. Yet another child of the ballpark-boom in Southeast’s development, the Half Street project will include a 196-room boutique hotel, approximately 320 condominium units, 275,000 s.f. of office space, and 50,000 s.f. of retail space as well as an expansion of the metro station entrance. The retail portion will have a concentration on restaurants – hopefully drawing fans to Half Street before and after games.

According to Amy Phillips, project manager at Monument, “The street will be curbless to better facilitate pedestrian activity and to accommodate festivals and markets—and is currently planned to be closed to vehicular traffic on game day.”

This “gateway” to the stadium will deliver retail and office space for tenant improvements in April 2009 and residential and hotel space in August of the same year. Sales by Capital Residential Properties will begin this fall.

Silver Spring’s National Association of the Deaf Building to be Replaced with Condos

The site of the former headquarters of the National Association of the Deaf (NAD), located at 814 Thayer Avenue (between Fenton and Grove Streets) in Silver Spring, will soon feature a new, modern-design condominium building, according to plans presented by developer Banneker Ventures LLC. The developer is hoping to deliver a five-story, 60-foot building containing 52 residential units (seven of which will be moderately priced dwelling units), plus 37 parking spaces, all located just blocks from the new “town square” in Silver Spring.

The architect on this project is Sorg and Associates, and the firm is proposing a radical design for this project along the lines of its Visio and T Street Flats proposals in downtown DC. Specifically, it hopes to design the building with the front angled so the windows offer views down the street instead of just in front. In addition, there will be a sculpture paying homage to the former NAD building and mission. Assuming all plans and permits are obtained, Banneker expects this project to be completed within two years.

Monday, April 09, 2007

U Street’s Moderno to Break Ground This Week

This week, DC-based Lakritz Adler and Robertson Development are expected to break ground on their newest project: Moderno, a $12.5 million, 15-unit residential building to be located at 1939 12th Street NW, right below U Street. Moderno will consist of the residential component as well as 5,000 sf of ground floor and underground retail, and parking. There will also be two adjoining structures built next to it, each containing two, three-story flats (for a total of 19 residential units in all). Unique features in some of the units will include 19-foot ceilings, Spanish porcelain tiles and Spanish-built cabinets and – seriously - some units will have outdoor showers. One-bedroom units start in the high $300,000s, with three-bedroom units around $1 million. Design is by CORE Architects. Pictured is a rendering of Moderno, though it makes it appear to be located in suburbia rather than the urban infill project it is….

Friday, April 06, 2007

Church St. Project Breaks Ground

Developer DC Hampton has now broken ground on a 27-unit condo project on the 1400 block of Church St., one of the last developable sites on a uniquely industrial street - containing old warehouses and showrooms seldom found in DC - now all repositioned as swank condos by developers Metropolis and PN Hoffman. The condo project will turn a historic three-story commercial building into a 6 or 7-story condominium. The Logan Circle conversion should rise about 70 feet, surrounded by the Metropole, also under construction and slated to finish in mid 2008. The building was designed by Bonstra Haresign, construction by Camden Builders. The developer reports a handful of sales in an initial offering, with further sales to take place closer to completion.

Wednesday, April 04, 2007

DSF Changes Course in Old Town, Prefers Chardonnay to Condos

Two years ago, Boston-based DSF Group won approval from Alexandria to build the Halstead at Old Town, a mixed-use project with 65 condo units and 5400 sf of retail along the 1500 block of King Street in Old Town. However, it now appears the company is changing course while in the design phase, and will now go before the Alexandria Planning Commission this month to seek permission to instead renovate the 100-year-old building at 1520 King Street (pictured) into a wine bar, and build a 107-room boutique hotel with day spa around it. The project will also include two restaurants, underground parking, and 6200 sf of retail. DSF is looking to partner on the hotel with the Kimpton Group, which has been aggressively moving into the Washington metro region, and also is now involved in turning the Holiday Inn at 480 King Street into a Hotel Monaco. While this change in direction might seem to indicate concern over the condo market for DSF, the company is still moving forward with its other area projects, including the 173-unit North Hampton Two in Alexandria and the 269-unit Halstead at Arlington on Columbia Pike.

Tuesday, April 03, 2007

JPI's "Ballpark" Apartments Begin to Rise

Following the ballpark-induced Southeast Washington development surge, developer JPI is now in the process of constructing two residential apartment buildings at 70 I and 100 I Streets SE, just three blocks from the new Nationals stadium and five blocks from the US Capitol. The 70 I Street and 100 I Street apartment buildings will include 448 and 246 apartment units, respectively.

According to Aaron Liebert, the Area Managing Partner for JPI, the larger 70 I Street will look like a renovated warehouse with intricate brickwork in and outside the building. The smaller 100 I Street, however, will be a modern brick building with stainless steel arched bay windows and MOMA-like Terrazzo floors, glass walls, and stainless steel finishes. Designed by WDG Architecture, both buildings will have a rooftop pool, a conference center, a pub or bar room, an Internet café, and pool tables for residents rather than public retail space.

With stadium and Capitol views and a variety of units including studio, one, and two bedroom with den apartments, Liebert said, “We identified this as an exciting market with a lot of potential on a short and long term scale; people are excited to live here. It is waterfront, riverfront, and across from the National’s stadium. We have a high level of confidence, that this will be the new place to live in the next 10 years in DC.”

There will be three levels of underground-shared parking between the two buildings upon the project’s completion in August 2008, just months after the scheduled opening of the new Nationals stadium.

Monday, April 02, 2007

Georgia Commons Project in Petworth Up in Air? UPDATE: Jair Lynch Responds

Last year, the National Capital Revitalization Corp. (NCRC) announced with great fanfare that it was awarding the development rights for the lot at 3910 Georgia Avenue NW in Petworth to the Jair Lynch Companies and AHD, Inc., which planned to build Georgia Commons – a 130-unit residential apartment complex (with one-third of the units being affordable housing) with 23,000 sf of ground-floor retail and a Results Gym. However, the Washington Business Journal is now reporting that this deal may be in flux, as Jair Lynch is still working to secure the remaining required financing by the end of April for this project (the company’s other project with NCRC, the Solea condominium at 1414 Belmont Street NW in Columbia Heights, is unaffected and on track). If this cannot be done, the exclusive-rights agreement between Jair Lynch and NCRC expires, and the NCRC could explore the option of finding another developer for the site. Jair Lynch reportedly told NCRC that it should have the financing resolved by mid-April.

UPDATE: In response to the Washington Business Journal story, Jair Lynch has sent a letter to the Journal, and has contacted this blog to share its content. In the letter, Mr. Lynch states, “the project is on track to meet the April 30th exclusive-rights agreement (ERA),” and that the Journal – while provided this information and assurances on the progress of both the financing and the property transfer phase from NCRC to Jair Lynch – was “inaccurate” in its reporting. The letter goes on to state that Georgia Commons, because it is “one of the first smart growth and ‘green’ projects in the city,” requires diverse funding to ensure the high number of affordable housing units - a long process but not one in doubt or delay. Finally, Mr. Lynch writes that NCRC and Mayor Fenty have shown much support for this project, as the city continues “hemorrhaging” affordable rental apartments, and have been continuously updated on the project status without concern being raised.

If development continues according to plan, Georgia Commons is expected to be completed by July 2008. Georgia Commons is being designed by Frank Schlesinger Associates and EDG Architects.

National Harbor Project Update

Far from cutting any red ribbons, the next landmark for the 300-acre, 7.3 million-square-foot National Harbor project in the Smoot Bay area of Prince George’s County will be the completion of its first building with two stories of retail and restaurants and a third story containing the condominium sales center at the end of May. While the retail space will not be filled until 2008, the 37,000 s.f. waterfront building will include space for outside dining and a cylindrical window-wrought viewing area.

Developed by Fairfax-based Peterson Companies, National Harbor will be a mixed-use, waterfront mini-city with a marina and four piers, which will include residential, office, and retail space as well as six hotels, including the Gaylord Conference and Convention Center - the largest combined hotel and convention center on the eastern seaboard. The immediate shoreline will host waterfront shows, concerts, and events. Renderings show nighttime events with flashing lights, fanned seating, and a stage backed by the harbor and marina.

Over 4,000 Hotel Rooms

The Washington Post described the harbor as a location that “will compete directly with the District for hotel guests,” thanks to five hotels that will eventually total over 4,000 rooms, 2,942 of which will be completed by 2009. The 2,000-room Gaylord National Hotel and Convention Center will be completed by Perini Tompkins Builders in March 2008 and will open for full service in early April 2008. They are currently taking reservations. Other hotels included in the project are the 162-room Marriott Residence Inn and 151-room Hampton Inn and Suites, both under construction by Herman Stewart and set to open in March 2008. Also opening at this time is a 195-room Westin Hotel that will include bottom level retail stores and a cylindrical, window-rich Westin Restaurant. A 184-room Aloft brand hotel and 250-unit Wyndham Vacation Ownership time-share will not be completed until the end of 2008

Harbor to Feature 2,500 Residential Units

The residential portion of the harbor will include 2,500 units, 500 of which will be located in three of the “downtown district” buildings, while the remaining 2,000 will be in the eastern portion of the project. Neighbors weary of the urbanization and subsequent transportation bustle that the project will bring to the area have called for townhouses as part of the residential development to give it more of a neighborhood feel. According to Stuart Prince, of Peterson Companies and the Residential Development Director for the project, townhouses and villas will be in a subsequent phase of the project. Final residential plans have not been announced; however, One National Harbor, a 253-unit condominium building is currently under construction with a projected completion date of December 2008. Prince said he and his team have noticed the increase in construction prices and decline in condo sales in the overall condominium market, but are not worried that National Harbor condo sales will suffer as this trend suggests, “we have a unique site, waterfront property, that is not necessarily correlated to the overall condominium market.”

Prince added that although there are no metro stops nearby, the project will have direct access to the Beltway with its own interchange, and create water connections to Old Alexandria and DC and a shuttle to the Nationals’ stadium. After a decade of planning, construction on the National Harbor project began with the Gaylord Convention Center in 2005 and continued with the groundbreaking of the Marriott Residence Inn in January 2007. Condo sales will begin in the summer for One National Harbor, which will begin delivering units in the late summer of 2008.

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