Tuesday, October 21, 2008

Construction Underway at 1015 Half Street

Concrete poured into the ground in Southeast last Friday as construction at 1015 Half Street got underway. A product of a partnership between Opus East, LLC and Prudential Real Estate Investors, 1015 will feature 442,000 square feet of office space, complemented by 21,000 square feet of ground- level retail, in the thick of Washington DC's burgeoning Capitol Riverfront neighborhood.

Aiming for March 2010 completion, the 10-story, WDG-designed building boasts a 2-story lobby, 8 1/2' ceilings, and views of the Capitol and Anacostia River. The development team also plans a green identity, employing recycled building materials, water-saving plumbing features, a 60% green roof and taking advantage of the site's proximity to the Navy Yard Metro to achieve a LEED Silver certification. Opus East is serving as the general contractor for the project.

The site may be notable to longtime District residents as the former home of the Nation nightclub and, for those with longer memories, the Capitol Ballroom. The project was initially under the control of Potomac Investment Properties, which turned it over to Opus in July of last year for a pre-bailout price of $41.5 million. The project is currently budgeted at $135 million - a small figure compared to what the development team stands to gain, if 1015 and the glut of other Capitol Riverfront projects currently underway can weather the economic downturn.


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