Monday, November 22, 2010

Stonebridge to Start Phase 2 in NoMa

Real estate developer StonebridgeCarras and financier Walton Street Capital are betting on NoMa again, announcing they will start the next speculative phase of Constitution Square in May. Stonebridge is just now completing Two Constitution Square, which it also built without a tenant, a bet that paid off big when it sold the property in May for $305m to Northwestern Mutual, and now Sarah Krouse reports in the Washington Business Journal that the Bethesda-based developer will attempt an encore with another speculative phase. Principal Doug Firstenberg tells DCMud that next May his company will break ground simultaneously on a 200-unit apartment building and 345,000 s.f. of office space and, rounding out a good week, that Harris Teeter will open at Constitution Square on December 8th and that Equinox founder and chef Todd Grey will now open a sit down restaurant in the newly completed phase 1.

Firstenberg, who pre-leased 100% of Phase 1 to GSA and DOJ before trading the building, said Phase 2 will be "targeted to go after some of these large GSA bids that are out there." Stonebridge will again use SK&I Architects to design the residential space and HOK Architecture for the commercial portion. The residences are expected to be available by late 2012, the office space should be ready for the first tenants in early 2013. The third and final phase of the 7-acre site, still in conception, will add 470,000 s.f of office space.

Firstenberg says the restaurant, to open in March along with the hotel, will be "NoMa's first upscale, sit down restaurant," good news for residents at the Flats 130 where 60 of 440 units have leased since its opening October 1st, and where significant retail leases have already been signed. Stonebridge is expected to flip the office building once lease-up is complete. "We're not long term owners in the project" said Firstenberg.

Washington DC real estate development news


MikeU said...

Looking at the photo only the two most eastern buildings have yet to be built. The south one is residential and the north one commercial.

What does this new phase include?

Anonymous said...

i think you mean the two most WESTERN buildings.

Anonymous said...

No actually, MikeU is correct. Only the two most eastern buildings have yet to be constructed.

Anonymous said...

Great news that Phase II is getting started. The first set of buildings looks really nice, and has a pretty good tenant mix.

Anonymous said...

Three Constitution Square and Four Constitution Square have yet to be built. I also think Phase II, just to the right of "Flats 130" on the second map is yet to be built.

But in general, I am having a hard time matching the text of the post to the picture. Ken, can you clarify?

Anonymous said...

In the 3-D rendering, you are looking from the southwest corner, so the buildings farthest from you (closest to the metro tracks) have yet to be built. That third of the lot is currently being used as a construction staging area. (Which raises the question of where all that will happen as they build stage 2).

Que said...

Why not just build the whole new at the same time ?

Is the first half of building on M street apart of the Hotel or Apartments because it looks like it is not connected to the rest of the building.

davidj said...

If you ride the bike trail along the Metro line (the Metropolitan Branch Trail), as I do twice a day, or simply look west from the New York Avenue Metro platform, you see bare lots and the unfinished eastern sides of the just-built and becoming-occupied first phase. That's where this new stuff will be built. (It is indeed east of the completed buildings, and west of the elevated Metro and railroad tracks.)

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