Saturday, February 05, 2011

Shaw Developers Celebrate Step Forward with Progression Place

One of Shaw's chief development projects, slowed by lost tenants and missed start dates, is finally having its day as developers celebrate a "groundbreaking" Monday for a project that began in late 2010. Developers of Progression Place began work last December on the 320,000 square foot, $150 million development, with 100,000 square feet office space, a 205-unit residential apartment building, 20,000 square feet of street-level retail, but on Monday its developers will fete themselves and the sale of an office condo to anchor occupant United Negro College Fund (UNCF).Shaw's Progression Place development in Washington DC is being built by the Jarvis Company and Four Points UNCF officially purchased half the project's office space on December 24th, but developers were already doing site work on the vacant lot in anticipation of the settlement and Eagle Bank's $13m loan made possible by the sale, which was in turn made possible by the city's $3.6m financing subsidy for UNCF. Ellis Development, The Jarvis Company, and Four Points combined forces to build a project that would be hard to overestimate in importance as a beacon for Shaw's development, adding housing, jobs and retail in an area that had little investment in any of those markets. Progression Place is adjacent to the Howard Theater, also being developed by Ellis, and will build in parking for the historic theater and add a rebuilt Metro entrance. UNCF's office condo and the "7th Flats" will both be ready for occupancy in mid 2012. With a new library in place just to the south, and the Convention Center Marriott already underway, the O Street Market remains the largest holdout that could tie together development along the 7th Street corridor. Design is being handled jointly by architects Eric Colbert & Associates and Devrouax and Purnell, and Washington DC commercial property and retail for leasebuilt by Davis Construction and Gilford Corporation. The public ceremony will be held at the Lincoln Theater at 11am on Monday. 

Washington DC real estate development news


DaveRoth on Feb 7, 2011, 10:25:00 AM said...

Wonderful. Finally some real progress for Shaw.

Julie said...

The area is certainly taking off!

The DC Preservation League is hosting their 40th Anniversary Celebration at Douglas Development's Wonder Bread next door to all of this.

Anonymous said...

I am so excited about all this development! Ten years from now, Georgia Ave./7th st will be totally different.

Anonymous said...

That would be Devrouax & Purnell Architects....

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