Buzzard Point's Turning Point

If there was a moment for Buzzard Point, the tip of DC where the Anacostia meets the Potomac, it might have been the opening of Audi Field, bringing tens of thousands of occasional fans to southwest DC's formerly industrial and empty midpoint.  But perhaps a more significant moment is the transition from parking lots and decrepit office buildings to actual neighborhood status, as long-planned real estate developments begin to fill with residents.  Three recent developments alone add more than a thousand residential units to the waterfront, with Peninsula 88's completion this summer adding 110 condos to Buzzard Point's southern tip, Akridge's Riverpoint residential project converting the former Coast Guard headquarters into 481 apartments and 60,000 s.f. of retail (coming soon), and, beginning delivery this week, the Watermark.

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The residential project by Douglas Development turned an "E" shaped 9-story office building - one of 2 buildings in the neighborhood that housed the U.S. Coast Guard - into 419 apartments, 15,000 s.f. of retail and some of the top water views in the city.  Amenities include views of the suddenly captivating Frederick Douglass Memorial Bridge, and the building even helps fulfill the dream of DC's bikers with a new stretch of the eventual Buzzard Point Trail, which will round Buzzard Point (avoiding Fort McNair) and connect with the Anacostia River Trail and the Wharf, which already connect well to the rest of DC and beyond.  Add to that a short walk to Nationals Park and even shorter walk to Audi Field, which will someday (sigh) host public sporting events, and you do, in fact, have a legit neighborhood to call home.

Project:  Watermark

Address:  1900 Half St., SW, Washington DC 

Developer:  Douglas Development and PTM Partners

Architect:  Antunovich Associates

Construction: Davis Construction

Use:  481 apartments, 15,600 s.f. of retail

Expected Completion:  Summer 2020

Washington, DC retail real estate and development news

Phase One of Southwest Waterfront Redevelopment All but Approved by Zoning Commission

Last night, the massive redevelopment of Southwest’s waterfront inched a couple of notches closer to reality. DC’s Zoning Commission held a proposed action hearing for the project’s first phase, approving information that had been newly submitted and asking no follow-up questions.

That sets up the $1.5 billion project, technically titled The Wharf and comprising 3.2 million square feet in total, for a final action hearing next month, which at this point should largely be a formality. After that, developers PN Hoffman and Madison Marquette will be in the clear to begin applying for permits and seeking construction financing.

This was a very short, perfunctory hearing. On November 14, the commission approved three out of the development’s four parcels for the second stage of the PUD process, which examines public benefits, architecture and design (the first stage, which looks at height, density and zoning issues, was approved late last year).

But the members had questions regarding the last parcel; most prominently, they worried that the residential building on 6th Street lacked direct entrances and looked unusually stark. In response, the developers changed the facades, pushing the residential building back five feet in order to allow for direct entry by residents.

“This is a significant improvement,” said Commissioner May, who’d expressed concern at last month’s meeting. “I’m pleased with this result.” The commissioners had no other questions.

That means all four parcels, each of which contains one or two buildings, have been approved—“knock on wood,” said Shawn Seaman, a PN Hoffman principal and project director for the development. The team has a lot to accomplish in the next few months, and the estimated start date has been pushed back a few months from earlier predictions. “We’re looking at a groundbreaking early in the second quarter of 2013,” said Seaman. 

This first phase of development will eventually bring 1.5 million square feet of retail, residential, hotel and office space to the area, along with four piers and several open spaces, including a three‐acre waterfront park. The Hoffman-Madison team sees the project as eventually matching internationally-known destinations like San Francisco's Embarcadero and Pike Place Market in Seattle.

Washington, D.C., real estate development news

District Approves SW Waterfront Bonds

The District Council today approved a financing project for the 23-acre Southwest Waterfront, providing $198 million in bonds for the waterfront project, a bill that Mayor Adrian Fenty is expected to sign. Under terms of the bill passed unanimously by the the DC Council, the District will issue revenue bonds supported by tax increment financing (TIF), payment in lieu of taxes (PILOT), and special assessments, for improvements that will begin after developers PN Hoffman and Struever Brothers, Eccles & Rouse finish the private portions of the redevelopment. The Southwest Waterfront Bond Financing Act of 2008 authorizes the Mayor to issue revenue bonds to fund site improvements, with $148m allocated specifically for "development costs" of the project. The remaining $50m is allocated to pay for financing costs incurred by the District. Any funds received in excess of $198 million will be transferred to the District's General Fund. 

According to the development team, the waterfront project is projected to generate more than $40m in annual tax revenues, with $13.3m contributed to the general fund annually after payment of the debt service. The land, when fully developed in 2017, is expected to support 2.4 million square feet of development, including 770 residential units, 700,000 s.f . of office space, nearly half a million s.f. of hotel space within three hotels, and 280,000 s.f. of retail. The more public amenities are expected to include new parks, four new piers, a half-mile promenade and bike trail, and renovation of the existing fish market.

Washington DC retail and real estate development news

14th Street Short-Term Family Housing Project

A family housing shelter is now taking shape in Columbia Heights, replacing the former Rita Bright Family and Youth Center.  The $20m project will provide 50 family rental units - 35 for short term housing and 15 for seniors, and will recreate a recreation center that existed prior to construction, all on land currently owned by the District government.  Cunningham Quill, which has designed such notable buildings as the Yacht Club at the Wharf and Wooster & Mercer Lofts, designed the project, which is expected to wrap up in the fall of this year.

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Project:  14th Street Family Housing Center

Address:  2500 14th Street, NW, Washington DC

Developer: District of Columbia

Architect:  Cunningham Quill

Construction:  GCS Sigal

Use: Homeless Shelter

Expected Completion: Summer / fall 2020

Rendering

Washington D.C. retail and real estate development news