The Future Of Capitol Crossing Residential Is Looking Murky
The $1.3B megaproject being built over I-395, Capitol Crossing (rendered above), will have at least 1.5M SF of new office space, but the little residential space it had planned remains in flux.
Georgetown Law, which had exclusive rights to the project's one 150-unit residential building until last month, has yet to commit to the land, and the project's developer says building apartments on that site remains "up in the air," the Washingtonian reports.
Property Group Partners Robert Braunohler —who will be discussing the landmark development at Bisnow's Major Projects event next month—told the magazine the reason for the hesitance on residential is because it costs so much money to build new city blocks over a highway, and office and retail provide greater property value.
In a statement provided to Bisnow, he said they are still moving forward as planned.
“Capitol Crossing is on track and moving ahead on all fronts as approved by the District and other agencies," Robert said in the statement. "The development plan, which includes office, retail and a residential component, has not been altered."
Eataly, which was looking at the development for its first DC location, appears as if it's not opening there either. Robert says they're already lining up a replacement tenant that offers something similar to Eataly's popular food hall concept.
The developer began going vertical last month on the project's first office building, 200 Massachusetts Ave NW, which is expected to deliver in 2018. [Wash]
