This Week’s D.C. Deal Sheet: Urban Atlantic Selected For Prince George's Redevelopment
Prince George's County has selected the developer for a new arts-focused, mixed-use project in Suitland.
The county selected Bethesda-based Urban Atlantic to execute the project, redeveloping the Creative Suitland Arts Center off Silver Hill Road into 200 mixed-income units, an arts center and food hall.
“This development will not only provide affordable, artist-friendly housing but also create a dynamic space where creativity, culture, and commerce can flourish together,” Prince George’s County Executive Angela Alsobrooks said in a statement.
“By prioritizing community-centered design and walkability, we are investing in the future of Suitland, strengthening its role as a hub of innovation and opportunity for residents and visitors alike,” added Alsobrooks, who was elected to the U.S. Senate last month.
The development is planned to house a 12K SF Creative Suitland Arts Center with a black box and artist studios. The 13K SF food hall is intended to serve as an incubator for Prince George’s County-based businesses. Twelve of the units will be set aside for artist studios for households earning at or below 60% of the area median income.
Urban Atlantic was selected after the county issued a request for proposals for the site. It is also the developer behind a 3M SF mixed-use project at the New Carrollton Metro station, the first 2M SF of which is complete and includes offices for Kaiser Permanente, Washington Metropolitan Area Transit Authority’s Maryland headquarters and 573 housing units.
LEASES
Law firm Nixon Peabody renewed its 43K SF lease in the heart of Chinatown, its landlord, Brookfield Properties, announced this week. The firm is located at Brookfield’s 799 Ninth St. NW, a 204K SF property built in 2012. The building is 100% electric, and by the end of this year, it will be powered by 100% zero-emissions electricity sourced from nuclear power plants, according to Brookfield.
JLL’s Doug Mueller, Evan Behr and Thomas Myers represented Brookfield, and Newmark’s Bill Anderson and Edwin Clark represented Nixon Peabody.
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International law firm Milbank inked a 65K SF lease at 1101 New York Ave. NW downtown. Stream Realty, the broker for landlords Oxford Properties and Norges Bank Investment Management announced the news this week. The deal takes the 388K SF property to 94% leased, and is home to tenants including EY, Bloomberg, the National Retail Federation and A&O Shearman. Milbank is relocating from Tishman Speyer’s International Square at 1850 K St. NW, where it has about the same amount of space, the Washington Business Journal reported.
Cushman & Wakefield’s Dale Schlather, Malcolm Marshall and Alston Offutt represented Milbank. Stream’s Kyle Luby, Matt Pacinelli, John Klinke and Tim McCarty represented Oxford and Norges Bank.
SALES
The owners of CityRidge offloaded four of the development’s residential buildings last week for $279M, according to D.C. deed records. Roadside Development and North America Sekisui House sold the residential buildings totaling 350 units to a Japanese REIT managed by NASH. CityRidge is a massive mixed-use development across a 10-acre site in upper Northwest that formerly served as Fannie Mae's headquarters.
MILESTONES
Two Virginia affordable housing developers are merging. Alexandria-based Wesley Housing is acquiring Virginia United Methodist Housing Development Corp., a non-profit owner-operator of affordable housing for older individuals and families in Virginia. Wesley Housing President and CEO Kamilah McAfee announced the merger at Wesley’s 50th anniversary celebration Thursday. It will add 1,919 units across 34 properties to Wesley’s portfolio, nearly doubling the organization’s footprint.
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A new 375-unit mixed-use project in Silver Spring is open, KTGY and Bozzuto announced this week. The Atwell on Spring property at 1260 Spring St. also houses 28K SF of retail, including a Mom’s Organic Market. The two buildings that make up Atwell are joined by an enclosed bridge overlooking a public walkway between Spring Street and Fenton Street.
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Mayor Muriel Bowser joined various city agencies Thursday to cut the ribbon on the first Barry Farm residential project and break ground on the second. Officials opened The Asberry, an all-affordable 108-unit mixed building, and broke ground on The Edmonson, an all-affordable 139-unit mixed-use property.
The Barry Farm redevelopment, for which the D.C. Housing Authority and Preservation of Affordable Housing serve as co-developers, is set to deliver 900 new affordable rental and for-sale units, including 380 public housing replacement units. The Barry Farm-Hillsdale community was created in 1867 to provide formerly enslaved Americans with the opportunity to own land and build a self-sustaining community.
