Prince of the Potomac
The Southwest Waterfront's mile-long, $2B, 3M SF Wharf project is finally underway, after almost a decade in development. And that's why we're excited to welcome the man behind it, Monty Hoffman, to our 5th annual Washington Real Estate Summit next Wednesday at the Wardman Park.
Monty probably won't like our headline—he's too modest, and is always citing key partners like Madison Marquette. But no one else has been identified so closely for so long with this project that expects to welcome 20 million visitors annually. PN Hoffman, along with Madison and others, conducted a worldwide search for design ideas and financing. Monty found the former in spots like Barcelona, Helsinki, and Sorrento, and the latter from Canadian pension fund manager PSP, which pitched in $220M in equity right before ground was broken. Monty tells us 500 community meetings were held on the project (single-handedly propping up DC's juice and cookies business), one he initially had no interest in undertaking when the city put out an RFP for the site in '05.
Monty also says 10 acres of public parks and a 450' long pier will be centerpieces. About two-thirds of The Wharf's restaurant space is under LOI, and celebrity chefs Mike Isabella, Robert Wiedemeyer, Stephen Starr, and Fabio Trabocchi are in talks for new concepts. And the Hoffman Madison team isn't trying to dominate the Potomac, either, as Monty says the Wharf should serve to complement other waterfront destinations like Georgetown, Old Town, The Yards, and others. Click here for more info on next week's Summit.
