Forest City Proposes Switching Waterfront Station Office Buildings To Residential
Forest City has failed to find a tenant to pre-lease the two office buildings it had planned at Waterfront Station, and now it is deciding to change course.
The developer applied for zoning changes earlier this month to allow for two mixed-use buildings with residential, retail and a small amount of office at the Southwest DC development, the Washington Business Journal reports.
The initial plan, approved in 2007, had been to construct two office buildings totaling 625K SF at 375 and 425 M St. SW. Unable to get financing, Forest City filed for its third two-year extension in March and then submitted an application two weeks later to convert the project to a new use.
The revised proposal calls for two 12-story buildings totaling 605 residential units, 41,870 SF of retail and 38,110 SF of office. It would increase the total density slightly from the original plan, with about 660K SF of total development. Forest City Washington representatives could not be reached for comment.
The two buildings are part of the Waterfront Station campus, where two office buildings and two residential buildings have already delivered, courtesy of Urban Atlantic and The JBG Cos. Forest City is also nearing delivery of a 365-unit building at 1001 4th St. SW. The development is ultimately slated to include eight buildings totaling 2.5M SF.
