Wilkes, Quadrangle Prepare To Break Ground On Mount Vernon Triangle Project, Look To Sell Nearby Site
The development team that has spearheaded the growth of Mount Vernon Triangle is looking to sell one of its last remaining sites in the neighborhood.
Wilkes Co. and Quadrangle Development retained Meany & Oliver last month to market the development site at 950 Third St. NW for sale.
The site's zoning would allow for residential or office development, and the team is presenting both options to prospective buyers. A residential project on the site could total 136K SF, while an office building could total 122K SF.
Wilkes Co. President Berkeley Shervin told Bisnow the property is one of the last undeveloped parcels in the 2M SF Mount Vernon Place master plan that Wilkes and Quadrangle have built over the last two decades. He said the team has seen strong interest from local developers looking to buy the site.
"It's zoned for high-density residential, and it’s particularly well-suited for a residential condo project," Shervin said. "Due to its size, we just decided it probably made sense for us to bring it to the market and focus on some of our larger pieces there."
The development team's next focus is 801 Third St. NW, where Shervin said the team aims to break ground in the next 30 days on a 275-unit apartment project.
The project, branded as The Cantata, was designed by SmithGroupJJR. Its amenities are planned to include a fitness center, rooftop swimming pool and entertainment area.
The team received its building permits for the project in October 2019, and Shervin said the team is finalizing its financing deal but declined to share further details.
"It's a continuation of our Mount Vernon Place master plan that we’ve been working on for at least two decades at this point, and it’s just one more step in that process," Shervin said. "We hope it will add some vitality to Third Street, which will help link it to Massachusetts Avenue and developments to the south there."
The Mount Vernon Place development includes six completed buildings: the Lyric and Lydian apartment buildings at 440 and 400 K St. NW, the Sonata and Madrigal Lofts condo buildings, the DC Bar headquarters at 901 Fourth St. NW and the AIPAC headquarters at 251 H St. NW.
In addition to the 950 Third and 801 Third sites, there is just one more remaining undeveloped parcel in the master plan: 300 K St. NW.
That site has been planned as an 11-story, 250K SF office building. Meany & Oliver is also working with the team to market that property to prospective office tenants. Meany & Oliver co-founder and principal Sharon Oliver said it has received interest from law firms and nonprofits, including some that could take the full building.
"We have a site that’s very well-positioned," Oliver said. "We’re really in downtown, there’s not many sites in downtown. We're a great site and Mount Vernon Place is developed right up to our site. It's a great mixed-use site, it has all the retail, and it has residential in walking distance. It's what people are looking for."
