Boston Properties JV Pivots From Office To Residential For Mount Vernon Triangle Site
A development team including Boston Properties has pivoted plans away from office for a site in a growing central D.C. submarket.
The Mount Vernon Triangle site, located at 1001 Sixth St. NW, is currently a parking lot used as a pickup and drop-off site by FlixBus, and it had previously been planned as a 525K SF trophy office building.
But the REIT and its partner, Steuart Investment Co., have put forth two new proposals that contain either just residential or residential and hotel use, UrbanTurf reported.
Both options would be about 130 feet tall. One would feature up to 550 residential units, and another would feature about 465 units plus a 270-room hotel, according to details shared by ANC Commissioner Rachelle Nigro on Instagram.
“We think this is an excellent residential site and we’re in the early stages of design,” Boston Properties Executive Vice President Pete Otteni told Bisnow in an email.
Development partners Wilkes Co. and Quadrangle Development also appear to have pivoted away from office for a nearby development at 300 K St. NW. The team had previously marketed it to office tenants, but Wilkes' website now shows plans for a 302-unit residential building on the site.
Wilkes and Quadrangle also began construction last year on The Cantata, a 275-unit project in the neighborhood.
Despite some developers shifting to other uses, the neighborhood's office market has still drawn interest from major investors. Last week, Boston Properties sold the building at 601 Massachusetts Ave. NW to a Japanese investor for $531M.
The property's neighbors include other recently completed projects, including the AC Hotel that Douglas Development delivered in 2020. The hospitality industry has been steadily climbing its way out of the pandemic in D.C., and in July the average daily room rate reached 95.2% of the same measure in July 2019, according to data from JLL.
