Healthcare, Multifamily And Life Sciences: Development Of Key Asset Classes Soars In Northwest D.C.
1. D.C. government officials have life sciences on the brain, with several developments envisioned in Northwest D.C. In April, Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development announced that the District plans to apply for $92M to fund research and innovation facilities to four major health institutions: Children's National, Whitman-Walker at St. Elizabeth’s, Howard University and George Washington University.
2. The owners of Dance Loft on 14’s building at 4618 14th St. NW have announced plans to sell the property to create a new space to serve community performing arts and help address D.C.'s affordable housing crisis. Some of the nonprofit's neighbors have come out against the proposal, despite how it fits into the District's goal of producing thousands of new affordable housing units before 2025, Greater Greater Washington reported.
3. Lowe, local developer FLGA and Howard University have agreed to co-develop a 10-story mixed-use building, which will be located at the site of the parking lot for the Howard East Towers between Eighth and Ninth streets NW, UrbanTurf reports. One particularly interesting aspect of the project is a proposed public amenity in the form of a two-block public plaza along W Street connecting Georgia Avenue to Ninth Street.
4. There are several new development projects in the works in the Northwest D.C. neighborhood of Shaw. Some of these include a 60-unit development at the former site of a Children's Hospital outpatient facility at 2220 11th St. NW, a nine-story, 316-unit project on the 1700 block of Eighth Street NW and a retrofit and residential addition to the landmarked former Samuel F. B. Morse School/Africare headquarters at 440 R St. NW.
5. Affiliates of JBG Smith have sold two of their legacy Vornado/Charles E. Smith assets in Dupont Circle to affiliates of Philadelphia’s Post Brothers. The REIT sold Universal North at 1875 Connecticut Ave. NW and Universal South at 1825 Connecticut to the Philly-based firm, which focuses on infill multifamily-over-retail, including adaptive reuse, and is expected to transform these two office buildings into apartments.
6. Friendship Heights developers are diving headfirst into multifamily development. Up to 1,300 units are expected to be built across four projects in the neighborhood’s pipeline including Tishman Speyer’s redevelopment of the recently foreclosed-on Mazza Gallerie mall, Federal Realty Investment Trust’s proposed redevelopment of Friendship Center at 5333 Wisconsin Ave., Donohoe Cos. and Carr Cos.' joint venture at 5500 Wisconsin Ave. and Donohoe's proposed redevelopment of 5151 Wisconsin Ave.
7. Want to learn more? Come to Bisnow's New in Northwest D.C. event June 2 to learn about CRE opportunities in Shaw, Columbia Heights and Georgetown, up to the venue for the event, City Ridge, home of D.C.'s first Wegmans. The event features Roadside Development's founding principal Richard Lake, Dantes Partners Chief Operating Officer Corey Powell and more. Register here.
