Another Submarket Boom

Don't look now, but the New York Avenue corridor is booming. With a host of mixed-use projects in the pipeline—and many of the city's major developers invested—the stretch won't just be an eyesore on your way in or out of the city.

Willco Residential's Gary Cohen tells us his firm is moving forward with a condo project at the southern end of the corridor at 465 New York Ave, next to the Yale West Apartments, which WRIT just scooped up for $73M. Gary tells us the southern end of NY Ave will benefit from the proximity to both CityCenter and CityVista, as well as cater to folks who want to live at both spots but are at lower price ranges. Willco will pick up and move a historic townhouse on site at 465 New York; it's currently in the design stage and hopes to break ground early next year.

Head up north on New York (if you reach New York City, you've gone too far) and you'll find MRP's rapidly finishing Elevation at Washington Gateway apartments, JBG's Capitol Point project, and the Jemals' Hechts Warehouse redevelopment (above), which will house 300 residential units, 250k SF of retail (including a Mom's Organic Market grocery store), and more office space. The Hechts project, which Douglas Development broke ground on earlier this year, is being billed as more than just a revamp—the firm is even dubbing the new complex the Hechts Warehouse "District."

We put in a call to the Hubble Telescope to get this shot. Travel even further north and there's another sleeping giant: the 15-acre site at New York and Bladensburg Road once slated for DC's first Walmart. We broke the news about Transwestern listing the site back in January; the firm's Gerry Trainor told us then it could fetch up to $70M with its big mixed-use potential. There's also the city's Digital DC initiative, a venture fund that'll contribute to tech firms locating along the corridor.