The 9 Biggest Projects From Akridge, Forest City, WC Smith, Rappaport And Edens
Some of DC's most prominent developers are speaking at Bisnow's Washington DC State of the Market Part 1 on Thursday. Here are the biggest developments in their respective pipelines:
Burnham Place
Developer: Akridge
Location: Union Station railyard
Details: 3M SF total, including 1.5M SF of office space, more than 1,300 residential units, more than 500 hotel rooms, 100k SF of retail
Estimated delivery: At least a decade away
This ambitious mixed-use project above Union Station’s railyard will include parks, plazas and roads, and improve access to the neighborhoods surrounding the transportation hub. Construction cannot begin until after a replacement H Street bridge is completed, which could be as late as 2020. Chip Akridge will be a speaker on Thursday at the event in the Renaissance DC Downtown.
The Yards
Developer: Forest City Washington
Location: Capitol Riverfront, between First Street SE and the Navy Yard
Details: 5.5M SF, broken down into 3,400 apartment homes; 1.8M SF of office; 400k SF of retail
Timeline: Five of the 25 buildings have been completed, with four more beginning construction this year. It will likely be 10-15 years before the total 5.5M SF plan is finished.
This mixed-use mega-project, within walking distance of Capitol Hill and Nationals Park, has opened up the Anacostia River to the public. Weekly concerts and events have revitalized the previously unused area. When it's all done, the Capitol Riverfront, spurred on by The Yards, will be the densest neighborhood in DC.
Ballston Quarter
Developer: Forest City Washington
Location: 4238 Wilson Blvd, 671 N Glebe Rd, 627 N Glebe Rd in Ballston
Details: $317M redevelopment of the 580k SF mall, including 405 apartments and an office renovation
Timeline: Phase 1 delivery in 2018
Aiming to keep up with Tysons' two major malls and The Fashion Cente at Pentagon City, Forest City is renovating the old Ballston Common Mall in Arlington to include residential and office space. It plans to tear down the Macy’s Furniture Store to replace it with a 22-story, 405-unit residential tower, in addition to renovating the 158k SF office building. Forest City Washington president Deborah Ratner Salzberg will join Chip in a panel on Thursday.
Skyland Town Center
Developer: Rappaport, JV with WC Smith
Location: The intersection of Good Hope Road, Naylor Road and Alabama Avenue SE in Ward 7
Details: $256M project, 350k SF of retail
Timeline: Site work will resume this year, delivery before 2020
After anchor Walmart backed out in January, the developers put a pause on construction. Gary Rappaport and Chris Smith, both panelists on Thursday, told Bisnow they plan to resume site work on Block 2—which will include 85k SF of retail and 263 apartments—in the fall and begin building in 2017.
1760 Reston Parkway
Developer: Akridge
Location: Reston, VA
Details: 23 stories, 330 feet tall, 418k SF
Timeline: Construction will start when an anchor tenant signs
The proposed tallest building in Reston will include a six-story atrium, as well as a 35-foot-tall glass screen around a rooftop terrace. Akridge will not begin work on this trophy office building until it has leased about 150k SF.
The Collective
Developer: WC Smith
Location: Capitol Riverfront
Details: Three buildings totaling 1,150 units
Timeline: The first 429-unit building delivered last fall, a second 336-unit building will deliver in Q1 2017 and a third building will deliver in 2018
The first building of WC Smith's three-phase powerhouse near The Yards features a large demo kitchen, the second is home to a full-sized lap pool and the third hosts a full-sized basketball court. Rents for a unit in this riverfront community are expected to be above $3/SF.
H Street Connection
Developer: Rappaport, JV with WC Smith
Location: H Street between 8th and 10th streets
Details: 45k SF; 420 apartments above
Timeline: Work expected to begin this year
Rappaport and WC Smith’s other JV, a two-block retail strip under apartments on H Street NE, will be eight stories high and include underground parking. The H Street Connection was built in the ‘80s by Gary Rappaport and J. Gerald Lustine, whose family still owns a 50% stake in the retail.
THEARC Phase 3
Developer: WC Smith
Location: Ward 8, Southeast DC
Details: 92k SF
Timeline: Construction is scheduled to finish in 2017
Phase 3 of the heralded cultural center will include a black box theater, an expanded clinic managed by Children's National Medical Center, and arts and education programming.
Union Market Developments
Developer: Edens, with partners LCOR, Trammell Crow Co, Level 2 Development
Location: 340 Florida Ave, 1270 Fourth St NE
Details: 188-unit building with 30k SF retail; 440-unit building with 30k SF retail
Expected Delivery: Fall 2018
Edens will control the ground-floor retail on both these projects, which includes a 20k SF Latin Marketplace concept from Philadelphia-based chef Jose Garces. Trammell Crow and Level 2 Development will control the 440-unit residential portion, breaking ground later this month. LCOR will control the 188 units already under construction. Edens CEO and panelist Jodie McLean spoke to Bisnow about the impressive pipeline around Union Market.
All this development is coming from panelists on Thursday, but that's not to mention keynote speaker David Rubenstein, co-founder and co-CEO of The Carlyle Group. Owning land is nice; owning the Magna Carta is something else. Register here!
