View
10.357
Download
2
Tags:
Embed Size (px)
DESCRIPTION
The DC Development Report is a summary of the major development and construction projects in the District of Columbia. The Washington, DC Economic Partnership (WDCEP) began tracking development activity in 2001 with the hope of creating a comprehensive database that would answer a number of questions in regards to the construction activity in the city. The Report summarizes our entire database of projects, highlights major projects and what lies ahead for development in the District of Columbia. This update of the DC Development Report is an overview of development activity and of the expansion occurring in DC. As a resource book, it is a compilation of nearly 14 years of data collection and research that provides an overview of an ever-changing development and construction cycle. The WDCEP performs an annual “development census” in the month of September and receives contributions from more than 100 developers, architects, contractors and economic development organizations. This outreach results in updates to more than 350 projects. While our database of projects is constantly being updated, for the purposes of this publication all data reflects project status, design and information as of September 2014. In 2014 the WDCEP partnered with CBRE to provide an economic overview of DC and in-depth analysis of the office, retail and residential markets. Although every attempt was made to ensure the quality of the information contained in this document, the WDCEP and CBRE makes no warranty or guarantee as to its accuracy, completeness or usefulness for any given purpose.
Citation preview
Burnham Place at Union Station / Akridge
DevelopmentReport 2014/2015 edition
The Washington, DC Economic Partnership would like to acknowledge our corporate sponsors whose continued financial support has made the DC Development Report: 2014/2015 Edition possible.
PUBLIC SECTOR PARTNERS
PRIVATE SECTOR PARTNERS
BOARD MEMBERS
Jeff Miller / Co-Chair Deputy Mayor Office of Deputy Mayor for Planning & Economic Development
Richard Lake/Co-Chair Roadside Development
Olivia Shay-Byrne/Vice Chair Reed Smith, LLP
Doug Loescher/ DMPED Representative Office of Deputy Mayor for Planning & Economic Development
Jennifer Eugene/Secretary Washington Gas
Joseph L. Askew, Jr., Esq. Verizon
Steven C. Boyle EDENS
Jean-Luc Brami Gelberg Signs
Kenneth Brewer H St. Community Development Corporation
Sean Cahill Property Group Partners
Donna M. Cooper Pepco
Daniel Duke Bohler Engineering
Angela Franco Greater Washington Hispanic Chamber of Commerce
Brett Greene American Management Corporation
Michael J. HaddadCapital One Bank
Tonya HillComcast Business
Carl Hairston M&T Bank
Stan Jackson Anacostia Economic Development Corporation
Norman Jemal Douglas Development Corporation
Greg Leisch Delta Associates
Chester McPherson DC Department of Insurance, Securities, & Banking
Rafael Muniz The JBG Companies
Lisa Mallory DC Building Industry Association
Thomas Nida United Bank
Chris Niehaus Microsoft
Scott Nordheimer Urban Atlantic/A&R Development Corporation
Greg O’Dell Events DC
Marc Ratner Streetsense
Eric E. Richardson DC Office of Cable Television
Rabbiah “Robbie” Sabbakhan DC Department of Consumer & Regulatory Affairs
Tara Scanlon Holland & Knight
Michael Stevens Capitol Riverfront BID
Robert Summers DC Department of Small & Local Business Development
Mitchell Weintraub Cordia Partners, LLC
Burnham Place at Union Station / Akridge
Imag
e courtesy o
f Akrid
ge
a publication of the in partnership with
DevelopmentReport 2014/2015 edition
© 2014 Washington, DC Economic Partnershipiv
ABOUTTHE DC DEVELOPMENT REPORT
The DC Development Report is a summary of the major development and construction projects in the District of Columbia. The Washington, DC Economic Partnership (WDCEP) began tracking development activity in 2001 with the hope of creating a comprehensive database that would answer a number of questions in regards to the construction activity in the city. The Report summarizes our entire database of projects, highlights major projects and what lies ahead for development in the District of Columbia.
This update of the DC Development Report is an overview of development activity and of the expansion occurring in DC. As a resource book, it is a compilation of nearly 14 years of data collection and research that provides an overview of an ever-changing development and construction cycle.
The WDCEP performs an annual “development census” in the month of September and receives contributions from more than 100 developers, architects, contractors and economic development organizations. This outreach results in updates to more than 350 projects. While our database of projects is constantly being updated, for the purposes of this publication all data reflects project status, design and information as of September 2014.
In 2014 the WDCEP partnered with CBRE to provide an economic overview of DC and in-depth analysis of the office, retail and residential markets. Although every attempt was made to ensure the quality of the information contained in this document, the WDCEP and CBRE makes no warranty or guarantee as to its accuracy, completeness or usefulness for any given purpose.
For more information please see our Methodology section.
© Washington, DC Economic Partnership, 2014
1. DEVELOPMENT OVERVIEW6 Economic Overview12 Summary of Projects14 Most Active Developers, Architects & Contractors
2. DEVELOPMENT BY SECTOR19 Office31 Retail45 Residential59 Hospitality69 Education
3. APPENDIX82 Methodology85 Acknowledgements
TABLE OFCONTENTS
The JBG Companies and JBGR Retail
proudly support the
Washington, DC Economic Partnership
JBG.COM JBGR.COM
cbre.com/dc
TRENDS EVOLVE. EXPERTS LEAD.
CBRE knows Washington, D.C.
As the industry’s leading provider
of commercial leasing services,
investment sales and property
management, we have the insight
and perspective to anticipate what’s
next and what it means for the
Washington Metropolitan community
we serve.
DC Development Report • 2014/2015 Edition 5
DEVELOPMENT OVERVIEWEconomic Overview / Summary of Projects / Most Active
© 2014 Washington, DC Economic Partnership6
ECONOMIC OVERVIEW
1. U.S. Census
ECONOMIC OVERVIEW OF THE DISTRICT OF COLUMBIA
While the District of Columbia (“DC”) has a total population of 646,449, its population increases to more than one million each day due to the influx of employees coming predominantly from Northern Virginia and Suburban Maryland.1 In fact, the DC metropolitan area maintains the second highest share of public transit commuters in the country, second only to New York City. DC saw total employment rise 11.7% between September 2004 and September 2014 with the addition of 79,400 jobs. Though the unemployment rate remains elevated at 7.8% as of September 2014, this is a significant decline from the 10.5% rate recorded in September 2011. The table below presents the historical change and growth in employment levels for major industry groups in DC for the past five and ten years.
September 2004-2014 September 2009-2014
Change (000s) Change (%) Change (000s) Change (%)
Mining, Logging, and Construction 2.1 17.1% 3.2 28.6%
Manufacturing -1.7 -68.0% -0.4 -33.3%
Wholesale Trade 0.3 6.5% 0.4 8.9%
Retail Trade 3.9 22.3% 3.8 21.6%
Transportation and Utilities -1.3 -23.6% -0.2 -4.5%
Information -6.8 -28.3% -1.4 -7.5%
Financial Activities -1.6 -5.2% 2.0 7.4%
Professional and Business Services 12.7 8.8% 12.4 8.5%
Education and Health Services 36.0 39.1% 24.7 23.9%
Leisure and Hospitality 18.9 36.6% 11.9 20.3%
Other Services 9.8 16.5% 5.0 7.8%
Federal Government 8.7 4.5% -0.7 -0.3%
Source: U.S. Bureau of Labor Statistics
Office EmploymentOffice-using employment in DC continues struggling to regain its footing as a result of the substantial cuts in federal government employment. Between September 2013 and September 2014, office-using employment experienced a net loss of 700 jobs. Although the Professional and Business Services
sector, typically regarded as DC’s engine of employment growth, observed a year-over-year increase of 2,800 jobs, this was offset by the loss of 3,600 federal government jobs. Meanwhile, the Financial Activities, Information, and Other Services sectors added a combined 200 jobs.
September 2013 September 2014 Change (000s) Change (%)
Information 17.1 17.2 0.1 0.6%
Financial Activities 28.8 28.9 0.1 0.3%
Professional and Business Services 155.0 157.8 2.8 1.8%
Other Services 69.2 69.1 -0.1 -0.1%
Federal Government 204.5 200.9 -3.6 -1.8%
TOTAL OFFICE EMPLOYMENT 474.6 473.9 -0.7 -0.1%
Source: U.S. Bureau of Labor Statistics
DC Development Report • 2014/2015 Edition 7
Economic Overview
POPULATION GROWTH
Young ProfessionalsYoung professional aged 25 to 44 years continue to constitute a growing share of the population in DC. According to the U.S. Census Bureau, between 2004 and 2013, the share of the population within that age group grew by 3.6 percentage points, and now represents 36.5% of the overall population.
Birth RateThe birth rate in DC has been on a downward trajectory over the past five years, but has remained elevated relative to the U.S. In the past ten years, DC saw the highest birth rate level in 2008, when there were 15.4 births per 1,000 population. The latest available data show this number has declined to 14.9 births per 1,000 in 2012.
Birth Rate
(# of Births per 1,000) U.S. Birth Rate Total Population (Ths.) Age 25 to 44 Age 25 to 44, (%)
2004 14.3 14.0 567.8 186.6 32.92005 14.5 14.0 567.1 185.7 32.72006 14.7 14.2 570.7 188.0 32.92007 15.1 14.3 574.4 190.2 33.12008 15.4 13.9 580.2 193.0 33.32009 15.1 13.5 592.2 199.1 33.62010 15.2 13.0 605.1 208.0 34.42011 15.0 12.7 619.6 218.5 35.32012 14.9 12.6 633.4 227.7 36.02013 n/a n/a 646.5 235.8 36.5
Sources: U.S. Census Bureau, Moody’s Analytics
EMPLOYMENT TRENDS
Public vs. Private SectorDC’s public and private sectors have seen divergent employment trends during the past several years. When the U.S. economy was rocked by the financial crisis, the private sector saw declining job growth. Since the recession, however, the private sector has made great strides to reach pre-recession levels of employment, growing 13.5% between September 2009 and September 2014. Meanwhile, public sector employment experienced large job gains in the aftermath of the recession due to the federal government’s stimulus plan. Since 2009, however, public sector employment has dropped about 0.1% per annum, or 0.5% over the span of five years.
Legal ServicesEmployment in the Legal Services sector in DC reached its peak in July 2008 with almost 38,000 employees, though it quickly plummeted thereafter with the onset of the Great Recession. Since 2012, employment has leveled and hovered around the 30,000 employee mark. A subsector of the Professional and Business Services sector, Legal Services has observed dwindling employment with a 14.7% drop over the ten-year period from September 2004 to September 2014. Most of this employment decline is concentrated in the latter five years during which the average annual rate of decline measured 2.4%. Law firms are among the top tenants in DC’s 125 million-sq.-ft. office market, occupying approximately one-third of the entire market.
© 2014 Washington, DC Economic Partnership8
ECONOMIC OVERVIEW
Educational ServicesThe Educational Services sector has observed a significant boost in employment over the past ten- and five-year periods. Between September 2004 and September 2014, employment rose 54.7% with the addition of almost 22,000 jobs. Most of this employment growth has been concentrated in the past five years, during which 17,700 people were added to the sector’s payroll. Although not an occupier of office space, the Education sector is expected to continue expanding with the boom in “eds and meds,” particularly in DC and the surrounding metropolitan area.
Health Care and Social AssistanceThe Health Care and Social Assistance sector has experienced strong employment growth of 2.4% per annum between September 2009 and September 2014. However, the addition of 14,000 jobs between September 2004 and September 2014 has not led to a direct increase in demand in the office market as the sector is not regarded as office-using.
September 2004-2014 September 2009-2014
Change (000s) Change (%) AAGR (%) Change (000s) Change (%) AAGR (%)
Total Private 72.3 16.2% 1.6% 61.4 13.5% 2.7%
Total Public 7.1 3.1% 0.3% -1.2 -0.5% -0.1%
Legal Services -5.0 -14.7% -1.5% -3.9 -11.9% -2.4%
Educational Services 22.0 54.7% 5.5% 17.7 39.8% 8.0%
Health Care and Social Assistance 14.0 27.0% 2.7% 7.0 11.9% 2.4%
Source: U.S. Bureau of Labor Statistics (AAGR=average annual growth rate)
INVESTMENT SALES
Foreign PurchasersForeign office real estate investment in DC has seen a steady increase over the past two years. The following chart represents foreign capital investment in DC over the past five years. Over 50% of foreign investment purchases were concentrated in the last two of five years. The capital has stemmed from a diverse group of investors encompassing Asia, the Middle East, and Europe. Israel has consistently been a leader with regard to the total number of properties purchased.
The year-to-date numbers through Q3 2014 further emphasize the continued interest in DC’s office market. Year-to-date, eight properties totaling over $1.6 billion worth of foreign capital and 3.0 million sq. ft. of space have been purchased. As Europe continues to show signs of weakness and instability plagues areas of the Middle East and Asia, these figures are expected to remain stable as foreign investors search for stronger and safer yield.
DC Development Report • 2014/2015 Edition 9
Economic Overview
ORIGIN OF CAPITAL (January 2009–September 2014)
Country Total Properties Purchased Total Volume ($M)
Germany 9 $1,159.20
Japan 5 $813.60
Canada 9 $739.70
Norway 3 $719.20
South Korea 2 $596.00
UK 4 $586.00
Kuwait 2 $516.00
Israel 6 $305.00
Italy 1 $93.50
Other 3 $111.10
Total 44 $5,639.40
Source: Real Capital Analytics
Foreign SellersOver the past two years, foreign capital has been among the least active when it comes to disposition of office assets in DC. Year-to-date there has only been one disposition in DC from a foreign seller. In 2013, there was a handful, a majority of which came from Wereldhave N.V.’s sale of 1401 New York Avenue and 701 8th Street, NW.
© 2014 Washington, DC Economic Partnership10
ECONOMIC OVERVIEW
NOTABLE OFFICE SALES COMPS (4Q 2013–3Q 2014)
Property Address Sale Price ($M) Price Per SF Buyer (True) Company Seller (True) Company Transaction Date
1401 New York Ave NW $950.0 $450 Heitman LLC, Minshall Stewart Properties, NPS Loan Star Funds 4Q 2013
555 12th St NW $505.0 $640 MetLife, Inc. Manulife Financial Corporation 1Q 2014
700 13th St NW $220.1 $851 Kuwait Investment Authority Beacon Capital Partners 1Q 2014
1333 H St NW $127.2 $473 MRP Realty, Inc. Miller Global Properties 3Q 2014
801 17th St NW $148.8 $948 Morgan Stanley Real Estate Advisor, Inc. Property Group Partners 1Q 2014
1110 Vermont Ave NW $162.5 $530 European Property Investment Corporation Tishman Speyer 1Q 2014
2550 M St NW $156.0 $753 Mirae Asset Global Investments Tishman Speyer 1Q 2014
55 M St SE $141.5 $529 Hines Global REIT, Inc. Monument Realty LLC 4Q 2013
2001 Pennsylvania Ave NW $107.8 $699 Carr Properties Property Group Partners 3Q 2014
1775 Eye St NW $104.5 $564 Washington Real Estate Investment Trust Lincoln Property Company 2Q 2014
Source: CoStar; Real Capital Analytics
NOTABLE APARTMENT SALES COMPS (4Q 2013–3Q 2014)
Property Address Sale Price ($M) Price Per Unit Buyer (True) Company Seller (True) Company Transaction Date
2700 Woodley Pl NW $195.0 $919,811 TIAA-CREF The JBG Companies 2Q 2014
3828 Georgia Ave NW $75.0 $344,037 Principal Global Investors LLC Duball, LLC 3Q 2014
443 New York Ave NW $73.0 $337,963 Washington Real Estate Investment Trust Greenfield Partners LLC 1Q 2014
2900 Connecticut Ave NW $39.0 $295,455 Commonwealth Cooperative Calomiris Associates 2Q 2014
325 P St SW $34.9 $156,285 Somerset Development Company LLC HDF&B Realty Advisors, LLC 4Q 2013
301 G St SW $34.0 $117,647 Urban Investment Partners, LP Capitol Park Associates 4Q 2013
1921 Kalorama Rd NW $19.8 $324,590 Goldman, Sachs & Co. Urban Investment Partners, LP 2Q 2014
1616 16th St NW $16.0 $280,702 Van Metre Companies Carmel Partners 2Q 2014
1706 G St NW $8.0 $333,333 Goldman, Sachs & Co. Urban Investment Partners, LP 4Q 2013
4000-4016 47th St NW $7.6 $269,643 47th Street LLC Urban Investment Partners, LP 4Q 2013
Source: CoStar; Real Capital Analytics
702 H Street NW, Suite 400Washington, DC 20001
202.638.6300www.douglasdevelopment.com
Enhancing communities and creating dynatic places since 1985
CONTACT US:
Douglas Development Corporation is one of the most dominant and successful real estate developers in the Washington area controlling nearly 9 million square feet. The Company and its principals have earned a national reputation as a leader in redevelopment of historical properties. Douglas Development’s most notable, visible and well known projects are in the East End of Washington, and have served as the catalyst for the redevelopment of the entire area.
With a current portfolio of nearly 9 million leasable square feet and over 8 million square feet of developable real estate in the pipeline, Douglas Development is well established as one of the most dominant and successful real estate developers in the Washington area.
© 2014 Washington, DC Economic Partnership12
DEVELOPMENT OVERVIEW
1. all projects
DC DEVELOPMENT GROUNDBREAKINGS (September 2014, sq. ft. in millions) 1
20142013201220112010200920082007200620052004200320022001
11.1
13.4
9.4
10.3
12.7 13.1
10.4
7.5
4.3
10.7 10.49.6
10.6
10.3
YTD
Projects Sq. Ft. Estimated Cost ($B)
Completed 1,084 143,308,246 $43.4
2001 79 10,863,811 $2.2
2002 85 9,189,374 $2.2
2003 96 11,436,328 $3.1
2004 97 11,591,945 $2.8
2005 87 10,153,302 $2.4
2006 102 12,933,180 $3.7
2007 73 11,621,355 $3.6
2008 82 12,178,351 $4.1
2009 86 12,248,868 $4.4
2010 52 7,977,660 $2.5
2011 57 5,944,403 $2.3
2012 66 7,512,581 $2.4
2013 79 11,667,858 $4.8
2014 YTD 43 7,989,230 $2.9
Under Construction 149 23,095,189 $9.2
2014 delivery 31 2,518,958 $1.2
2015 delivery 82 10,292,102 $3.6
2016 delivery 30 6,236,275 $2.3
2017+ delivery 6 4,047,854 $2.1
Pipeline 339 131,692,249 $38.2
Near Term 102 17,432,652 $4.9
Medium Term 104 16,902,091 $4.8
Long Term 133 97,357,506 $28.5
SUMMARY OF PROJECTS (September 2014)
Summary of Projects
average square feet of groundbreakings per year
from 2010 – 2013
MILLION10.2
DC Development Report • 2014/2015 Edition 13
143.3 MILLIONSquare Feet Completed
23.1 MILLIONSquare Feet Under Construction
17.4 MILLIONSquare Feet Near Term
16.9 MILLIONSquare Feet Medium Term
97.4 MILLIONSquare Feet Long Term
Summary of Projects
PROJECTS COMPLETED (2001–3Q 2014)# OF PROJECTS SQ. FT. UNITS ROOMS
¢ Office 236 51,159,364¢ Retail 286 6,288,615¢ Residential 501 53,330,182 52,792¢ Hospitality 166 16,858,596 12,804¢ Education 159 13,107,526
Total Estimated Value of Projects: $43.4 billion
PROJECTS UNDER CONSTRUCTION# OF PROJECTS SQ. FT. UNITS ROOMS
¢ Office 17 3,227,871¢ Retail 62 1,786,853¢ Residential 87 10,985,135 11,937¢ Hospitality 22 2,924,757 2,320¢ Education 21 3,515,317
Total Estimated Value of Projects: $9.2 billion
PROJECTS NEAR TERM1
# OF PROJECTS SQ. FT. UNITS ROOMS
¢ Office 24 8,241,631¢ Retail 53 1,062,165¢ Residential 63 7,532,460 8,826¢ Hospitality 21 1,063,449 1,207¢ Education 7 492,047
Total Estimated Value of Projects: $4.9 billion
PROJECTS MEDIUM TERM1
# OF PROJECTS SQ. FT. UNITS ROOMS
¢ Office 22 5,419,613¢ Retail 50 946,108¢ Residential 69 8,276,012 8,790¢ Hospitality 23 2,006,455 1,514¢ Education 6 84,000
Total Estimated Value of Projects: $4.8 billion
PROJECTS LONG TERM1
# OF PROJECTS SQ. FT. UNITS ROOMS
¢ Office 58 34,540,568¢ Retail 78 3,541,754¢ Residential 70 35,293,065 35,258¢ Hospitality 29 2,303,896 2,129¢ Education 20 4,061,975
Total Estimated Value of Projects: $28.5 billion
1. For further explanation of these terms please see the Appendix
© 2014 Washington, DC Economic Partnership14
DEVELOPMENT OVERVIEW
The figures below list the developers, architects and contractors that have been the most active in contributing to DC’s development activity since January 2010.
1. projects completed since 2010, under construction or in the pipeline (excludes government agencies and colleges/universities)
Forest City Washington
Douglas Development Corporation
JAIR LYNCH Development Partners
WC Smith
The JBG Companies
10 7 7 24
7 8 23
13 4 3 20
3 4 11 18
6 2 6
8
14
MOST ACTIVE DEVELOPERS SINCE 2010 (# of projects)1
MOST ACTIVE ARCHITECTS SINCE 2010 (# of projects)1
MOST ACTIVE GENERAL CONTRACTORS SINCE 2010 (# of projects) 1
Torti Gallas & Partners
WDG
Hickok Cole Architects
Eric Colbert & Associates PC
Bonstra Haresign Architects
Shalom Baranes Associates
15 5 23 43
12 6 9 27
8 4 12 24
17 3 3111
7 7 2410
6 8 228
WCS Construction LLC
Grunley Construction
Forrester Construction Company
Hamel Builders
Clark Construction Group LLC
26 12 4 42
17 9 29
19 4 1 24
15 5 3 23
7 7 22
3
8
¢ Completed
¢ Under Construction
¢ Pipeline
Most Active Developers / Architects / Contractors
DC Development Report • 2014/2015 Edition 17
DEVELOPMENT BY SECTOROffice / Retail / Residential / Hospitality / Education
3050 K Street, NW • Suite 125 • Washington, DC 20007 • main 202.719.9000 • MRPRealty.com
Developing Great PlacesDeveloping Great Partnerships
Developing Great Ideas
DC Development Report • 2014/2015 Edition 19
Development by Sector
OFFICE
© 2014 Washington, DC Economic Partnership
As office-using employment growth in DC lags behind the national average, DC’s office market continues to experience subdued velocity. Leasing activity for deals over 10,000 sq. ft. totaled approximately 2.1 million sq. ft. in Q3 2014. Although eight out of the top 10 largest deals were renewals–including some contractions–no new growth was observed in DC. As of Q3 2014, CBRE tracked the overall vacancy rate for the city at 11.3%, an increase of 90 basis points over the past year.
The 12-month trailing total net absorption was negative 824,000 sq. ft., emphasizing the current lackluster environment in the DC office market. Though nearly 50% of the decrease in occupied space is due to one large tenant relocating from DC to Virginia (Intelsat), the number reflects the manner in which today’s tenants are using office space.
In an attempt to reduce costs, firms–especially law firms–look to real estate costs to bump up their bottom line. Space efficiency trends such as free-address workstations and telecommuting are allowing for a more
flexible work environment and reducing the need for office space. Over the past year, seven out of the top 10 largest law firm leases involved a contraction in space, decreasing the occupancy by an average of 22%.
As the DC office market continues to grapple with uncertainty, landlords are looking to stabilize their assets by renewing tenants of all sizes before their lease expiration dates. Over the past 12 months, renewals accounted for 43% of lease transactions over 10,000 sq. ft. This number jumps to 63% when analyzing deals 50,000 sq. ft. or larger.
New construction in DC remains limited, as the current under construction square footage is well below DC’s five-year annual average of 1.9 million sq. ft. There are currently 1.6 million sq. ft. of private sector space currently under construction, with a preleasing rate of 38%, mostly to legal firms.1 Venable LLP recently agreed to occupy 245,000 sq. ft. at 600 Massachusetts Avenue, NW, which broke ground in the third quarter of 2014. 660 North Capitol Street, NW, a 200,000-sq.-ft., trophy
According to a CoreNet Global Real Estate survey in 2012, the national average of
sq. ft. occupied per person dropped from 225 sq. ft. in 2010 to 175 sq. ft. in 2012 and
is expected to reach 151 sq. ft. by 2017.
Office Development in the District of Columbiao
ffic
e
DC OFFICE MARKET SNAPSHOT (3Q 2014)1
INVENTORY
125.4 MillionSquare Feet
TOTAL VACANCY RATE
11.3%
NET ABSORPTION
–823,741Square Feet (4Q 13–3Q 14)
OVERALL AVG. ASKING RENTAL RATE
$53.17per square foot (full service)
1. CBRE Research
DC Development Report • 2014/2015 Edition 21
DC OFFICE LEASES: TOP 30 DEALS SIGNED (1Q 2014 – 3Q 2014)1
Office Development
project in NoMa, also broke ground in the third quarter, though on a speculative basis. The project is the third building to break ground in DC on a speculative basis over the past 18 months, suggesting developers’ growing sense of confidence that leasing activity will strengthen in the coming years.
Investment sales held steady across DC in 2014. During the first nine months of 2013, sales volume totaled $2.85 billion, compared to $2.86 billion during the same time period this year. The largest sale year to date was 555 12th Street, NW, which sold for $505 million, or approximately $640 per sq. ft.2 Over the past 20 years, the price per sq. ft. for Class A and B buildings over 50,000 sq. ft. has grown 7.6%, as institutional investors continue to seek a historically stable real estate market.
While employment plays an important role in swaying office space demand, firms are focused on reducing overhead costs by employing greater efficiency in space use. As companies continue consolidation and densification, the expected increase in employment—particularly in the office-using sector—over the next two years will not lead to a well-defined expansion in their corporate footprint.
Approximately 1.3 million sq. ft. of private sector office space is scheduled to deliver by 2015, and while demand is expected to strengthen, overall vacancy rates will remain elevated at above 11%. The trophy segment of the market, however, will continue to outperform other product types, as the development pipeline remains limited and a high demand for trophy space continues.
Trends in Square Footage per Employee
An emerging trend in the global office market, space efficiency has been substantially present in DC. A major driver of this trend is firms’ emphasis on maximizing their bottom line by cutting overhead costs. Firms, particularly in the legal services sector within DC, are focusing on reducing their overall space requirement as well as the average sq. ft. per employee. Meanwhile, advancements in technology have enabled for a paper-less environment due to laptops, mobile devices, and wireless internet. This has led to greater flexibility in the workplace due to the reduced need for permanent offices or dedicated office space.
Open floor plans have reduced the amount of space needed by large offices while simultaneously creating a more collaborative environment; this is considered a win-win in today’s increasingly dynamic workplace. The trend is especially evident among the federal government and law firms, two of DC’s largest demand drivers.
According to a CoreNet Global Real Estate survey in 2012, the national average of sq. ft. occupied per person dropped from 225 sq. ft. in 2010 to 175 sq. ft. in 2012 and is expected to reach 151 sq. ft. by 2017. Considering the benefits, it is no surprise this trend has gained notoriety and prominence. As firms have turned to more collaborative space use, their real estate strategy has become more efficient while proving beneficial to their bottom line. ¾
BY DEAL TYPE(YTD 2014)
26%
3% 70%
New/Relet
Renewal +Expansion
Renewal
BY INDUSTRY(Total Sq. Ft.)
6.1%
42% Government
Creative Industries38.7% Legal
4.7%
4.0%
1.7%
1.5%
1.3%
Non-profits/Business Associations
Business Services
Other
Technology
Telecommunications
1. CBRE Research 2. 800 17th Street was sold to TIAA-CREF and Norges Bank Investment Management for $1,075 per sq. ft. ($392 million) in 4Q 2014 (Washington, Business Journal, 10/31/14)
© 2014 Washington, DC Economic Partnership22
OFFICE DEVELOPMENT
TENANT LOCATION SUBMARKET SQ. FT. DATE TYPE
Federal Energy Regulatory Commission (GSA) 888 First St., NE NoMa 503,997 3Q 2014 Renewal
Hogan Lovells 555 13th St., NW East End 384,650 2Q 2014 Renewal
Department of Justice (GSA) 600 E St., NW East End 298,179 3Q 2014 Renewal
Morgan, Lewis & Bockius LLP 1111 Pennsylvania Ave., NW East End 268,866 3Q 2014 Renewal
The Washington Post 1301 K St., NW East End 249,898 2Q 2014 New
Venable LLP 600 Massachusetts Ave., NW East End 245,000 3Q 2014 New
Latham & Watkins 555 11th St., NW East End 238,300 1Q 2014 Renewal
National Park Service (GSA) 1201 Eye St., NW East End 220,000 2Q 2014 Renewal
The Department of Veterans Affairs (GSA) 1800 G St. NW CBD 163,917 2Q 2014 Renewal
White & Case LLP 701 13th St., NW East End 147,999 2Q 2014 Renewal
National Labor Relations Board (GSA) 1015 Half St., NE Capitol Riverfront 145,000 1Q 2014 New
O’Melveny & Myers LLP 1625 Eye St., NW CBD 100,087 3Q 2014 Renewal
Millennium Challenge Corp. 1099 14th St., NW East End 96,894 1Q 2014 New
Reed Smith LLP 1301 K St., NW East End 79,692 2Q 2014 Renewal
PhRMA 950 F St., NW East End 73,452 3Q 2014 Renewal
European External Action Service (EU) 2175 K St., NW CBD 71,055 3Q 2014 Renewal
USAO (GSA) 501 3rd St., NW Capitol Hill 70,000 2Q 2014 Renewal
World Resources Institute 10 G St., NE NoMa 65,609 3Q 2014 Renewal
Norton Rose Fulbright 799 9th St., NW East End 65,000 1Q 2014 New
Boies Schiller & Flexner 5301 Wisconsin Ave., NW Uptown 63,241 2Q 2014 Renewal/Expansion
DC Courts 616 H St., NW East End 63,000 1Q 2014 Renewal
Palantir Technology 1025 Thomas Jefferson St., NW Georgetown 61,000 3Q 2014 New
FCC (GSA) 1250 Maryland Ave., SW Southwest 56,500 1Q 2014 Renewal
Mercer Inc 1050 Connecticut Ave., NW CBD 56,460 1Q 2014 New
IBM 800 K St., NW East End 56,269 1Q 2014 Renewal
SSA (GSA) 500 E St., SW Southwest 55,745 1Q 2014 Renewal
U.S. Department of the Treasury (GSA) 1722 EYE St., NW CBD 54,771 2Q 2014 New
Verizon 1300 Eye St., NW East End 54,035 3Q 2014 Renewal
National Cable & Telecommunications Association 25 Massachusetts Ave., NW Capitol Hill 52,944 1Q 2014 Renewal
Accenture 370 L’Enfant Promenade, SW Southwest 52,878 3Q 2014 Renewal
Source: CBRE Research
DC OFFICE LEASES: TOP 30 DEALS SIGNED (1Q 2014 - 3Q 2014)
DC Development Report • 2014/2015 Edition 23
Development Overview
OFFICE PROJECTS (September 2014, office sq. ft. in millions)
average office sq. ft. delivered per year (2001–2013)
MILLION3.86
OFFICE DEVELOPMENT (September 2014)PROJECTS OFFICE SQ. FT.
Completed 236 51,159,3642001 27 6,331,7252002 23 3,013,2802003 19 2,769,5922004 12 3,201,1532005 17 3,622,7162006 25 5,903,3802007 16 4,276,4632008 20 3,236,4732009 23 6,033,0602010 10 3,408,4552011 10 2,442,8692012 8 1,531,9462013 20 4,469,2392014 YTD 6 919,013
Under Construction 17 3,227,8712014 delivery 1 80,5492015 delivery 9 1,345,3122016 delivery 4 938,5922017+ delivery 3 863,418
Pipeline 104 48,201,812Near Term 24 8,241,631Medium Term 22 5,419,613Long Term 58 34,540,568
TOTAL 357 102,589,047
COMPLETEDGROUNDBREAKINGSGovernmentPrivate
GovernmentPrivate Government (projected)Private (projected)
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
2013 2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
20141
20151
20161
2.4 2.1 4.5
0.7 0.9 1.5
1.3 1.2 2.4
2.7 0.7 3.4
5.6 0.4 6.0
2.0 1.2 3.2
3.7 0.6 4.3
4.4 1.5 5.9
3.6 3.6
2.0 1.2 3.2
2.8 2.8
3.0 3.0
4.1 2.3 6.3
1.3 0.1 1.3
0.7 0.3 0.9
0.5 0.4 1.00.1
3.3 3.8
3.3 4.1
2.2 0.6 2.9
4.9 5.3
2.8 1.4 4.2
3.8 0.4 4.1
3.0 0.5 3.5
0.9 1.1 2.0
0.7 2.9 3.6
1.2 0.4 1.6
1.3 0.2 1.6
1.1 0.2 1.2
1.3 0.5 1.82014YTD
3.1 3.1
4.7 4.7
0.5
0.8
0.4
1. projections based on targeted delivery dates of projects under construction as of September 2014
Alexandria
NATIONALAIRPORTM
M
M
1
395
M
66
GEO
RGE W
ASH
IN
GTON MEM
ORIAL PKW
Y
VIRGINIA
VIRGINIANATIONAL MALL
U.S. CAPITOL
ROCKCREEKPARK
NEW YORK AVERHODE ISLAND AVE
GE
OR
GIA
AV
E
E. CAPITOL ST.
H ST.C
ON
NEC
TICU
T AV
E
FORT DUPONTPARK
MA
RTI
N L
UTH
ER
KIN
G J
R. A
VE.
NATIONALSPARK
UNIONSTATION
U ST.
14TH
ST.
DEVELOPMENT MAP
OFFICE
12
3
56
47
8
9
10
11
12
13
14
1516
1718
19
20 21
22
23
24
25 2627
28
29
30
Completed
Under Construction
Pipeline
DC Development Report • 2014/2015 Edition 25
Development Pipeline
1. may include non-office components & pipeline values may include additional phases ($ in millions) 2. delivery date may reflect phase I delivery or final phase delivery for pipeline projects
PROJECT WARD LOCATION DEVELOPER(S) OFFICE SFEST. VALUE
($M) 1 DELIVERY2
TOP OFFICE PROJECTS COMPLETED (4Q 2013–3Q 2014)
1 CityCenterDC 2 9th, 10th, 11th, H, & I Sts., NW Hines/The First Investor 515,000 $700 4Q 13
2 GSA Headquarters (Ph I) 2 1800 F St., NW GSA 387,824 $161 4Q 13
3 3 Constitution Square 6 175 N St., NE StonebridgeCarras LLC/ Walton Street Capital
344,000 $140 4Q 13
4 Sentinel Square (Ph II) 6 1050 1st St., NE Trammell Crow Company 265,480 $110 4Q 13
5 440 1st Street 6 440 1st St., NW First Potomac Realty Trust 134,000 $40 4Q 13
6 1700 New York Avenue 2 1700 New York Ave., NW Carr Development 124,000 $80 4Q 13
7 Association of American Medical Colleges 6 655 K St., NW Hines/JM Zell 273,200 $115 2Q 14
8 Sidney Yates Building Renovation 6 14th St. & Independence Ave., SW GSA 180,000 $24 2Q 14
9 U.S. Department of Commerce - Herbert Hoover Building (Ph III)
2 14th & Constitution Ave., NW GSA 246,813 $58 3Q 14
10 1200 17th Street 2 1200 17th St., NW Akridge/Mitsui Fudosan America 162,000 $120 3Q 14
TOP OFFICE PROJECTS UNDER CONSTRUCTION
11 National Square 6 500 D St., SW Trammell Crow Company 342,000 $140 3Q 15
12 601 Massachusetts Avenue 6 601 Massachusetts Ave., NW Boston Properties 460,500 $150 4Q 15
13 2001 M Street 2 2001 M St., NW Brookfield Properties 285,000 4Q 15
14 Department of the Interior (Ph VI) 2 1849 C St., NW GSA 250,000 $60 1Q 16
15 Republic Square (Ph II) 6 660 North Capitol St., NW Republic Properties Corporation 185,000 $65 1Q 16
16 900 16th Street 2 900 16th St., NW The JBG Companies 122,000 1Q 16
17 600 Massachusetts Avenue 2 600 Massachusetts Ave., NW Gould Property Company/ Oxford Properties Group
381,592 $206 3Q 16
18 Lafayette Building 2 811 Vermont Ave., NW GSA 466,818 $112 1Q 17
19 The Wharf (Ph I) 6 Southwest Waterfront Hoffman-Madison Waterfront 230,000 $806 4Q 17
20 Harry S. Truman Building Modernization 2 2201 C St., NW GSA 166,600 $97 2Q 18
TOP OFFICE PROJECTS PIPELINE (Near Term)
21 U.S. Department of Commerce - Herbert Hoover Building (Ph IV)
2 14th & Constitution Ave., NW GSA 1,648,821 $63 2016
22 4000 Connecticut Avenue 3 4000 Connecticut Ave., NW The 601 W Companies 620,000 $45 2016
23 1800 K Street 2 1800 K St., NW Deutsche Asset & Wealth Management 185,000 $40 2016
24 Hine Junior High School 6 700 Pennsylvania Ave., SE Stanton Development Corp./EastBanc/Dantes Partners/Jarvis Co.
160,000 $190 2016
25 1000 F Street 2 1000 F St., NW Douglas Development Corporation 94,000 $32 2016
26 Capitol Crossing (North Block) 2 I-395 at 3rd St. & Massachusetts Ave., NW
Property Group Partners/Center Place Holdings LLC
936,000 2017
27 Consumer Financial Protection Bureau HQ Modernization
2 1700 G St., NW GSA 503,000 $139 2017
28 Storey Park 6 1005 1st St., NE Perseus Realty/First Potomac Realty Trust 350,000 2017
29 Center Building (DHS HQ) 8 St. Elizabeths West Campus GSA 270,000 $139 2017
30 2100 K Street 2 2100 K St., NW Blake Real Estate 150,000 2018
© 2014 Washington, DC Economic Partnership26
OFFICE DEVELOPMENTDevelopment Highlights
1200 17th Street WARD 2
LOCATION: 1200 17th Street, NWDEVELOPER(S): Akridge/Mitsui Fudosan AmericaARCHITECT(S): ZGF Architects LLPCONTRACTOR(S): Balfour Beatty ConstructionLEED: Platinum EST. COST: $120 millionSTATUS: Completed TARGETED DELIVERY: 3Q 2014
SPECS: The 169,000 sq. ft. trophy office building was built on the site of the former headquarters building for the National Restaurant Association. The building offers floor-to-ceiling glass, column-free interiors and up to 6,000 sq. ft. of retail/restaurant space. Pillsbury Winthrop Shaw Pittman is the anchor office tenant.
900 16th Street WARD 2
LOCATION: 900 16th Street, NWDEVELOPER(S): The JBG CompaniesARCHITECT(S): Cooper Carry IncCONTRACTOR(S): James G Davis Construction CorporationLEED: Gold STATUS: Under ConstructionTARGETED DELIVERY: 1Q 2016
SPECS: The former Brutalist-style Third Church of Christ, Scientist building was demolished and will be replaced by a 140,000 sq. ft. office building with 5,100 sq. ft. of retail space and a new 11,722 sq. ft. church.
1000 F Street WARD 2
LOCATION: 1000 F Street, NWDEVELOPER(S): Douglas Development CorporationARCHITECT(S): Shalom Baranes AssociatesCONTRACTOR(S): James G Davis Construction CorporationLEED: Gold EST. COST: $32 millionSTATUS: Near Term TARGETED DELIVERY: 3Q 2016
SPECS: 1000 F Street will be an 11-story, 100,000 sq. ft. office building with 7,000 sq. ft. of ground floor retail, anchored by American Eagle. An existing two-story historic structure on the site will be incorporated into the development.
2235 Shannon Place WARD 8
LOCATION: 2235 Shannon Place, SEDEVELOPER(S): Curtis Development/Four Points LLCARCHITECT(S): PGN Architects PLLCCONTRACTOR(S): Forrester Construction CompanyEST. COST: $25 million STATUS: Under ConstructionTARGETED DELIVERY: 4Q 2014
SPECS: The existing four-story building will undergo a gut-rehabilitation, receive a new glass façade and a new penthouse. The 82,000 sq. ft. office building will be home to the DC Taxicab Commission, DC Lottery and DDOT’s Business Opportunity & Workforce Development Center. The building was a former evidence warehouse.
Image courtesy of CoStar
Image courtesy of Akridge
Image courtesy of CoStar
DC Development Report • 2014/2015 Edition 27
Development Highlights
The Lumber Shed WARD 6
LOCATION: 301 Water Street, SEDEVELOPER(S): Forest City WashingtonARCHITECT(S): GenslerCONTRACTOR(S): Monarc ConstructionEST. COST: $13 million STATUS: CompletedTARGETED DELIVERY: 3Q 2013
SPECS: The Lumber Shed project is an adaptive reuse of a former Navy Yard industrial building used for storing and drying lumber. The two-level 29,500 sq. ft. building was transformed into restaurant space on the first floor (Osteria Morini, Agua 301, Ice Cream Jubilee) and office space on the second floor (Forest City Washington).
Association of American Medical Colleges (AAMC) WARD 6
LOCATION: 655 K Street, NWDEVELOPER(S): Hines/JM ZellARCHITECT(S): Shalom Baranes AssociatesCONTRACTOR(S): Clark Construction Group LLCLEED: Gold EST. COST: $115 millionSTATUS: Completed TARGETED DELIVERY: 2Q 2014
SPECS: The AAMC’s new 290,000 sq. ft. headquarters includes 14,300 sq. ft. of retail space. The four existing buildings on the site were renovated and incorporated into the final design.
Storey Park WARD 6
LOCATION: 1005 1st Street, NEDEVELOPER(S): Perseus Realty/First Potomac Realty TrustARCHITECT(S): HKS PCLEED: GoldSTATUS: Near TermTARGETED DELIVERY: 2017
SPECS: A 683,000 sq. ft. mixed-use development will be built on the former Greyhound Station site in NoMa. Plans call for 350,000 sq. ft. of office space, 65,000 sq. ft. of retail space and 300 residential units. Construction could start in 2015.
National Square WARD 6
LOCATION: 500 D Street, SWDEVELOPER(S): Trammell Crow CompanyARCHITECT(S): GenslerCONTRACTOR(S): Clark Construction Group LLCLEED: Silver EST. COST: $140 millionSTATUS: Under Construction TARGETED DELIVERY: 3Q 2015
SPECS: National Square will be a new 12-story, 342,000 sq. ft. highly secure office building located at the corner of 6th & D Streets, SW across the street from the L’Enfant Metrorail Station. The existing 134,000 sq. ft. Class-B office building on the site was demolished.
Image courtesy of the Tram
mell Crow Com
pany
Image courtesy of First Potom
ac Realty Trust
© 2014 Washington, DC Economic Partnership28
OFFICE DEVELOPMENTDevelopment Highlights
601 Massachusetts Avenue WARD 6
LOCATION: 601 Massachusetts Avenue, NWDEVELOPER(S): Boston PropertiesARCHITECT(S): Duda Paine ArchitectsCONTRACTOR(S): Clark Construction Group LLCLEED: Gold EST. COST: $150 millionSTATUS: Under Construction TARGETED DELIVERY: 4Q 2015
SPECS: This eleven-story office building will offer 460,500 sq. ft. of office space (anchored by Arnold & Porter) and 18,300 sq. ft. of retail/restaurant space. The main lobby includes a nine-story atrium, scaling down to a two-story space prior to reaching the West Tower and East Tower elevator lobbies.
GSA Headquarters (Phase I) WARD 2
LOCATION: 1800 F Street, NWDEVELOPER(S): GSAARCHITECT(S): Shalom Baranes AssociatesCONTRACTOR(S): Whiting-Turner Contracting Company/ Walsh ConstructionLEED: Gold EST. COST: $161 millionSTATUS: Completed TARGETED DELIVERY: 4Q 2013
SPECS: Phase I involved the complete renovation of 388,326 sq. ft. (gross) of existing office space and the addition of 102,000 sq. ft. (gross) as new courtyard infill office space. GSA workers started moving back into the building in 2Q 2013.
Burnham Place at Union Station WARD 6
LOCATION: Union Station Air RightsDEVELOPER(S): AkridgeARCHITECT(S): Shalom Baranes AssociatesEST. COST: $1.3 billionSTATUS: Long Term TARGETED DELIVERY: 2022 (Ph I)
Burnham Place is a three million square foot development that will create a new neighborhood above the rail yards north of Union Station. Plans call for 1.5 million sq. ft. of office space, 100,000 sq. ft. of retail space, 400 hotel rooms and 1,300 residential units.
1728 14th Street WARD 2
LOCATION: 1728 14th Street, NWDEVELOPER(S): Perseus RealtyARCHITECT(S): Bonstra | Haresign ArchitectsCONTRACTOR(S): Turner Construction CompanyEST. COST: $10 million STATUS: CompletedTARGETED DELIVERY: 3Q 2014
SPECS: 1728 14th Street is a new four-story, 28,500 sq. ft. office building with 14,500 sq. ft. of ground floor and second floor retail space anchored by West Elm. Bonstra Haresign Architects will occupy the third-floor office space.
Image courtesy of Akridge
Image courtesy of Boston Properties
DC Development Report • 2014/2015 Edition 29
Development Highlights
600 Massachusetts Avenue WARD 2
LOCATION: 600 Massachusetts Avenue, NWDEVELOPER(S): Gould Property Company/Oxford Properties GroupARCHITECT(S): CORECONTRACTOR(S): Clark Construction Group LLCLEED: Platinum EST. COST: $206 millionSTATUS: Under Construction TARGETED DELIVERY: 3Q 2016
SPECS: 600 Massachusetts Avenue will be a 10-story, 401,000 sq. ft. class-A office building with 19,418 sq. ft. of retail space. Venable will be the anchor office tenant. The project involves renovating and moving two row houses on the site.
900 G Street WARD 2
LOCATION: 900 G Street, NWDEVELOPER(S): MRP Realty/ASB Real EstateARCHITECT(S): GenslerCONTRACTOR(S): James G Davis Construction CorporationLEED: Gold EST. COST: $65 millionSTATUS: Under Construction TARGETED DELIVERY: 1Q 2015
SPECS: The former YWCA building was demolished and will be replaced by nine-story, 110,000 sq. ft. office building with 6,500 sq. ft. of retail space.
Capitol Crossing WARD 2
LOCATION: I-395 at 3rd St. & Massachusetts Avenue, NWDEVELOPER(S): Property Group Partners/Center Place Holdings LLCARCHITECT(S): Kevin Roche John Dinkeloo & Associates LLC/SOM/ Kohn Pedersen Fox & AssociatesCONTRACTOR(S): Balfour Beatty ConstructionLEED: Platinum EST. COST: $1.3 billionSTATUS: Under Construction (Platform)TARGETED DELIVERY: 2017 (Ph I)
SPECS: Capitol Crossing will be a 2.2 million sq. ft. mixed-use development built above I-395. Upon full built-out the project will offer 1.9 million sq. ft. of office space, 63,000 sq. ft. of retail space, 150 residential units and a new Jewish Historical Society Synagogue. Utility work began in 1Q 2014 with the delivery of the office buildings (954,000 sq. ft.) in the North Block expected in 2017.
Square 5914 WARD 8
LOCATION: 1290 Alabama Avenue, SEDEVELOPER(S): City Partners LLC/Sanford CapitalARCHITECT(S): Maurice WaltersLEED: Gold EST. COST: $95 millionSTATUS: Medium term TARGETED DELIVERY: 2017
SPECS: The project is adjacent to the Congress Heights Metrorail Station and will be developed into a 236,000 sq. ft. office building with 8,600 sq. ft. retail space and a 206-unit apartment building with 6,500 sq. ft. of retail space.
Image courtesy Gould Property Com
pany
Image courtesy of City Partners LLC
Image courtesy of Property Group Partners
Tara Scanlon | PartnerPractice Group Leader Mid-Atlantic Region Real EstateWashington, DC | 202.457.7150Northern Virginia | 703.720.8600
Copyright © 2014 Holland & Knight LLP All Rights Reserved
www.hklaw.com
We don’t just know the law,
we know the business.
Holland & Knight’s Real Estate Practice — we are here to help you reach new heights.
DC Development Report • 2014/2015 Edition 31
Development by Sector
RETAIL
© 2014 Washington, DC Economic Partnership
Retail sales in the District of Columbia account for approximately 79% of the $13 billion in total consumer expenditures, creating a retail opportunity gap of an estimated $2.8 billion.3 This strong retail demand is related in-part to DC’s high volume of tourists. A record-breaking 19.0 million tourists traveled to DC in 2013. These millions of tourists spent a total of $6.69 billion during their visits, which comprised 8.9% and 5.9% increases in domestic and international tourist spending, respectively.4
DestinationDC expects total visitor volume to grow by 2 to 3% each year through 2017.4 Local purchasing capacity also influences retail demand in DC. The city’s estimated median household income is projected
to rise 15.0% over the next five years to $77,143 in 2019. In comparison, the U.S. is projected to see a 4.0% increase from the current year median household income of $51,352. The statistics detailed above show DC’s potential for growth in retail demand.5
The DC retail market has experienced several significant shifts, one of which is the expansion of the restaurant scene. A host of restaurants have opened in recent years in areas such as the 14th Street and H Street corridors, and have played an instrumental role in transforming DC’s retail sector. This trend has continued in 2014, as indicated in the graph on the following page by the projected 4.5% jump in sales for food services and drinking places.6
The city’s estimated median household income is projected
to rise 15.0% over the next five years to $77,143 in 2019.
Retail Development in the District of Columbiar
eta
il
DC RETAIL MARKET SNAPSHOT (3Q 2014)
NEW GROCERY STORES7
6under construction
TAXABLE RETAIL & RESTAURANT
SALES1 (2013)
$11.5 billion(13.8% increase since 2010)
RETAIL SF UNDER CONSTRUCTION
1.8 millionsquare feet
POPULATION GROWTH2
+6.8%2010–2013
1. Office of the Chief Financial Officer (FY 2015 Proposed Budget & Financial Plan) 2. U.S. Census 3. Nielson 4. Destination DC (2013)5. Nielson 6. Moody’s Analytics 7. Harris Teeter (1212 4th St., SE), Giant (3336 Wisconsin Ave., NW) and MOM’s (1501 New York Ave., NE) opened in 4Q 2014
DC Development Report • 2014/2015 Edition 33
Retail Development
DC RETAIL SALES GROWTH (Q2 2014 over Q2 2013, trailing four quarters)
The openings of DBGB, Del Frisco’s Double Eagle Steakhouse and Le Diplomate illustrate this restaurant-centric trend. Rose’s Luxury, which recently opened in DC, was ranked as the number one restaurant in the U.S. in 2014.8 These high-end openings coincided with numerous quick-serve openings. DC claimed the third best growth market for quick service restaurants in a 2014 study that examined quick-serve restaurant traffic growth forecasts for 2013 to 2018.9 The restaurant industry’s growth indicates the ever-evolving character of DC’s retail landscape.
While sales increased for food services and drinking places, the increase was even more dramatic for other sectors, including: clothing & clothing accessories, food & beverage, general merchandise, furniture, and health & personal care stores. Over the past year, retail sales for general merchandise have increased an estimated 27.3%, by roughly the same percentage that non-store retailer sales have declined. Thus, DC retail sales have experienced an overall increase from 2013 to 2014, but performance has varied considerably according to segment.10
Finally, the opening of CityCenterDC, a 1.6 million-sq.-ft., mixed-use development (with 185,000 sq. ft. of retail space), was a capstone event for DC’s growing urban retail market. In planning and design since 2003, CityCenterDC has provided a high-end retail anchor in the downtown with retailers such as Allen Edmonds, Hugo Boss, Burberry, Longchamp and Arc’teryx. ¾
-25% -20 -15 -10 -5 0 5 10 15 20 25 30%
Food services and drinking places
Total Retail Sales
Clothing & clothing accessories stores
Food & beverage stores
Furniture & home furnishing stores
Health & personal care stores
Electronics & applicance stores
General merchandise stores
Sporting goods; hobby; book; & music stores
Gasoline stations
Nonstore retailers -25.5%
-4.4%
1.8%
4.5%
5.4%
6.0%
9.5%
12.7%
14.7%
18.6%
27.3%
Source: Moody’s Analytics
AVERAGE RETAIL RENTAL RATES PER SUBMARKET
SUBMARKET PER SQ. FT. RANGE
Capitol Hill High $30s - $65
Capitol Riverfront $35 - $50
CBD $45 - $125
East End $45 - $125
Georgetown $55 - $200
H St. NE $35 - $55
NoMa $35 - $50
Northeast $30 – High $40s
Southwest Low $30 - $55
Uptown $35 - $70
West End $40 - $55
Source: CBRE Research
8. Bon Appetit (8/19/14)9. The NPD Group/QSR10. Moody’s Analytics
© 2014 Washington, DC Economic Partnership34
RETAIL DEVELOPMENTDevelopment Highlights
It’s the view to one of DC’s most iconic neighborhoods—the birthplace of Duke Ellington and the local jazz scene—which also happens to be a modern cultural gem. It’s the view to life at City Market at O. Start your day with a grande at Starbucks. Grocery shop at the reimagined O Street Market, now home to Giant. Dine at Convivial, opening this spring. Take your pooch and head out of your luxe apartment for a stroll that ends up in your very own dog park. Take a swim in the rooftop infi nity pool. Then settle in with a nightcap by the outdoor fi repit. You’re in your element. And on top of the world.
O, the view from the top.
© Maxwell Mackenzie800 P STREET, NW WASHINGTON, DC 20001 • CITYMARKETATO.COM
the new element of style.
TOP RETAIL LEASES (YTD 2014)
COMPANY NAME ADDRESS BUILDING/PROJECT NAME SQ. FT. 1 NEIGHBORHOOD
Lowe’s2 33rd Street & South Dakota Avenue, NE Shops at Dakota Crossing 136,000 Fort Lincoln/Dakota CrossingWalmart 58th & East Capitol Streets, NE Capitol Gateway Marketplace 135,000 East Capitol Street/Capitol GatewayWhole Foods 600 H Street, NE Apollo 39,000 H Street, NEMarshall’s 5333 Wisconsin Avenue, NW Friendship Center 29,000 Chevy Chase/Friendship HeightsSaks Fifth Avenue3 5300 Wisconsin Avenue, NW Mazza Gallerie 22,055 Chevy Chase/Friendship HeightsWalgreens 1155 F Street, NW 19,500 Downtown DCPlanet Fitness 1401 New York Avenue, NE Hecht Warehouse District 19,000 New York Ave/Bladensburg RoadOld Navy 5335 Wisconsin Avenue, NW Chevy Chase Pavilion 18,000 UptownMOM’s Organic Market 1401 New York Avenue, NE Hecht Warehouse District 16,000 New York Avenue/Bladensburg RoadGAP 1155 F Street, NW 14,000 Downtown DCPetco 1401 New York Avenue, NE Hecht Warehouse District 12,000 NortheastTheodore’s3 2233 Wisconsin Avenue, NW 11,000 Glover ParkCVS Caremark 1275 Pennsylvania Avenue, NW 10,000 Downtown DCOne to One Fitness, Inc. 1750 K Street, NW 9,000 Golden TriangleMomofuku 850 10th Street, NW CityCenterDC 9,000 Downtown DCPaul Stuart 875 10th Street, NW CityCenterDC 8,000 Downtown DCTexas de Brazil 455 Massachusetts Avenue, NW 8,000 Mt. Vernon TrianglePassion Food Hospitality, LLC 700 6th Street, NW 8,000 Downtown DCHugo Boss 800 10th Street, NW CityCenterDC 6,500 Downtown DCMindful Restaurant Group 1401 New York Avenue, NE Hecht Warehouse District 6,000 New York Avenue/Bladensburg RoadFerragamo 1001 H Street, NW CityCenterDC 4,000 Downtown DC
1. rounded to nearest thousand 2. purchased a pad site for $3.58 million (Washington Business Journal, 8/21/14) 3. renewal
DC Development Report • 2014/2015 Edition 35
Development Overview
1. projections based on targeted delivery dates of projects under construction as of September 2014
RETAIL PROJECTS (September 2014, retail sq. ft.)
In 2014 DC will openits 28th new grocery store
since 2000.
28RETAIL DEVELOPMENT (September 2014)
PROJECTS RETAIL SQ. FT.
Completed 286 6,288,6152001 18 226,178 2002 22 311,800 2003 19 347,229 2004 22 369,208 2005 26 711,923 2006 24 294,862 2007 22 378,658 2008 22 867,131 2009 27 265,943 2010 10 330,700 2011 11 312,345 2012 16 314,324 2013 28 1,067,236 2014 YTD 19 491,078
Under Construction 62 1,786,8532014 delivery 13 192,3372015 delivery 31 841,1572016 delivery 14 229,3592017+ delivery 4 524,000
Pipeline 181 5,550,027Near Term 53 1,062,165Medium Term 50 946,108Long Term 78 3,541,754
TOTAL 529 13,625,495
COMPLETED
2014YTD
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
GROUNDBREAKINGS
226,178
311,800
347,229
369,208
711,923
294,862
378,658
867,131
265,943
330,700
312,345
314,324
111,800
555,610
323,849
570,488
293,481
439,866
911,203
262,547
239,150
265,276
301,840
654,230
1,035,426
694,485
Projected
1,050,839
1,067,236
491,078 192,337
841,157
229,359
20141
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
20151
20161
683,415
Alexandria
NATIONALAIRPORTM
M
M
1
395
M
66
GEO
RGE W
ASH
IN
GTON MEM
ORIAL PKW
Y
VIRGINIA
VIRGINIANATIONAL MALL
U.S. CAPITOL
ROCKCREEKPARK
NEW YORK AVERHODE ISLAND AVE
GE
OR
GIA
AV
E
E. CAPITOL ST.
H ST.C
ON
NEC
TICU
T AV
E
FORT DUPONTPARK
MA
RTI
N L
UTH
ER
KIN
G J
R. A
VE.
NATIONALSPARK
UNIONSTATION
U ST.
14TH
ST.
DEVELOPMENT MAP
RETAIL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2627
28
29
30
Completed
Under Construction
Pipeline
DC Development Report • 2014/2015 Edition 37
Development Pipeline
1. may include non-retail components & pipeline values may include additional phases ($ in millions) 2. delivery date may reflect phase I delivery or final phase delivery for pipeline projects
PROJECT WARD LOCATION DEVELOPER(S) RETAIL SFEST. VALUE
($M)1 DELIVERY2
TOP RETAIL PROJECTS COMPLETED (4Q 2013–3Q 2014)
1 The Shops at Georgetown Park 2 3222 M St., NW AG Georgetown Park Holdings/Vornado/CES 330,000 $32 4Q 13
2 CityCenterDC 2 9th, 10th, 11th, H, & I Sts., NW Hines/The First Investor 185,000 $700 4Q 13
3 Walmart on Georgia Avenue 4 5929 Georgia Ave., NW Foulger-Pratt 106,000 4Q 13
4 77 H 6 1st & H Sts., NW The JBG Companies/Bennett Group 86,000 $90 4Q 13
5 CityMarket at O (Ph I - Giant) 6 1400 7th St., NW Roadside Development 75,000 $35 4Q 13
6 L’Enfant Plaza Redevelopment (Ph II) 6 950 L’Enfant Plaza, SW The JBG Companies 93,000 $17 2Q 14
7 Twelve12 6 1212 4th St., SE Forest City Washington 88,000 $100 2Q 14
8 Monroe Street Market 5 700 - 800 blocks of Monroe St., NE Abdo Development/Bozzuto Group/Catholic University 56,915 $150 2Q 14
9 The Louis at 14th 2 1420 U St., NW The JBG Companies/Georgetown Strategic Capital 44,000 $100 2Q 14
10 The Swift 4 3830 Georgia Ave., NW Duball LLC/Safeway 62,000 $65 3Q 14
TOP RETAIL PROJECTS UNDER CONSTRUCTION
11 Cathedral Commons 3 3336 & 3400-3430 Wisconsin Ave., NW
Giant Food/Bozzuto Group/Southside Investment Partners 125,000 $130 4Q 14
12 Hecht Warehouse District 5 1401 New York Ave., NE Douglas Development Corporation 200,800 4Q 14/2015
13 2251 Wisconsin Avenue 3 2251-2255 Wisconsin Ave., NW Altus Realty Partners/Chesapeake Realty Partners 28,277 $32 1Q 15
14 Fort Totten Square 4 South Dakota Ave. & Riggs Rd., NE The JBG Companies/Lowe Enterprises 130,000 $120 2Q 15
15 The Shops at Dakota Crossing (Ph II) 5 New York Ave. & South Dakota Ave., NE
Fort Lincoln New Town Corporation/Trammell Crow Company/CSG Urban Partners
266,000 $40 3Q 15
16 800 New Jersey Avenue 6 New Jersey Ave. & H St., SE WC Smith 35,000 $135 3Q 16
17 Apollo 6 610 H St., NE Insight Property Group LLC 75,000 $190 4Q 16
18 ART Place at Fort Totten (Ph I) 5 5180 South Dakota Ave., NE Cafritz Foundation 104,000 $117 2Q 17
19 The Wharf (Ph I) 6 Southwest Waterfront Hoffman-Madison Waterfront 190,000 $806 4Q 17
20 Skyland Town Center (Ph I) 7 Alabama Ave. & Naylor Rd., SE Rappaport/WC Smith/Marshall Heights CDO 220,000 $150 2017/18
TOP RETAIL PROJECTS PIPELINE (Near Term)
21 Capitol Gateway Marketplace 7 58th & East Capitol Sts., NE A&R Development/DCHA/Henson Dev. Co. 167,450 $120 2016
22 Georgia Eastern 4 7828 Georgia Ave., NW Douglas Development Corporation 60,000 2016/17
23 Hine Junior High School 6 700 Pennsylvania Ave., SE Stanton Development Corp./EastBanc/Dantes Partners/Jarvis Co.
40,000 $190 2016/17
24 The Line DC 1 1780 Columbia Rd., NW Friedman Capital Advisors/Foxhall Partners/Sydell Group 20,903 $100 2016/17
25 The Riverfront 6 100 Potomac Ave., SE FRP Development Corp./MRP Realty 18,650 $100 2016/17
26 Storey Park 6 1005 1st St., NE Perseus Realty/First Potomac Realty Trust 65,000 2017
27 Prospect Place 2 3220 Prospect St., NW McCaffery Interests 27,600 2017
28 Gateway Market 5 340 Florida Ave., NE LCOR Inc./EDENS 27,410 $55 2017
29 CityCenterDC (Conrad Hotel) 2 10th & New York Ave., NW Hines 70,000 2018
30 Uline Arena 6 1140 3rd St., NE Douglas Development Corporation 50,000 $120
© 2014 Washington, DC Economic Partnership38
RETAIL DEVELOPMENTDevelopment Highlights
CityCenterDC WARD 2
LOCATION: 9th, 10th, 11th, H, & I Streets, NWDEVELOPER(S): Hines/The First InvestorARCHITECT(S): Foster & Partners/Shalom Baranes Associates/Lee and Associates IncCONTRACTOR(S): Clark Construction Group LLC/Smoot ConstructionLEED: Gold EST. COST: $700 millionSTATUS: Completed TARGETED DELIVERY: 4Q 13–2Q 14
SPECS:The redevelopment of the southern portion (Parcel A) of the former convention center site includes 515,000 sq. ft. of office space, 185,000 sq. ft. of retail space and 674 apartments and condominiums.
The Parks at Walter Reed WARD 4
LOCATION: 6800 Georgia Avenue, NWDEVELOPER(S): Hines/Urban Atlantic/Triden Development Group/ DMPEDEST. COST: $1 billionSTATUS: Long Term
SPECS: 66.57 acres of the 110.1-acre campus will be redeveloped into approximately 3.1 million sq. ft. of mixed-use development. The proposed development includes 2,097 residential units, up to 250,000 sq. ft. of retail space, 770,000 sq. ft. of office/medical/education space and 20 acres of open space.
Hecht Warehouse District WARD 5
LOCATION: 1401 New York Avenue, NEDEVELOPER(S): Douglas Development CorporationARCHITECT(S): Shalom Baranes Associates/Antunovich AssociatesCONTRACTOR(S): Clark Construction Group LLC/McCullough Construction LLCSTATUS: Under ConstructionTARGETED DELIVERY: 4Q 14–2015
SPECS: The redevelopment plan calls for 330 apartments and 200,800 sq. ft. of retail space on the 9.8-acre site. The historic Hecht’s Warehouse will be converted into apartments and retail. An adjacent building will include one floor of retail below a parking garage. MOM’s Organic Market opened a 16,000 sq. ft. store in November 2014.
The Louis at 14th WARD 2
LOCATION: 1420 U Street, NWDEVELOPER(S): The JBG Companies/Georgetown Strategic Capital LLCARCHITECT(S): Eric Colbert & Associates PCCONTRACTOR(S): Balfour Beatty ConstructionLEED: Silver EST. COST: $100 millionSTATUS: Completed TARGETED DELIVERY: 2Q 2014
SPECS: The Louis at 14 is a nine-story, mixed-use building with 268 apartments and 44,000 sq. ft. of retail space (anchored by a Trader Joe’s grocery store). JBG sold the project to TIAA-CREF in June 2014.
Image courtesy of Urban Atlantic
Image courtesy of Douglas Developm
ent
DC Development Report • 2014/2015 Edition 39
Development Highlights
1270 4th Street WARD 5
LOCATION: 1270 4th Street, NEDEVELOPER(S): EDENS/Level 2 DevelopmentARCHITECT(S): Shalom Baranes AssociatesSTATUS: Near TermTARGETED DELIVERY: 2017
SPECS: This proposed 11-story, 408,000 sq. ft., 420 to 520-unit residential building will offer up to 40,000 sq. ft. of retail space. The project is part of the eight million sq. ft. Union Market District proposed redevelopment vision.
Skyland Town Center (Phase I) WARD 7
LOCATION: Alabama Avenue & Naylor Road, SEDEVELOPER(S): Rappaport/WC Smith/Marshall Heights CDOARCHITECT(S): Torti Gallas & PartnersCONTRACTOR(S): WCS Construction LLC/L. F. Jennings Inc.LEED: Silver EST. COST: $150 millionSTATUS: Under Construction TARGETED DELIVERY: 2017-2018
SPECS: The planned redevelopment of the 18.5-acre Skyland Shopping Center will occur in phases and result in up to 323,000 sq. ft. of retail space, 485 residential units and nearly 1,700 parking spaces. Phase I is scheduled to include 220,000 sq. ft. of retail space (120,000 sq. ft. Walmart) and 250-270 apartments.
Capitol Gateway Marketplace WARD 7
LOCATION: 58th & East Capitol Streets, NEDEVELOPER(S): A&R Development/DC Housing Authority/ Henson Development CompanyARCHITECT(S): Bignell Watkins Hasser Architects/ Massa Montalto Architects/CONTRACTOR(S): WCS Construction LLCEST. COST: $120 millionSTATUS: Near Term TARGETED DELIVERY: 2016
SPECS: The 12-acre site will be redeveloped into approximately 167,000 sq. ft. of retail space, anchored by a 135,000 sq. ft. Walmart, and 304 apartments.
800 New Jersey Avenue WARD 6
LOCATION: New Jersey Avenue & H Street, SEDEVELOPER(S): WC SmithARCHITECT(S): SK & I Architectural Design Group LLCCONTRACTOR(S): WCS Construction LLCLEED: Silver EST. COST: $135 million STATUS: Under ConstructionTARGETED DELIVERY: 3Q 2016
SPECS: 800 New Jersey Avenue will consist of 336 loft-style apartments with 10-foot ceilings and a 35,000 sq. ft. Whole Foods with two levels of grocery parking above the store. It is the second phase of the 1.4 million sq. ft. mixed-use Square 737 development.
Image courtesy of Rappaport
Image courtesy of EDENS
Image courtesy of SK & I Architectural Design Group
Image courtesy of W
almart
© 2014 Washington, DC Economic Partnership40
RETAIL DEVELOPMENTDevelopment Highlights
The Wharf (Phase I) WARD 6
LOCATION: Southwest WaterfrontDEVELOPER(S): Hoffman-Madison WaterfrontARCHITECT(S): Perkins Eastman/BBG-BBGM/ Cunningham|Quill Architects PLLCCONTRACTOR(S): Gilford Corporation/Clark Construction Group LLCLEED: Gold EST. COST: $806 millionSTATUS: Under Construction TARGETED DELIVERY: 4Q 2017
SPECS: The 1.86 million sq. ft. Phase I redevelopment of the Southwest Waterfront will include 230,000 sq. ft. of office space, 190,000 sq. ft. of retail space, 872 residential units, 683 hotel rooms, 140,000 sq. ft. of cultural and entertainment space and 1,475 underground parking spaces.
77 H WARD 6
LOCATION: 1st & H Streets, NWDEVELOPER(S): The JBG Companies/Bennett GroupARCHITECT(S): MV+A Architects/Preston Partnership LLCCONTRACTOR(S): Clark Builders GroupLEED: Silver EST. COST: $90 millionSTATUS: Completed TARGETED DELIVERY: 4Q 2013
SPECS: A former parking lot was redeveloped into 86,000 sq. ft. of retail space, anchored by a 76,000 sq. ft. Walmart (with 40,000 sq. ft. for groceries), 303 apartments and 9,800 sq. ft. of additional retail/restaurant space. JBG sold the project to Clarion Partners in early 2014.
Fort Totten Square WARD 4
LOCATION: South Dakota Avenue & Riggs Road, NEDEVELOPER(S): The JBG Companies/Lowe EnterprisesARCHITECT(S): Hickok Cole ArchitectsCONTRACTOR(S): Clark Builders GroupLEED: Certified EST. COST: $120 millionSTATUS: Under Construction TARGETED DELIVERY: 2Q 2015
SPECS: The first phase of the Ft. Totten Square development will deliver 345 apartments, 130,000 sq. ft. of retail space (anchored by a 120,000 sq. ft. urban-format LEED certified Walmart) and 750 parking spaces.
Uline Arena WARD 6
LOCATION: 1140 3rd Street, NEDEVELOPER(S): Douglas Development CorporationARCHITECT(S): GTM ArchitectsCONTRACTOR(S): James G Davis Construction CorporationEST. COST: $120 million STATUS: Near Term
SPECS: The Uline Arena project will include the adaptive reuse of the existing 110,000 sq. ft. masonry arena building and adjacent Ice House. The redevelopment plan calls for 150,000 sq. ft. of office space and 50,000 sq. ft. of retail space.
Image courtesy of Douglas Developm
ent Corporation
Image courtesy of The JBG Com
paniesIm
age courtesy of Hoffman-M
adison Waterfront
DC Development Report • 2014/2015 Edition 41
Development Highlights
Cathedral Commons WARD 3
LOCATION: 3336 & 3400 - 3430 Wisconsin Avenue, NWDEVELOPER(S): Giant Food/Bozzuto Group/Southside Investment PartnersARCHITECT(S): JCA ArchitectsCONTRACTOR(S): Bozzuto ConstructionLEED: Silver EST. COST: $130 millionSTATUS: Under Construction TARGETED DELIVERY: 4Q 2014
SPECS: The former Giant on the site was demolished in 2012 and a new 56,000 sq. ft. store will be built along with an additional 69,000 sq. ft. of retail space and 145 residential units on two separate parcels. The Giant grocery store opened in November 2014.
Monroe Street Market WARD 5
LOCATION: 700 - 800 blocks of Monroe Street, NEDEVELOPER(S): Abdo Development/Bozzuto Group/Catholic UniversityARCHITECT(S): Torti Gallas & Partners/KTGYCONTRACTOR(S): Bozzuto ConstructionLEED: Certified EST. COST: $150 millionSTATUS: Completed TARGETED DELIVERY: 2Q 2014
SPECS: This mixed-use project delivered 57,000 sq. ft. of retail space and 562 apartments in Blocks A1, B and C. Project anchors include The Arts Walk (27 artist studios), Busboys & Poets, Brookland Pint and &pizza. Some portions of the project started to deliver in 4Q 2013.
Twelve12 WARD 6
LOCATION: 1212 4th Street, SEDEVELOPER(S): Forest City WashingtonARCHITECT(S): Shalom Baranes AssociatesCONTRACTOR(S): Walsh ConstructionLEED: Silver EST. COST: $100 millionSTATUS: Completed TARGETED DELIVERY: 2Q 2014
SPECS: Twelve12 features a 218-unit apartment building above 88,000 sq. ft. of retail space, including a 50,000 sq. ft. Harris Teeter (November 2014 opening) and a 28,000 sq. ft. VIDA Fitness.
Walmart on Georgia Avenue WARD 4
LOCATION: 5929 Georgia Avenue, NWDEVELOPER(S): Foulger-PrattARCHITECT(S): Massa Montalto ArchitectsCONTRACTOR(S): Foulger-PrattSTATUS: Completed TARGETED DELIVERY: 4Q 2013
SPECS: The former 3.56-acre Curtis Chevrolet dealership was redeveloped into a 106,000 sq. ft. Walmart with approximately 40,000 sq. ft. dedicated to groceries, 348 parking space and 37 bicycle spaces.
Visualization by Interface Multim
edia
Image courtesy of Foulger-Pratt
© 2014 Washington, DC Economic Partnership42
RETAIL DEVELOPMENTDevelopment Highlights
Apollo WARD 6
LOCATION: 610 H Street, NEDEVELOPER(S): Insight Property Group LLCARCHITECT(S): SK & I Architectural Design Group LLCCONTRACTOR(S): John Moriarty & Associates of Virginia LLCLEED: Silver EST. COST: $190 millionSTATUS: Under Construction TARGETED DELIVERY: 4Q 2016
SPECS: The Apollo will be a 431-unit apartment building with 75,000 sq. ft. of retail space, anchored by a 39,000 sq. ft. Whole Foods. There will also be 442 underground parking spaces and about 165 bicycle parking spaces.
The Swift WARD 4
LOCATION: 3830 Georgia Avenue, NWDEVELOPER(S): Duball LLC/SafewayARCHITECT(S): Torti Gallas & PartnersCONTRACTOR(S): Bozzuto ConstructionLEED: Silver EST. COST: $65 millionSTATUS: Completed TARGETED DELIVERY: 3Q 2014
SPECS: The former site of a 21,000 sq. ft. Safeway was redeveloped into a new 60,000 sq. ft. Safeway grocery store (June 2014 opening) and 218 apartments. A two-level underground parking garage was also built on the site. Duball LLC sold the project to Principal Real Estate Investors for $75 million in July 2014.
ART Place at Fort Totten (Phase I) WARD 5
LOCATION: 5180 South Dakota Avenue, NEDEVELOPER(S): Cafritz FoundationARCHITECT(S): EE&K Architects/MV+A Architects/ Shalom Baranes AssociatesCONTRACTOR(S): Foulger-PrattLEED: Silver EST. COST: $117 millionSTATUS: Under Construction TARGETED DELIVERY: 2Q 2017
SPECS: Phase I will deliver 104,000 sq. ft. of retail space (on two levels) and 520 apartments (121 – 141 affordable units) in three buildings.
Brentwood Park WARD 5
LOCATION: Rhode Island Avenue, NE & 4th Street & Edgewood Street, NEDEVELOPER(S): Mid-City Financial CorporationLEED: SilverSTATUS: Long Term
SPECS: The 20-acre site that currently encompasses the Brentwood Village Shopping Center and the 535-unit Brookland Manor (Section 8 Housing) will be redeveloped into a mixed-use neighborhood with 200,000 sq. ft. of retail space and 2,200 residential units (20% affordable).
Image courtesy of Insight Property Group LLC
Image courtesy of Foulger-Pratt
Plan Early Sell Faster with Natural Gas.
Natural Gas. Efficient by Nature.
Including natural gas in our project was a very
smart decision.
If you don’t incorporate natural gas as a primary energy source into your plans, you’re missing a big opportunity.
Savvy builders know that their clients prefer natural gas because of the comfort, cost savings, reliability and environmental
benefits it affords.
It’s easier than ever to include natural gas.• Attractive design alternatives are available through the use of the industry’s latest meters. They’re smaller, allowing for their
placement in aesthetically pleasing locations.
• Innovative piping options such as 2 psi delivery systems, and flexible copper and corrugated stainless steel piping help to
reduce first costs.
• Distributed Meter Rooms (DMR) provide the flexibility for individual unit meters to be installed in vertically stacked central gas
meter rooms on each floor in a high rise multifamily building.
Call Washington Gas for a free consultation.The Engineered Sales Team at Washington Gas is the resource you can count on for all multifamily development natural gas applications.
Our representatives include a variety of professionals with the technical skills to understand your requirements and walk you through each
stage of the process.
To learn more about incorporating natural gas into your next project, email our Engineered Sales Team at [email protected]
or visit PlanEarlySellFaster.com.
ENERGY CREATESOPPORTUNITIES
We're proud to support theWashington, D.C. Economic Partnership.
Pepco DC Econ Part Ad:Layout 1 9/12/13 9:40 AM Page 1
COMING 2017
At the intersection of First and L streets, NE, Storey Park will be at the center of NoMa in every way.
DC Development Report • 2014/2015 Edition 45
Development by Sector
RESIDENTIAL
© 2014 Washington, DC Economic Partnership
The District of Columbia has recorded strong prospects for expansion in the residential real estate market due to its population, employment, and income growth. DC continues to see robust population growth, while the share of young professionals has grown at an even faster pace.
Between 2012 and 2013, DC’s population increased 2.1% to 646,500, while the 25 to 44 year old cohort expanded by 3.5% to 235,800. During the same time period, the labor market in DC observed overall growth, albeit at a slower pace. DC added 10,400 jobs in 2013, an increase of 1.4%. Meanwhile, the
unemployment rate continued along a downward trajectory, dropping 90 basis points over the year to 8.3% in 2013.
The median home sales price in DC rose 3.0% over the year from $461,000 in August 2013 to $475,000 in August 2014. Meanwhile, according to a report by CoreLogic, DC observed a 7.1% increase in foreclosure activity between September 2013 and September 2014. During the same month, DC recorded the 9th highest share of homes in foreclosures among U.S. states, at 2.3% of inventory.
DC continues to see robust population growth, while the
share of young professionals has grown at an even faster pace.
Residential Development in the District of Columbiar
esid
enti
al
DC RESIDENTIAL MARKET SNAPSHOT
TOTAL HOUSEHOLDS1
283,172CONDOS UNDER CONSTRUCTION
1,425
UNITS UNDER CONSTRUCTION
11,937
MARKET RATE APARTMENT
NET ABSORPTION2 (4Q13–3Q14)
2,731
1. District of Columbia Economic & Revenue Trends (October 2014)2. District of Columbia Economic & Revenue Trends/Delta Associates (October 2014)
DC Development Report • 2014/2015 Edition 47
Residential Development
Looking ahead, the population, employment, and income of the region are forecast to grow. DC is projected to see its population increase by 10.2% between 2014 and 2019, while median household income is projected to rise by 15.0% to $77,143 during the same time frame.3 According to Moody’s Analytics, total metropolitan employment as well as office-using employment is expected to gain traction between 2015 and 2017.
DC Apartment SizeThe average size of a one-bedroom apartment in DC has been on a downward trajectory over the past decade. While the previous unit average was approximately 850 sq. ft. through the early 2000s, this figure has dropped to around 725 to 750 sq. ft., excluding the new phenomenon of micro-units. Renters have become more interested in assessing the total monthly rent, rather than the quoted rent per sq. ft. Moreover, the size of apartments is a function of both the proximity to the Metrorail as well as the overall monthly rent.
DC Supply and AbsorptionThere are approximately 12,000 units set to deliver in the next 36 months in DC, compared to about 10,000 units during the same time last year.4 Though most new product is concentrated in new markets—including Capitol Riverfront, H Street, Mt. Vernon Triangle and NoMa—the developed markets continue to see new projects coming online. Given the recent surge in DC’s population, absorption has remained stable.
DC Average Rents per NeighborhoodAccording to Axiometrics, the Downtown-Logan Circle neighborhood had the highest asking and net effective rents during Q3 2014 at $2,498 and $2,474, respectively. Meanwhile, the Howard University-Mt. Pleasant-Brightwood neighborhood had the highest occupancy rate at 97.2%, followed closely behind by Capitol Hill-SW with 97.1% occupancy. Brookland-Ft. Totten, located in northeast DC, observed the lowest asking and effective rents, while Anacostia-NE DC recorded the lowest occupancy rate of 93.0%. ¾
APARTMENT RENTAL RATES (Q3 2014)
NEIGHBORHOOD ASKING RENTEFFECTIVE
RENTOCCUPANCY
RATE
Anacostia-NE DC $1,755 $1,738 93.0%
Brookland- Ft. Totten $1,675 $1,655 96.3%
Capitol Hill-SW $1,954 $1,951 97.1%
Downtown-Logan Circle $2,498 $2,474 95.7%
Dupont- Adams Morgan $2,004 $1,999 96.8%
Howard University- Mt. Pleasant-Brightwood
$1,815 $1,767 97.2%
NW DC- Georgetown $1,948 $1,940 94.3%
Woodley Park- Cleveland Park- Van Ness $2,190 $2,176 96.0%
Source: Axiometrics
DC POPULATION GROWTH RATE (year-over-year)
0.00
1%
2%
3%
4%
5%
2008 2009 2010 2011 2012 2013
1.4%
3.2%
4.5%5.0%
4.2%
3.5%
1.0%
2.1% 2.2%2.4%
2.2% 2.1%
Age 25–44DC Population
3. Nielson4. Washington, DC Economic Partnership
© 2014 Washington, DC Economic Partnership48
H Street, NERESIDENTIAL SPOTLIGHT
MROSSLYN
M
M
SILVERSPRING M
M
M
M
MM
M
M
M
MMM
M
M
M M
M M
M
M
M
M
M
M
M
M
M
M
M
MM
M
M
M
M
M
M
M
M
M
M
M
M
M
M M
Archives/Navy Mem'l
MetroCenter
McphersonSquare
Farragut West
FarragutNorth
DupontCircle
Foggy Bottom/GWU
FederalTriangle
Gallery Pl/Chinatown
Mt Vernon Sq/Convention Center
Shaw/HowardUniversity
U St/African AmericanCivil War Mem'l/Cardozo
ColumbiaHeights
Georgia Ave/Petworth
L'EnfantPlaza
CapitolSouth
EasternMarket
Potomac Ave
Stadium-Armory
FederalCenter SW
Waterfront/SEU
Navy Yard
Benning Rd
Minnesota Ave
Deanwood
Fort Totten
Takoma
Brookland/CUA
Rhode Island Ave
UnionStation
Judiciary Sq
Woodley Park/Zoo/Adams Morgan
Van Ness/UDC
Cleveland Park
Tenleytown/AU
Anacostia
Anacostia
CongressHeights
CongressHeights
SouthernAvenue
Noma/Gallaudet U
Capitol Heights
Smithsonian
ARLINGTONCEMETERY M
COURTHOUSE
M
PENTAGON
PENTAGON CITY
CRYSTALCITY
MSILVERSPRING
ROSSLYN
Shaw/HowardUniversity
Friendship Heights
395
395
295
295
295
295
295
395
66
395
A n a c o s t i a R i v e r W
as
hi n
gto
n C
ha
nn
el
Georgeto
wn C
hannel
Po
to
ma
c R
i ve
r
Ro
c k Cr e
ek
C &
O C
an
al
Francis ScottKey Memorial
Bridge
TheodoreRoosevelt Memorial
Bridge
Arlington Memorial
Bridge
George Mason Memorial Bridge
Francis CaseMemorial
Bridge
Arland D Williams, JrMemorial Bridge
FrederickDouglass
Bridge
11th StreetBridge
WhitneyYoung
MemorialBridge
AllenBridge
John PhillipSousa Bridge
RochambeauMemorial Bridge
ChainBridge
Reflecting PoolThe Mall
GeorgetownReservoir
Open SpacePreserve
Chesapeake &Ohio Canal
NationalHistoricPark
DalecarliaReservoirGrounds
RockCreekPark
FORT STEVENS
Rock CreekCemetery
FortSlocum
Park
FortTottenPark
KenilworthAquaticGardens
NationalArboretum
LincolnPark
StantonSquare
Langston Golf Course& Driving Range
FortMahanPark
FortChaplin
Park
Fort DupontGolf Course
PopeBranchPark
Fort Davis Park
Fort StantonPark
PoplarPoint
NATIONALZOOLOGICAL
PARK
GloverArchbold
Park
WhitehavenPark
DumbartonOaks Park
MontrosePark
BatteryKemble
Park
WesleyHeights
Park
UnionStationPlaza
PotomacPark
WestPotomac
Park
Lady BirdJohnson Park
TheodoreRoosevelt
Island
East Potomac ParkGolf Course
TheEllipse
BrentwoodPark
McMillanReservoir
Mount OlivetCemetery
Mount OlivetCemetery
OxonRun
Parkway
AnacostiaRiver Park
Anacostia RiverPark
FarragutSquareFarragutSquare
LoganCircleLoganCircle
WashingtonCircle
WashingtonCircle
ArlingtonNational
Cemetery
TidalBasin
ShermanCircle
ShermanCircle
GrantCircleGrantCircle
SheridanCircle
SheridanCircle
LafayetteSquareLafayetteSquare
MIN
NES
OTA
AVE
27TH
ST
GOOD HOPE RD
FAIRLAWN AVE
16TH
ST
Q ST
ANACOSTIA RD
30TH
ST
NASH PL
N ST
28TH
ST
FORT D
UPONT DR
F ST
33R
D S
T
M PL
33R
D S
T
32N
D S
T
A ST
34TH
ST
B ST
C ST
U ST
V ST
W ST 16TH
ST
14TH
ST
R ST
S ST
T ST
13TH
ST
SUMNER RD HOW
ARD RD
SHA
NN
ON
PL
NAYLOR RD
MA
RTI
N L
UTH
ER
KIN
G J
R A
VE
MARTIN LUTHER KIN
G J
R A
VE
SO
UTH
CA
PIT
OL
ST
MA
RTIN
LU
THER
KIN
G J
R AV
E
SOUTH
ERN A
VE
25TH
ST
ALABAMA AVE
WHEELER RD
MISSISSIPPI AVE
4TH
ST
STA
NTO
N R
D
SUITLAND PKWY
MALCOM X AVE
NA
YLOR RD
CA
PITO
L ST
BARNABY ST
CHESAPEAKE ST
ATLANTIC ST
ATLANTIC ST
L
IVIN
GST
ON
RD
VALLEY A
VE
3RD
ST
9TH ST
CONDON TER
1ST
ST
1ST
ST
MISSISSIPPI AVE
MA
RTIN
LUT
HE
R KIN
G JR A
VE
JOLIET S
T
FORRESTER ST
DANBURY ST
CHESAPEAKE ST
2ND
ST
4TH
ST
TEXAS AVE
HOWARD RD
ELVANS RD
ELV
AN
S R
D
POMEROY RD
WAD
E RD
STEVENS RD
GAINESVILLE ST
AINGER PL
STAN
TO
N TER
BR
UCE ST
15TH
PL
18TH ST
SAVANNAH ST
22N
D S
T
SAVAN
NA
H TER
SAVANNAH ST
10T
H P
L
CONGRESS ST
ALLEY SQ
7TH
ST
2ND
ST
NEWCOMB ST
5TH S
T
4TH S
T
BRO
THER
S PL
SAVA
NN
AH ST
6TH
ST
HO
RN
ER
PL
6TH
ST
PARK DR
HARTFORD ST
JASPER ST
23RD ST
STANTON RD
AN
AC
OST
IA F
RE
EW
AY
RHODE ISLAND AVE
FLORIDA AVE
FLORIDA AVE
C ST
EAST CAPITOL ST
BENNING RD
PENNSYLVANIA AVE
MASSACHUSETTS AVE
SHERIFF RD
RIDGE RD
BOWEN RD
FITCH ST
CENTRAL AVE
NANNIE HELEN BURROUGHS AVE
EASTERN AVE
DIV
ISIO
N A
VE
58TH
ST
BR
AN
CH
AV
E
SOUTH
ERN A
VE
ALABAMA AVE
ALABAMA AVE
1ST
ST
1ST
S T
S ST
4TH
ST
R ST
19TH
ST
D ST
5TH
ST
T ST T ST
2ND
ST
3RD
ST
ADAMS ST
W ST
V ST
U ST
LIN
CO
LN R
D
2ND
ST
SUM
MIT
PL
1ST
ST
1ST
ST
3RD
ST
A ST
COM
MO
DO
RE JOSHUA BARNEY DR
33RD
PL
22N
D S
T
OKLAHOMA AVE
O S
T
CARPENTER ST
N ST
TEXA
S AV
E F
OR
T D
AVIS
DR
ELY PL
C ST
ANACO
STIA
RD 37
TH S
T
D ST
35TH
ST
KENILW
ORT
H AVE
BLAINE ST
42N
D S
T
FOO
TE ST
ANAC
OST
IA A
VE
34TH
ST
JAY ST
HAYES ST
DEA
NE
AVE
GAULT PL
HAYES ST
JAY ST
JUST ST
52N
D S
T
49TH
ST
49TH
ST
BROOKS ST
47TH
ST
FOOTE ST
BLAINE ST
BLAINE ST
KEN
ILWO
RTH
AVE
KENILWORT
H AVE
AN
ACO
STIA
AVE
DOUGLAS ST
LANE PL
MEADE ST
MIN
NESOTA
AVE
44TH
ST
LEE ST
MEADE ST
50
TH
ST
55TH
ST
AMES ST
EADS ST
53RD
ST
51ST
ST
54TH
ST
49TH
ST
50TH
ST
C ST
D ST
B ST
E ST
D ST
46TH
ST
ALA
BA
MA
AV
E
G ST
BURN
S ST
H ST
F ST
VISTA ST
FORT
LINC
OLN
DR
MYRTLE AVE
CLI
NTO
N S
T
TEXAS AVE
38TH
ST
HILLC
REST D R
CAMDEN ST
BANGOR ST
34TH
ST
FORT
DAV
IS S
T
32N
D S
T
31ST
PL
31ST
ST
ERIE ST
33R
D S
T
30T
H S
T
BR
AN
CH
AV
E
BLADENSB
URG RD
SOUTH DAKO
TA AVE
NEW YORK AVE
BENN
ING
RD
16TH
ST
CO
NN
ECTIC
UT A
VE
MASSACHUSETTS AVE
MASSACHUSETTS AVE
14TH
ST
NO
RTH
CA
PIT
OL
ST
7TH
ST
NEW YORK AVE
NEW YORK AVE
6TH
ST
11TH
ST
NEW
HAM
PSHIR
E AV
E
CO
LUM
BIA
RD
NEW
JERSEY AV
E
9TH
ST
8TH
ST
16TH
ST
BEA
CH
DR
GE
OR
GIA
AV
E
GE
OR
GIA
AV
E
13TH
ST
13TH
ST
COLUMBIA RD
14TH
ST
16TH
ST
14TH
ST
WISC
ON
SIN A
VE
MILITARY RD
MISSOURI AVE
CALVERT ST
TILDEN ST
PARK RD
PARK RD
NEW
HA
MPS
HIR
E AV
E
PINEY BRANCH PKWY
ARKAN
SAS
AVE
KAN
SAS
AVE
SHE
RM
AN
AV
E
KL INGLE RD
PORTER ST
TUN
LAW
PL
IRVING ST
CLEVELAND AVE
ROCK CRE
EK PKWY
FLORIDA AVE
N ST N ST
G ST
F ST
VERM
ON
T A
VE
1ST
ST
5 TH
ST
4TH
ST
18T H
ST
M ST M ST
19TH
ST
KALORAMA RD
WYOMING AVE
CALIFORNIA ST
24TH
ST
23R D
ST
BELMONT RD
R ST
2ND
ST
H ST
P ST
Q ST
S ST
P ST
O ST
T ST
V ST
4TH
ST
5TH
ST
42N
D S
T
W ST
40TH
PL
40 S
T ST
3 9TH
PL
39TH
ST
38T H
ST
MONROE ST
NEWTON ST
RO
SS D
R
UPTON ST
BLAGDEN
AVE
ORDWAY ST
MACOMB ST
NEWMARK ST
GARFIELD ST
WOODLEY RD
29TH
ST
28TH
ST
27TH
ST
CATHEDRAL AVE
CA
TH
ED
RA
L A
VE
W
OODLAN
D D
R
NORMANSTONE DR
KALORAMA RD
LANIER PL
HARVARD ST 17
TH S
T 19TH
ST
18TH
ST
SPRING RD
HO
LME
AD
PL
DECATUR ST
ARG
YLE
TER
UPSHUR ST
ALLISON ST
BUCHANAN ST
CRITTENDEN ST
EMERSON ST
18TH
ST
WEBSTER ST
SHEPHERD ST
TAYLOR ST
17TH
ST
SHEPHERD ST
RANDOLPH ST
QUINCY ST
IOW
A AVE
DELAFIELD PL
8TH
ST 7T
H S
T
5TH
ST
4TH
ST
3RD
ST
9TH
ST
7TH
ST
4TH
ST
9TH
ST
FARRAGUT ST
GALLATIN ST
HAMILTON ST
INGRAHAM ST
JEFFERSON ST
LONGFELLOW ST
PEABODY ST
MADISON ST
KENNEDY ST
SHERIDAN ST
QUACKENBOS ST
RITTENHOUSE ST
NICHOLSON ST
ILLINO
IS AVE
BRYANT ST
ROCK
CRE
EK C
HURC
H RD
41ST
ST
DAVIS PL
36TH
ST
FULTON ST
CALVERT ST
34TH
PL
36TH
PL
CATHEDRAL AVE
WOODLEY RD
35TH
ST
36TH
ST
PILGRIM RD
IDAH
O A
VE
RODMAN ST
BR
OA
D B
RA
NC
H R
D
39TH
ST
38TH
ST
U ST
34TH
ST
OBS
ERVATORY CIRCLE
OGLETHORPE ST
CONSTITUTION AVE
INDEPENDENCE AVE
SOU
TH C
AP
ITO
L ST
MASSACHUSETTS AVE
M ST
MAINE AVE
NEW
JERSEY A
VE
NORTH CAROLINA AVE
SOUTH CAROLINA AVE
EAST CAPITOL ST
3RD
ST
E ST
LOUISI
ANA AVE
WASHINGTON AVE
WATER ST
14TH
ST
17TH
ST
L ST
15TH
ST
K ST
KENTU
CKY AVE
16TH
ST
C ST C ST
D ST D ST
E ST
G ST
C ST
I ST I ST I ST
6TH
ST
E ST
G ST
1ST
ST
K ST
HA
LF S
T
L ST
HA
LF S
T
8TH
ST
POTOMAC AVE
1ST
ST
P ST
4TH
ST
DEL
AW
ARE
AVE
2ND
ST
N ST TINGEY ST
O ST
1ST
ST
CONSTITUTION AVE
INDEPENDENCE AVE
14
TH S
T 14
TH S
T
7TH
ST 9T
H S
T
15TH
ST
17TH
ST
K ST K ST
PENNSYLVANIA AVE
12TH
ST
VIRGINIA AVE
4TH
ST
L ST
G ST
F ST
E ST E ST
E ST
H ST
I ST
20TH
ST
21ST
ST
2 2N
D S
T
C ST
D ST
23R
D S
T
D ST
C ST
6TH
ST
13TH
ST
INDIANA AVE
M ST
MASSACHUSETTS AVE
FOXH
ALL RD
MAC
ARTH
UR BLVD
WISC
ON
SIN AVE
RENO RD
NEB
RASK
A AV
E
CANAL RD
LOUGHBORO RD
DA
LEC
AR
LIA
PK
WY
W
ESTERN A
VE
CO
NN
ECTIC
UT A
VE
ARIZO
NA AVE
VAN NESS ST
ALBEMARLE ST
RIVER RD
NEW
MEXIC
O A
VE
RESERVOIR RD
FOX
HA
LL RD
46TH
ST
ROC
K C
REEK
& P
OTO
MA
C P
KW
Y
25TH
ST
Q ST
R ST
28TH
ST
27TH
ST
O ST
N ST
29TH
ST
30TH
ST
P ST
37TH
ST
31ST
ST
34T H
ST
33R
D S
T
PROSPECT ST
35TH
ST
37TH
ST
S ST
39TH
ST
38T H
ST
T ST
S ST
44TH
ST
Q ST
SALEM LA
WHITEHAVEN PKWY
48TH
ST
W ST
KIN
G P
L
49TH
ST
27
TH S
T
28TH
ST
29TH
ST
ELLICOTT ST
LIN
NE
AN
AV
E
ALBEMARLE ST
BRANDYWINE ST
DAVENPORT ST
GR
AN
T RD
GLO
VER R
D
36TH
ST
WARREN ST
ALTON PL
38TH
ST
FESSENDEN ST
39TH
ST
38T H
ST
42N
D S
T
41ST
ST
HARRISON ST
ELLICOTT ST
BRANDYWINE ST
YUMA ST
WARREN ST
CHESAPEAKE ST
44TH
ST
45TH
ST
47T H
ST
4 3R
D S
T
BUTTERWORTH PL
FOR
DH
AM
RD
48TH
ST
49TH
ST
DAVENPORT ST
UPTON ST
TILDEN ST
QUEBEC ST
RODMAN ST
SEDGWICK ST
ROCKWOOD PKWY
SHERRIER PL
GLENBROOK RD
MACOMB ST
POTO
MA
C A
VE
KLINGLE ST
UN
IVER
SITY
T
ER
CH
AIN
BRI
DG
E RD
DEXTE R S
T
GARFIELD ST
44TH
ST
45T H
ST
HAWTHORNE ST
WHITEHAVEN ST
36TH
ST
WHITEHURST FWY
CLA
RA BA
RTON
PKWY
RESERVOIR RD
MACARTHUR BLVD
BENNING RD
H ST
BLA
DEN
SBU
RG R
D
BLAD
ENSB
URG
RD
MARYLAND AVE
NEW YORK AVE
16TH
ST
BEACH DR
RHODE ISLAND AVE
NO
RTH C
APITO
L ST
GE
OR
GIA
AV
E
PIN
EY B
RAN
CH
RD
MICHIGAN AVE
MILITARY RD
RIGGS RD
SOUTH DAKOTA AVE
13T
H S
T
SAR
GEN
T R
D
FRANKLIN ST
RENO RD
TAYLOR ST
UTAH AVE
NEB
RASK
A AV
E
MONROE ST
OR
EGO
N A
VE
WEST
ERN AVE
ALASK
A AVE
ASPEN ST
CEDAR ST
ASPEN ST
BLAIR RD
BLA
IR RD
EASTERN AVE
EASTERN AVE
EASTERN AVE
EASTERN AVE
WES
T VI
RGIN
IA A
VE
K ST
HO
LBRO
OK
ST
TRIN
IDA
D A
VE
MORSE ST
NEAL ST
F ST
E ST
I ST
4TH
ST
2ND
ST
3RD
ST
4TH
ST
2 ND
ST
2 ND
PL
4 TH
ST
5TH
ST
6TH
ST
9 TH
ST
8TH
ST
7TH
ST
10TH
ST
11TH
ST
12TH
ST
MOUNT OLIVET RD
13TH
ST
G ST
L ST
BRENTW
OO
D RD
18TH
ST
W ST
17TH
ST
16TH
ST
15TH
ST
14
TH
ST
15
TH
ST
L ST
M ST
MARYLAND AVE
TEN
NES
SEE
AVE
QU
EENS C
HA
PEL RD
V ST
31ST
ST
26TH
ST
21ST
ST
RITTENHOUSE ST
NORTHAMPTON ST
MCKINLEY ST
30TH
ST
30TH
PL
31ST
ST
BRO
AD
BRA
NC
H R
D
2ND
ST
1ST
ST
3RD
ST
NO
RTH
CA
PIT O
L ST
SHERIDAN ST
CHILLUM PL
WHITTIER ST
SLIG
O M
ILL R
D
ONEIDA ST
NICHOLSO
N ST
OGLETHORPE ST
CHILLUM PL
KENNEDY ST
HAMILTON ST
GALLOWAY ST
JEFFERSON PL
FORT TO
TTEN D
R
BROO
KLAN
D A
VE
BUCHANAN ST
CRITTENDEN ST
DECATUR ST
7TH
ST
6T
H P
L
12TH
ST
PUERTO
RICO
AVE
10TH
ST
8TH
ST
7TH
ST
2 2N
D S
T
BRYANT ST
24TH
ST
20TH
ST
GIRARD ST
9TH
ST
HAMLIN ST
IRVING ST
LAWRENCE ST
OTIS ST
14TH
ST
BUNKER HILL RD
19TH
ST
WEBSTER ST
VARNUM ST
HAWAII AVE
1ST
ST
2ND
ST
HA
RE
WO
OD
RD
C
HEV
Y C
HA
SE P
KW
Y
N
EVA
DA
AV
E
32N
D S
T
3 3R
D S
T
MORRISON ST
LIVINGSTON ST
LEGATION ST
KANAWHA ST
JENIFER ST
JOCELYN ST
CHANNING ST
MONTANA AVE
MO
NTAN
A AVE
EVARTS ST
NEWTON ST
13TH
ST
FRANKLIN ST
GALLATIN ST
17TH
ST
14TH
ST
GERANIUM ST
HOLLY ST
IRIS ST
KALMIA RD
LEEGATE RD
PORTAL D
R N
PORTAL D
R S
EAST
BEA
CH
DR
WIS
E RD
31ST
ST
BARNABY ST
TENNYSON ST
29TH
ST
30TH
ST
32ND S
T
31ST
PL
BEECH ST
32N
D S
T
31S
T ST
NORTHAMPTON ST
ABERFOYLE PL
WEST
ERN AVE
CANAL RD
14TH
ST
FLORIDA AVE
CO
NN
ECTIC
UT A
VE
COLO
RAD
O A
VE
KAN
SAS
AVE
PEABODY ST
MINNESOTA AVE
MINNESOTA AVE
ERIE ST
MORRIS RD
MEMORIAL AVE
GEORGE
WASH
IN
GTON MEM
ORI
AL
PKW
Y
6TH
ST 5T
H S
T 4TH
ST
3RD
ST
MICHIGAN AVE
PAR
K P
LAC
E
I ST
BRENTWOOD PKWY
WISC
ON
SIN A
VE
MT PLEA
SAN
T ST
IRVING ST
MO
NTE
LLO
AVE
18TH
ST
WATER ST
PARK RD
LAMONT ST
MORTON ST
WA
RD
ER ST
NEAL ST
PARKSID
E PL
EAST CAPITOL ST
FERN ST
HARVARD ST
FAIRMONT ST
24TH
ST
6TH
ST
4TH
ST
PENNSYLVANIA AVE
NEW YORK AVE
BurnhamPlace
StationHouse
Apollo
625 H Woolworth
AtlasArts
CenterThe Maryland
H STREET, NEDevelopment Summary
The H Street, NE corridor is about one mile in length from the Hopscotch Bridge to the intersection of H Street, Maryland Avenue, Bladensburg Road and Benning Road. It is anchored to the west by Union Station, a multimodal transportation hub, which attracts 32 million visitors and passengers each year. In addition the corridor will be serviced by the H Street/Benning Road streetcar.
The vision for the development that is occurring today can be traced back to the 2004 H Street NE Strategic Development Plan. The plan recommended the corridor be developed around
specific nodes, with an arts and entertainment district on the east end (anchored by the Atlas Performing Arts Center–2005 opening), residential on the western end and a heavy concentration of retail in the middle (Whole Foods set to open in 2016/2017).
As of September 2014 829 new residential units had been built since 2007 within two blocks of H Street, with another 1,238 units (90% apartments) under construction and anticipated to delivery by late 2016 or early 2017. Average asking rents for new rental product is expected to be more than $3 per sq. ft.
Projects Total SFHotel
Rooms Office SFResidential
Units Retail SF
COMPLETED (SINCE 2007)
4 1,046,500 - - 829 42,700
UNDER CONSTRUCTION
6 1,335,300 - - 1,238 111,700
PIPELINE
7 647,175 - - 623 84,600
TOTALS
17 3,028,975 - - 2,690 239,000
PIPELINE (BURNHAM PLACE AT UNION STATION)
1 2,915,000 400 1,500,000 1,300 100,000
GRAND TOTAL
18 5,943,975 400 1,500,000 3,990 339,000 2007 2008 2009 2010 2011 2012 2013 2014* 2015* 2016*
432
440 0 0
138
215
16
484
738
Rental
Condo
H STREET RESIDENTIAL
Unit deliveries by year
*projections based on projects under construction (as of September 2014)
map not to scale
DC Development Report • 2014/2015 Edition 49
Development Overview
RESIDENTIAL DEVELOPMENT (September 2014, units)
RESIDENTIAL DEVELOPMENT (September 2014)PROJECTS SQ. FT. UNITS2 APTS H.O.3 CONDOS
Completed 501 53,330,182 52,792 36,810 15,982 12,725 2001 29 2,837,032 2,670 1,750 920 4092002 32 3,750,300 3,511 2,920 591 1732003 47 3,936,855 4,089 3,454 635 5462004 47 4,630,970 4,665 2,828 1,837 1,6402005 45 4,170,870 3,956 1,828 2,128 2,0612006 46 4,340,551 3,983 1,399 2,584 2,3352007 50 5,825,803 5,133 2,547 2,586 2,0832008 41 4,229,734 4,282 2,564 1,718 1,6492009 35 3,589,130 3,633 2,721 912 7182010 21 2,186,187 1,909 1,385 524 1462011 22 1,899,277 1,943 1,574 369 2692012 30 3,983,523 3,910 3,428 482 1732013 35 3,746,803 4,480 3,913 567 4632014 YTD 21 4,203,147 4,628 4,499 129 60
Under Construction 87 10,985,135 11,937 10,072 1,865 1,425 2014 delivery 22 2,011,987 2,280 2,161 119 119 2015 delivery 48 4,781,021 5,313 3,830 1,483 1,085 2016 delivery 14 2,726,127 2,702 2,660 42 2017+ delivery 3 1,466,000 1,642 1,421 221 221
Pipeline 202 51,101,537 52,874 21,671 5,532 4,566 Near Term 63 7,532,460 8,826 6,406 1,190 1,076 Medium Term 69 8,276,012 8,790 5,791 1,038 671 Long Term 70 35,293,065 35,258 9,474 3,304 2,819
TOTAL 790 115,416,854 117,603 68,553 23,379 18,716
COMPLETED
2016*
2015*
2014*
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2014YTD
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
GROUNDBREAKINGS H.O.RentalHORental
1,750 920
2,920 591
3,454 635
2,828 1,837
1,828 2,128
1,399 2,584
2,547 2,586
2,564 1,718
2,721 912
1,385 524
1,574 369
3,428 482
4,499 129 2,161 119
3,830 1,483
2,660 42
H.O. (projected)Rental (projected)
2,670
2,702
5,313
6,908
3,910
1,943
1,909
3,633
4,282
5,133
3,983
3,956
4,665
4,089
3,511
3,913 567 4,480
2,272 286 2,558
4,099 911 5,010
4,384 748 5,132
5,672 556 6,228
5,004 499 5,503
3,524 446 3,970
753 173 926
1,460 240 1,700
2,817 758 3,575
2,598 1,767 4,365
2,817 3,020 5,837
1,004 2,531 3,535
2,390 1,624 4,014
4,138 1,914 6,052
3,538 1,148 4,686
1. projections based on targeted delivery dates of projects under construction as of September 2014 2. apartments & homeownership may not total to residential units due to lack of information for pipeline projects 3. includes condo, single-family, co-op and other for-sale units
Alexandria
NATIONALAIRPORTM
M
M
1
395
M
66
GEO
RGE W
ASH
IN
GTON MEM
ORIAL PKW
Y
VIRGINIA
VIRGINIANATIONAL MALL
U.S. CAPITOL
ROCKCREEKPARK
NEW YORK AVERHODE ISLAND AVE
GE
OR
GIA
AV
E
E. CAPITOL ST.
H ST.C
ON
NEC
TICU
T AV
E
FORT DUPONTPARK
MA
RTI
N L
UTH
ER
KIN
G J
R. A
VE.
NATIONALSPARK
UNIONSTATION
U ST.
14TH
ST.
DEVELOPMENT MAP
RESIDENTIAL
1
2
3
4
5
6
7
8
9
10
1112
13
14
15
16
17 18
19
2021
22
23
24
25
26
27
28
29
30
Completed
Under Construction
Pipeline
DC Development Report • 2014/2015 Edition 51
Development Pipeline
1) APT = rental; HO = home ownership/condos 2) may include non-residential components ($ in millions); 3) delivery date may reflect phase I delivery or final phase delivery
PROJECT WARD LOCATION DEVELOPER(S) UNITS TYPE1
EST. VALUE ($M)2 DELIVERY
TOP RESIDENTIAL PROJECTS COMPLETED (4Q 2013–3Q 2014)
1 CityCenterDC 2 9th, 10th, 11th, H, & I Sts., NW Hines/The First Investor 674 Apt/HO $700 4Q 13
2 Camden NoMa 6 60 L St., NE Camden Property Trust 321 Apt $100 4Q 13
3 77 H 6 1st & H Sts., NW The JBG Companies/Bennett Group 303 Apt $90 4Q 13
4 Monroe Street Market 5 700 - 800 blocks of Monroe St., NE Abdo Development/Bozzuto Group/Catholic University 562 Apt $150 2Q 14
5 CityMarket at O Street (Ph I) 6 1400 7th St., NW Roadside Development/Dantes Partners 497 Apt $265 2Q 14
6 The Louis at 14th 2 1420 U St., NW The JBG Companies/Georgetown Strategic Capital LLC 268 Apt $100 2Q 14
7 Elevation at Washington Gateway
5 100 Florida Ave., NE MRP Realty 400 Apt $130 3Q 14
8 Park 7 7 Minnesota Ave. & Benning Rd., NE Donatelli Development/Blue Skye Development LLC 376 Apt $60 3Q 14
9 2 M Street 6 North Capitol & M Sts., NE WC Smith/Warrenton Development Group 314 Apt $95 3Q 14
10 Jefferson at Market Square 6 1550 7th St., NW The Jefferson Apartment Group 281 Apt $80 3Q 14
TOP RESIDENTIAL PROJECTS UNDER CONSTRUCTION
11 Fairway Park Apartments 5 21st, 22nd St. and Maryland Ave., NE WC Smith/Enterprise Community Partners 406 Apt $54 4Q 14
12 415 L Street 6 415 L St., NW Steuart Investment Company/Paradigm Development
393 Apt $100 4Q 14
13 Station House 6 701 2nd St., NE Fisher Brothers 375 Apt $100 1Q 15
14 Park Chelsea 6 880 New Jersey Ave., SE WC Smith 429 Apt $150 2Q 15
15 Atlantic Plumbing (Parcel A & B)
1 2030 & 2112 8th St., NW The JBG Companies/Walton Street Capital 372 Apt/HO $124 2Q 15
16 Fort Totten Square 4 South Dakota Ave. & Riggs Rd., NE The JBG Companies/Lowe Enterprises 345 Apt $120 2Q 15
17 Camden NoMa (Ph II) 6 60 L St., NE Camden Property Trust 406 Apt $130 1Q 16
18 Apollo 6 610 H St., NE Insight Property Group LLC 431 Apt $190 4Q 16
19 ART Place at Fort Totten (Ph I) 5 5180 South Dakota Ave., NE Cafritz Foundation 520 Apt $117 2Q 17
20 The Wharf (Ph I) 6 Southwest Waterfront Hoffman-Madison Waterfront 872 Apt/HO $806 4Q 17
TOP RESIDENTIAL PROJECT PIPELINE (Near Term)
21 1001 4th Street 6 4th & K Sts., SW Waterfront Associates/Forest City Washington/Vornado/CES
365 Apt 2016
22 Ballpark Square 6 1st & N Sts., SE Grosvenor USA/McCaffery Interests 325 Apt $150 2016
23 The Riverfront 6 100 Potomac Ave., SE FRP Development Corporation/MRP Realty 321 Apt $100 2016
24 Capitol Gateway Marketplace 7 58th & East Capitol Sts., NE A&R Development/DCHA/Henson Development Co. 304 Apt $120 2016
25 Georgia Eastern 4 7828 Georgia Ave., NW Douglas Development Corporation 220 Apt 2016
26 Arcadia at Brookland Station 5 901 Monroe St., NE The Menkiti Group/Horning Brothers 213 Apt $50 2016
27 West End Square 37 2 24th & L Sts., NW EastBanc/Dantes Partners/Warrenton Dev. Group 164 Apt/HO $150 2016
28 Hine Junior High School 6 700 Pennsylvania Ave., SE Stanton Development Corp./EastBanc/Dantes Partners/Jarvis Co.
156 HO $190 2016
29 Rhode Island Avenue Gateway
5 2313 - 2321 4th St., NE H Street CDC/E&G Group 116 Apt $37 2016
30 Gateway Market 5 340 Florida Ave., NE LCOR Incorporated/EDENS 188 Apt $55 2017
© 2014 Washington, DC Economic Partnership52
RESIDENTIAL DEVELOPMENTDevelopment Highlights
The Harper WARD 1
LOCATION: 1919 14th Street, NWDEVELOPER(S): Level 2 Development/Keener & Squire PropertiesARCHITECT(S): Eric Colbert & Associates PCCONTRACTOR(S): Grunley ConstructionSTATUS: Completed TARGETED DELIVERY: 1Q 2014
SPECS: The Harper is a seven-story, 144-unit apartment building with 6,000 sq. ft. of ground floor retail. Units feature studios and one-bedrooms and range in size from 350 - 600 sq. ft.
1011 M Street WARD 2
LOCATION: 1011 M Street, NWDEVELOPER(S): Community Three DevelopmentARCHITECT(S): Torti Gallas & PartnersEST. COST: $30 millionSTATUS: Near Term TARGETED DELIVERY: 1Q 2016
SPECS: An existing parking lot on the northeast corner of 11th & M Streets will be transformed into a six-story building with 71 condominium units (550 – 1,400 sq. ft.) and 4,100 sq. ft. of retail space. A sheeting & shoring permit was issued in October 2014.
Atlantic Plumbing (Parcel A & B) WARD 1
LOCATION: 2030 & 2112 8th Street, NWDEVELOPER(S): The JBG Companies/Walton Street CapitalARCHITECT(S): Morris Adjmi Architects/Eric Colbert & Associates PCCONTRACTOR(S): HITT ContractingEST. COST: $124 millionSTATUS: Under Construction TARGETED DELIVERY: 2Q 2015
SPECS: Parcels A & B of the former Atlantic Plumbing site will be redeveloped into two mixed-use buildings totaling 310 apartments, 62 condos and 23,700 sq. ft. of retail space. The retail will be anchored by a six-screen Landmark Theater and seven art studios.
Park 7 WARD 7
LOCATION: Minnesota Avenue & Benning Road, NEDEVELOPER(S): Donatelli Development/Blue Skye Development LLCARCHITECT(S): Eric Colbert & Associates PCCONTRACTOR(S): Blue Skye Construction LLC/ McCullough Construction LLCEST. COST: $60 millionSTATUS: Completed TARGETED DELIVERY: 3Q 2014
SPECS: The five-acre site (previously vacant), located adjacent to the Minnesota Avenue Metrorail Station, was redeveloped into 376 apartments and 22,000 sq. ft. of retail space.
Image courtesy of Com
munity Three Developm
ent
Image courtesy of The JBG Com
panies
DC Development Report • 2014/2015 Edition 53
Development Highlights
Park Van Ness WARD 3
LOCATION: 4455 Connecticut Avenue, NWDEVELOPER(S): BF SaulARCHITECT(S): Torti Gallas & PartnersEST. COST: $75 millionSTATUS: Under Construction TARGETED DELIVERY: 1Q 2016
SPECS: Park Van Ness will replace a seven-story office and retail building with an 11-story residential building with 271 apartments, 10,000 sq. ft. of retail space and 224 underground parking spaces.
Ontario 17 WARD 1
LOCATION: 2550 17th Street, NWDEVELOPER(S): Peterson CompaniesARCHITECT(S): Eisen GroupCONTRACTOR(S): Ellisdale Construction & DevelopmentEST. COST: $30 million STATUS: Under ConstructionTARGETED DELIVERY: 2Q 2015
SPECS: The former site of the Ontario Theater at the corner of 17th & Columbia Road is being redeveloped into 80 condominium units and 9,000 sq. ft. of retail space.
Trinity Plaza WARD 8
LOCATION: Atlantic & South Capitol Streets, SWDEVELOPER(S): Far SW-SE CDC/MissionFirst HDCARCHITECT(S): Grimm + Parker & AssociatesCONTRACTOR(S): Hamel BuildersLEED: Silver EST. COST: $17 millionSTATUS: Under ConstructionTARGETED DELIVERY: 1Q 2015
SPECS: Trinity Plaza will be a new development consisting of 49 affordable rental units and 6,000 sq. ft. of retail space.
Lyric WARD 6
LOCATION: 440 K Street, NWDEVELOPER(S): The Wilkes Company/Quadrangle DevelopmentARCHITECT(S): Davis, Carter, Scott LtdCONTRACTOR(S): HITT Contracting IncEST. COST: $65 million STATUS: CompletedTARGETED DELIVERY: 1Q 2014
SPECS: 440 K Street delivered 234 market rate apartments and 9,500 sq. ft. of retail space in early 2014. Baked & Wired will open a 4,231 sq. ft. cafe/bakery in 2015.
Image courtesy of BF Saul
Image courtesy of the Peterson Com
panies
Image courtesy of M
issionFirst HDC
© 2014 Washington, DC Economic Partnership54
RESIDENTIAL DEVELOPMENTDevelopment Highlights
Sky House I & II WARD 6
LOCATION: 1150 & 1151 4th Street, SWDEVELOPER(S): Urban Atlantic/The JBG CompaniesARCHITECT(S): Wiencek + Associates Architects + PlannersCONTRACTOR(S): Hamel BuildersLEED: Gold EST. COST: $120 millionSTATUS: Completed/Under ConstructionTARGETED DELIVERY: 2Q 14 - 4Q 14
SPECS: Sky House I and II convereted two office buildings into apartment units. Each building consists of 264 apartments with Sky House I (1150 4th Street, SW) delivering in 2Q 2014 and Sky House II (1151 4th Street, SW) scheduled to open in 4Q 2014.
The Colonel WARD 2
LOCATION: 1250 9th Street, NWDEVELOPER(S): CAS Riegler/Douglas Development Corporation/ City InterestsARCHITECT(S): PGN Architects PLLCCONTRACTOR(S): Donohoe CompaniesEST. COST: $24 million STATUS: Under ConstructionTARGETED DELIVERY: 4Q 2014
SPECS: The Colonel will be a 70-unit apartment building with 8,200 sq. ft. ground-floor retail space at the corner of 9th & N Streets, NW. The project incorporates an existing 1923 apartment building on the site.
Takoma Central WARD 4
LOCATION: 235 - 255 Carroll Street, NWDEVELOPER(S): Level 2 Development/Federal Capital PartnersARCHITECT(S): SGA CompaniesCONTRACTOR(S): Hamel BuildersLEED: Silver EST. COST: $38 millionSTATUS: Under ConstructionTARGETED DELIVERY: 4Q 2014
SPECS: Takoma Central will consist of 150 apartments and 9,500 sq. ft. of retail space. A 6,500 sq. ft. Busboys and Poets will anchor the retail space.
2321 4th Street WARD 5
LOCATION: 2321 4th Street, NEDEVELOPER(S): H Street CDC/E&G GroupARCHITECT(S): Bonstra|Haresign ArchitectsCONTRACTOR(S): Harkins Builders IncEST. COST: $37 million STATUS: Near TermTARGETED DELIVERY: 2Q 2016
SPECS: The vacant site near 4th and Rhode Island Avenue, NE will be developed into 116 affordable residential units and 5,100 sq. ft. of retail space.
Image courtesy of H Street CDC
DC Development Report • 2014/2015 Edition 55
Development Highlights
Gallery at Capitol Riverfront WARD 6
LOCATION: 1111 New Jersey Avenue, SEDEVELOPER(S): Donohoe CompaniesARCHITECT(S): WDGCONTRACTOR(S): Donohoe ConstructionLEED: Silver EST. COST: $50 millionSTATUS: Under Construction TARGETED DELIVERY: 3Q 2016
SPECS: The vacant site adjacent to the Navy Yard Metorail Station will be developed into a 13-story, 342-unit apartment building with about 11,000 sq. ft. of retail space.
1421 Euclid Street WARD 1
LOCATION: 1421 Euclid Street, NWDEVELOPER(S): Dantes Partners/The Menkiti GroupARCHITECT(S): Grimm + Parker & AssociatesCONTRACTOR(S): Hamel Builders/Capital Construction EnterprisesEST. COST: $12 million STATUS: CompletedTARGETED DELIVERY: 3Q 2014
SPECS: 1421 Euclid Street is a five-story, 28-unit affordable apartment community, located on the former Justice Park site.
82 Eye Street WARD 6
LOCATION: 82 I Street, NWDEVELOPER(S): Greystar Development/RCP Development CompanyARCHITECT(S): R2L Architects PLLCCONTRACTOR(S): MoriartySTATUS: Near Term TARGETED DELIVERY: 4Q 2016
SPECS: Plans call for a 220 to 234-unit residential building with the potential for 4,000 to 8,000 sq. ft. of retail space.
1336 8th Street WARD 2
LOCATION: 8th & O Streets, NWDEVELOPER(S): Roadside Development/Dantes PartnersARCHITECT: Shalom Baranes AssociatesLEED: GoldSTATUS: Medium TermTARGETED DELIVERY: 2017
SPECS: Plans call for 70 condominiums and 6,900 sq. ft. of retail space. The project was awarded to the development team in September 2014 by the DC government.
Image courtesy of W
DG
Image courtesy of Roadside Developm
ent
Image courtesy of R2L Architects PLLC
© 2014 Washington, DC Economic Partnership56
RESIDENTIAL DEVELOPMENTDevelopment Highlights
The Villages at Dakota Crossing (Phase III) WARD 5
LOCATION: Fort Lincoln Drive & Commodore Joshua Barney Drive, NEDEVELOPER(S): Fort Lincoln New Town CorporationCONTRACTOR(S): Ryan HomesEST. COST: $20 million STATUS: Under ConstructionTARGETED DELIVERY: 3Q 2015
SPECS: The Villages at Dakota Crossing consists of 322 townhome and townhome-style condominiums ranging from 1,680 - 3,024 sq. ft. in size. Phase III consists of 167 units and is part of the 362-acre Fort Lincoln New Town mixed-use urban renewal area.
City Homes at the Hampshires & Towns of Hampshires WARD 4
LOCATION: 6000 New Hampshire Avenue, NWDEVELOPER(S): Four Points LLC/Comstock HomesARCHITECT(S): Franck & LohsenEST. COST: $45 million STATUS: Under ConstructionTARGETED DELIVERY: 2013 - 2015
SPECS: The 11-acre site surrounding the former Medstar Nursing Home is being developed into 38 single family dwellings (up to 2,700 sq. ft.) and 73 townhomes (1,800 – 1,900 sq. ft.). Residents started to move into the single-family homes in early 2013.
Jefferson at Market Square WARD 6
LOCATION: 1550 7th Street, NWDEVELOPER(S): The Jefferson Apartment GroupARCHITECT(S): Lessard DesignCONTRACTOR(S): SE Foster Construction CompanyEST. COST: $80 million STATUS: CompletedTARGETED DELIVERY: 3Q 2014
SPECS: The former Kelsey Gardens site was redeveloped into an eight-story, 281 mixed-income apartment building with 13,400 sq. ft. of retail space.
Elevation at Washington Gateway WARD 5
LOCATION: 100 Florida Avenue, NEDEVELOPER(S): MRP RealtyARCHITECT(S): SK & I Architectural Design Group LLCCONTRACTOR(S): James G Davis Construction CorporationEST. COST: $130 million STATUS: CompletedTARGETED DELIVERY: 3Q 2014
SPECS: Phase I of the three-acre, 1.0 million sq. ft. Washington Gatway project delivered 400 apartments and 5,200 sq. ft. of retail space. Union Social will occupy the entire retail/restaurant space.
CONTACT US
1717 K STREET, SUITE 1010 | WASHINGTON, DC 20006P: 202.778.3100 | WWW.DELTAASSOCIATES.COM |
Gregory H. Leisch, CRE Chief Executive
David Weisel, CRE President
Alexander (Sandy) Paul, CRE Executive Vice President
DELTA A SSOCIATE SLeading advisor and information provider
to the commercial real estate industry
Delta Associates is a firm of
experienced professionals offering
consulting, valuation, and data
services to the commercial real
estate industry for over 30 years.
Services Include:
• Market Studies
• Repositioning Analyses
• Asset Valuations
• Feasibility Studies
• Litigation Support
• Market Data and Publications
• Boardroom Presentations
DC
INNOVATIVELand DevelopmentSOLUTIONS
SERVING THEEAST COAST
DC CERTIFIED BUSINESS ENTERPRISE
BOHLERENGINEERING.COM
SITE CIVIL AND CONSULTING ENGINEERINGLAND SURVEYINGURBAN PLANNINGLANDSCAPE ARCHITECTUREPERMITTING SERVICESTRANSPORTATION SERVICES
We believe imagination is the most powerful planning tool. Make your next meeting or event a true original, visit:
EvEntsdc.com/plan
let’s get creativeBring Your
Imagination
EDC_UMB_7_25x4_75_v2.indd 1 11/13/14 5:10 PM
©2014 Capital One. All rights reserved.
capitalone.com/investingforgood
facebook.com/capitaloneinvestingforgood
At Capital One Bank®, we believe that when you create strong businesses, there’s a ripple effect — one thriving enterprise can generate jobs, spur local economic growth and anchor a community. That’s why we’re investing our time, money and expertise to better the places we call home.
We’re proud to support organizations like the Washington, DC Economic Partnership, that dedicate their time to helping people and their communities succeed.
DC Development Report • 2014/2015 Edition 59
Development by Sector
HOSPITALITY
© 2014 Washington, DC Economic Partnership
Since 2001, the average hotel occupancy rate for DC has
fluctuated between 69% and 76% and remained consistently between 74% to 76% since 2008.
Hospitality Development in the District of Columbiah
osp
ita
lity
DC HOSPITALITY MARKET SNAPSHOT
ANNUAL VISITORS 1
19.0 millionHOTEL ROOMS 2
~29,000
HOTEL OCCUPANCY RATE1
76%AVG. DAILY ROOM RATE1
$209
1. DestinationDC (2013 Visitor Statistics) 2. REVPAR3. Opened a three-screen pop-up theater in 2014 at Union Market
The opening of the 1,175-room Marriott Marquis in May 2014 was a watershed moment for the DC hotel and hospitality sector. The hotel by itself represents the largest number of net new rooms to deliver to the market in any given year since the WDCEP began tracking development projects in 2001.
Since 2001, the average hotel occupancy rate for DC has fluctuated between 69% and 76%. Even with the addition of 848 net new hotel rooms to the market since the beginning of 2008, the DC occupancy rate has remained consistent ranging from 74% to 76%1.
Given DC’s market stability hotel developers appear to be undeterred by the opening of the Marriott Marquis as there are another 2,320 hotel rooms under construction and scheduled to deliver by 2017. These 10 projects will add 1,908 new rooms to the market. In addition, there are another four hotel projects that could break ground in the next six to 12 months, representing an additional 1,314 net new rooms.
While hotel projects make up the majority of the hospitality development sector, there were several notable non-hotel groundbreakings in the past year. The construction of the 47,000 sq. ft. Barry Farm Recreation Center started in Q4 2013 (site demolition started in Q2 2013), the new Williams Arena at the Southeast Tennis and Learning Center broke ground in Q2 2014 (phase I delivered in Q4 2014) and the $800 million Museum of the Bible started the renovation of 300 D Street, SW in Q3 2014. ¾
THEATER SCREENS NEIGHBORHOOD TARGET OPENING
Angelica Film Center3 8 Union Market 2016/2017
Landmark Theaters 6 14th & U Streets/Shaw
2015
Landmark Theaters 10 NoMa 2016/2017
Showplace Icon 16 Capitol Riverfront TBD
NOTABLE THEATERS Entering/Expanding in DC
DC Development Report • 2014/2015 Edition 61
Development Overview
1. projections based on targeted delivery dates of projects under construction as of September 2014 2. includes community, entertainment, museum and hotel projects
net new rooms added to the market by 2017
1,908
HOSPITALITY DEVELOPMENT (September 2014) 2
PROJECTS SQ. FT. ROOMS NET NEW ROOMS
Completed 166 16,858,596 12,804 4,831 2001 11 683,718 411 175 2002 17 931,600 1,416 409 2003 16 3,106,707 490 86 2004 13 1,776,381 500 400 2005 16 1,089,564 1,106 890 2006 14 1,009,386 754 238 2007 7 758,500 538 -102008 10 3,162,093 2,159 132 2009 12 820,746 1,035 207 2010 12 1,052,328 1,614 2011 9 241,255 204 204 2012 9 163,985 356 2013 11 498,070 426 305 2014 YTD 9 1,564,263 1,795 1,795
Under Construction 22 2,924,757 2,320 1,908 2014 delivery 1 48,000 2015 delivery 13 1,017,900 1,039 627 2016 delivery 6 783,357 598 598 2017 delivery 2 1,075,500 683 683
Pipeline 73 5,373,800 4,850 4,480 Near Term 21 1,063,449 1,207 1,207 Medium Term 23 2,006,455 1,514 1,514 Long Term 29 2,303,896 2,129 1,759
TOTAL 261 25,157,153 19,974 11,219
COMPLETED
20161
20151
20141
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2014YTD
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
GROUNDBREAKINGS
411
1,416
490
500
1,106
754
538
2,159
1,035
1,614
204
356
426
1,795
237
925
1,007
895
515
550
2,053
962
1,991
544
1,324
659
594
608
Projected
1,039
598
1,712
HOTEL PROJECTS (September 2014, rooms)
Alexandria
NATIONALAIRPORTM
M
M
1
395
M
66
GEO
RGE W
ASH
IN
GTON MEM
ORIAL PKW
Y
VIRGINIA
VIRGINIANATIONAL MALL
U.S. CAPITOL
ROCKCREEKPARK
NEW YORK AVERHODE ISLAND AVE
GE
OR
GIA
AV
E
E. CAPITOL ST.
H ST.C
ON
NEC
TICU
T AV
E
FORT DUPONTPARK
MA
RTI
N L
UTH
ER
KIN
G J
R. A
VE.
NATIONALSPARK
UNIONSTATION
U ST.
14TH
ST.
DEVELOPMENT MAP
HOSPITALITY
1
2
3
4
5
678
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24 252627
28
29
30
Completed
Under Construction
Pipeline
DC Development Report • 2014/2015 Edition 63
Development Pipeline
1. may include non-hospitality components ($ in millions) 2. delivery date may reflect phase I delivery or final phase delivery for pipeline projects
PROJECT WARD LOCATION DEVELOPER(S) HOSPITALITY SF ROOMSEST. VALUE
($M)1 DELIVERY2
TOP HOSPITALITY PROJECTS COMPLETED (4Q 2013–3Q 2014)
1 Central Union Mission 6 65 Massachusetts Ave., NW Central Union Mission 34,000 $12 4Q 13
2 Eagle Center (Ph II) 8 3400 Wheeler Rd., SE Eagle Academy Public Charter School 27,000 4Q 13
3 House of Lebanon 5 27 O St., NW Urban Matters Development Partners/MissionFirst HDC/Mount Lebanon CDC
10,000 $23 4Q 13
4 Nationals Youth Baseball Academy 7 3675 Ely Pl., SE DC Government/Washington Nationals Dream Foundation
15,000 $18 1Q 14
5 Northeast Neighborhood Library 6 330 7th St., NE DC Public Library 14,900 $11 1Q 14
6 Marriott Marquis 2 901 Massachusetts Ave., NW Quadrangle/Capstone Development/ING Clarion/Marriott 1,076,363 1,175 $520 2Q 14
7 Hyatt Place Hotel 6 New York Ave. & North Capitol St., NE
Morgan Stanley/The JBG Companies/MacFarlane Partners
125,000 200 $40 2Q 14
8 Hilton Garden Inn 2 2201 M St., NW Perseus Realty/OTO Development LLC/ Starwood Capital Group
115,000 238 $33 2Q 14
9 CityMarket at O Street (Cambria Suites)
6 1400 7th St., NW Roadside Development 113,000 182 $265 2Q 14
10 Arts & Industries Building 2 900 Jefferson Drive, SW Smithsonian Institution 102,000 $55 2Q 14
TOP HOSPITALITY PROJECTS UNDER CONSTRUCTION
11 Williams Arena 8 701 Mississippi Ave., SE DC Dept. of Parks & Recreation/Dept. of General Services 48,000 $18 4Q 14
12 Hyatt Place 2 1522 K St., NW Songy Partners 91,000 164 $40 1Q 15
13 Homewood Suites & Hampton Inn 5 501 New York Ave., NE Baywood Hotels 160,000 230 2Q 15
14 The Watergate 2 2650 Virginia Ave., NW Euro Capital Properties 265,000 348 $85 3Q 15
15 National Museum of African-American History & Culture
2 The National Mall Smithsonian Institution 322,600 $309 4Q 15
16 Homewood Suites 2 465 New York Ave., NW IBG Partners LLC/Magna Hospitality 103,000 160 2Q 16
17 Hampton Inn & Suites Washington, DC Ballpark
6 1st & N Sts., SE Buccini Pollin Group 98,000 168 3Q 16
18 Trump International Hotel (Old Post Office)
2 1100 Pennsylvania Ave., NW Trump Hotel Collection 536,000 270 $200 4Q 16
19 The Wharf (Ph I) 6 Southwest Waterfront Hoffman-Madison Waterfront 645,500 683 $806 4Q 17
20 Museum of the Bible 6 300 D St., SW Museum of the Bible 430,000 $800 4Q 17
TOP HOSPITALITY PROJECT PIPELINE (Near Term)
21 The Line DC 1 1780 Columbia Rd., NW Adams Morgan Church Hotel LLC/Friedman Capital Advisors LLC/Foxhall Partners/Sydell Group
176,671 220 $100 2016
22 Ballpark Square 6 1st & M Sts., SE Grosvenor USA/McCaffery Interests 125,600 170 $150 2016
23 South Building 5 1325 5th St., NE EDENS 38,000 2016
24 West End Square 37 2 24th & L Sts., NW EastBanc Inc/Dantes Partners/Warrenton Development Group
20,000 $150 2016
25 Hyatt Place Hotel 2 2121 M St., NW Renaissance Centro 168 $37 2016
26 5th & Eye 6 901 5th St., NW Peebles Corporation/MacFarlane Partners 100,000 198 2017
27 The H Street Hotel 2 627 - 631 H St., NW Modus Hotels 36,750 245 2017
28 THE ARC (Ph III) 8 18th St. & Mississippi Ave., SE WC Smith/Building Bridges Across the River 34,000 $20 2017
29 DC United Stadium 6 1st St. & Potomac Ave., SW DC United/DC Government $287 2017
30 CityCenterDC (Conrad Hotel) 2 10th & New York Ave., NW Hines 270,308 370 2018
© 2014 Washington, DC Economic Partnership64
HOSPITALITY DEVELOPMENTDevelopment Highlights
CityMarket at O Street (Cambria Suites) WARD 6
LOCATION: 1400 7th Street, NWDEVELOPER(S): Roadside Development/Dantes PartnersARCHITECT(S): Shalom Baranes Associates/Lee and Associates IncCONTRACTOR(S): Clark Construction Group LLCLEED: Silver EST. COST: $330 millionSTATUS: Completed TARGETED DELIVERY: 2Q 2014
SPECS: Phase I includes 87,000 sq. ft. of retail space, anchored by a 75,000 sq. ft. Giant Food grocery store (4Q 2013 opening), 497 residential units, a 182-room Cambria Suites Hotel (2Q 2014 opening) and about 490 parking spaces. Phase II calls for 145 residential units.
Marriott Marquis WARD 2
LOCATION: 901 Massachusetts Avenue, NWDEVELOPER(S): Quadrangle Development/Capstone Development/ ING Clarion/MarriottARCHITECT(S): Thompson Ventulett Stainbeck/Cooper Carry Inc/ Lee and AssociatesCONTRACTOR(S): Hensel Phelps Construction CompanyLEED: Silver EST. COST: $520 millionSTATUS: Completed TARGETED DELIVERY: 2Q 2014
SPECS: The new 1.1 million sq. ft. hotel includes 1,175 rooms, 25,000 sq. ft. of retail, 100,000 sq. ft. of meeting space and a 30,000 sq. ft. Grand Ballroom, two 10,800 sq. ft. junior ballrooms and 53,000 sq. ft. of additional meeting rooms.
Union Market (South Building) WARD 5
LOCATION: 1325 5th Street, NEDEVELOPER(S): EDENSARCHITECT(S): Shalom Baranes AssociatesSTATUS: Medium TermTARGETED DELIVERY: 2018
SPECS: The redevelopment plan calls for a 38,000 – 42,000 gross sq. ft. Angelika theater built above the existing Market building (home to 40+ artisanal vendors) and 104,000 – 112,000 gross sq. ft. of office or residential space to be built above the theater.
Anacostia Crossing WARD 6&8
LOCATION: 11th Street BridgeDEVELOPER(S): 11th Street Bridge ParkARCHITECT(S): OMA/OlinEST. COST: $40 millionSTATUS: Medium TermTARGETED DELIVERY: 2018
SPECS: The 11th Street Bridge Park is designed to connect the two communities on each side of the Anacostia River. The project will build new spans using the previous piers that supported the former 11th Street Bridge. The park is envisioned to include outdoor performance spaces, playgrounds, fruit orchards, classrooms to teach students about river systems, and kayaks and paddle boats.
Image courtesy of 11th Street Bridge Park
Image courtesy of EDENS
DC Development Report • 2014/2015 Edition 65
Development Highlights
Hyatt Place Hotel WARD 6
LOCATION: New York Avenue & North Capitol Street, NEDEVELOPER(S): Morgan Stanley/The JBG Companies/ MacFarlane PartnersARCHITECT(S): Shalom Baranes Associates/Cooper Carry IncCONTRACTOR(S): Whiting-Turner Contracting CompanyLEED: Silver EST. COST: $40 millionSTATUS: CompletedTARGETED DELIVERY: 2Q 2014
SPECS: Phase I of the 2.0 million sq. ft. N Street NoMa development is a 200-room Hyatt Place hotel. The hotel fronts both New York Avenue and N Street, NE.
Barry Farm Recreation Center WARD 8
LOCATION: 1230 Sumner Road, SEDEVELOPER(S): Department of General Services/ DC Department of Parks & RecreationARCHITECT(S): Torti Gallas & PartnersCONTRACTOR(S): Whiting-Turner Contracting CompanyLEED: Silver EST. COST: $23 millionSTATUS: Under ConstructionTARGETED DELIVERY: 1Q 2015
SPECS: The new 47,000 sq. ft. recreation center will feature indoor and outdoor enhancements such as a gymnasium, indoor swimming pool, dance facilities, football field and basketball court.
Hilton Garden Inn WARD 2
LOCATION: 2201 M Street, NWDEVELOPER(S): Perseus Realty/OTO Development/ Starwood Capital GroupARCHITECT(S): Shalom Baranes AssociatesCONTRACTOR(S): Turner Construction CompanyLEED: Silver EST. COST: $33 millionSTATUS: Completed TARGETED DELIVERY: 2Q 2014
SPECS: A new 238-room Hilton Garden Inn with about 4,500 sq. ft. of retail/restaurant space was built at the corner of 22nd and M Streets, NW.
West End Square 37 WARD 2
LOCATION: 24th & L Streets, NWDEVELOPER(S): EastBanc/Dantes Partners/ Warrenton Development GroupARCHITECT(S): TEN Arquitectos/WDGLEED: Gold EST. COST: $150 millionSTATUS: Near Term TARGETED DELIVERY: 2016
SPECS: The West End Square 37 development includes a 322,000 sq. ft. mixed-use building with 164 residential units (71 apartments & 93 condos), 7,600 sq. ft. of retail space, and a 20,000 sq. ft. public library.
Image courtesy of W
DG
© 2014 Washington, DC Economic Partnership66
HOSPITALITY DEVELOPMENTDevelopment Highlights
National Museum of African-American History & Culture WARD 2
LOCATION: The National MallDEVELOPER(S): Smithsonian InstitutionARCHITECT(S): SmithGroupJJR/Freelon Group/Adjaye AssociatesCONTRACTOR(S): Smoot Construction/Clark Construction Group LLCLEED: Gold EST. COST: $309 millionSTATUS: Under Construction TARGETED DELIVERY: 4Q 2015
SPECS: The 325,000 sq. ft. museum will include a dining facility, museum store, cafe, auditorium and exhibit areas. The museum will be located on a five-acre plot of land adjacent to the Washington Monument and the National Museum of American History on Constitution Avenue.
Trump International Hotel (The Old Post Office) WARD 2
LOCATION: 1100 Pennsylvania Avenue, NWDEVELOPER(S): Trump Hotel CollectionARCHITECT(S): Beyer Blinder Belle Architects & Planners LLPCONTRACTOR(S): Lend Lease LEED: Certified EST. COST: $200 million STATUS: Under ConstructionTARGETED DELIVERY: 2016
SPECS: In February 2012, the GSA selected the Trump Hotel Collection to renovate the Old Post Office Building and Annex (536,000 total sq. ft.) into a 270-room luxury hotel with restaurants, retail, a spa and fitness center, and meeting and conference facilities.
American Veterans Disabled for Life Memorial WARD 6
LOCATION: 2nd & C Streets, NWDEVELOPER(S): Disabled Veterans’ LIFE Memorial Foundation IncARCHITECT(S): Michael Vergason Landscape Architects/ Shalom Baranes AssociatesCONTRACTORS: Tompkins BuildersSTATUS: Under ConstructionTARGETED DELIVERY: 4Q 2014
SPECS: The memorial will feature a star-shaped reflecting pool, with a single eternal flame. A grove of trees will stand sentry beside the pool, signifying the persistence of hope. The memorial officially opened to the public in October 2014.
Hampton Inn & Suites Washington, DC Ballpark WARD 6
LOCATION: 1st & N Streets, SEDEVELOPER(S): Buccini Pollin GroupARCHITECT(S): BBG-BBGMCONTRACTOR(S): Sigal Construction CorporationLEED: Silver STATUS: Under ConstructionTARGETED DELIVERY: 3Q 2016
SPECS: The 13-story, 168-room Hampton Inn & Suites plans to open in 3Q 2016. The site is located across N Street from Nationals Park.
Image courtesy of Sm
ithGroupJJR
Image courtesy of the Trum
p International Organization Im
age courtesy of the Capitol Riverfront BID
DC Development Report • 2014/2015 Edition 67
Development Highlights
Nationals Youth Baseball Academy WARD 7
LOCATION: 3675 Ely Place, SEDEVELOPER(S): DC Government/Washington Nationals Dream FoundationARCHITECT(S): Devrouax & Purnell Architects-Planners PCCONTRACTOR(S): Turner Construction CompanyEST. COST: $18 million STATUS: CompletedTARGETED DELIVERY: 1Q 2014
SPECS: The Washington Nationals Youth Baseball Academy includes three fields for softball and baseball and a two-story, 18,000 sq. ft. education/recreation building that contains batting cages, classrooms and a teaching kitchen.
5th & Eye WARD 6
LOCATION: 901 5th Street, NWDEVELOPER(S): Peebles Corporation/MacFarlane PartnersARCHITECT(S): WDGLEED: Silver STATUS: Medium TermTARGETED DELIVERY: 2017
SPECS: Plans call for a 13-story, 198-room Standard International hotel and 59 residential units. As part of the RFP proposal, the development team will build 100 affordable units off-site and provide $2 million for local park improvements.
D.C. United Stadium WARD 6
LOCATION: 1st Street & Potomac Avenue, SWDEVELOPER(S): D.C. United/DC GovernmentLEED: CertifiedEST. COST: $287-$300 millionTARGETED DELIVERY: 2017
SPECS: D.C. United plans on building a 20,000 - 25,000 seat soccer stadium along Potomac Avenue, SW. The proposed plan calls for the DC Government to facilitate land assemblage and all infrastructure work and D.C. United to build the stadium.
The Line DC WARD 1
LOCATION: 1780 Columbia Road, NWDEVELOPER(S): Adams Morgan Church Hotel LLC/ Friedman Capital Advisors LLC/Foxhall Partners/ Sydell GroupARCHITECT(S): OPX LEED: SilverEST. COST: $100 million STATUS: Near TermTARGETED DELIVERY: 2016
SPECS: This adaptive reuse project involves the the restoration and preservation of the First Church of Christ, Scientist and the construction of a nine-story addition. There will be a total of 220 hotel rooms and 21,000 sq. ft. of retail/amenity space.
Image courtesy of W
DGIm
age courtesy of Friedman Capital Advisors
Image courtesy of D.C. United
dcbia.org
EDUCATION AND NETWORKING
COMMITTEES
STAY INFORMED
JOIN to attend strategically-focused real estate development seminars and events that get the right people in the room.
JOIN to learn the latest industry developments & create industry reform strategies. Plus, we have the best young real estate development leaders programming in the City!
JOIN to stay In the Know - receive timely information impacting the industry right now. Also pen industry articles that reach 90,000 Washington Business Journal readers.
JOIN BY DECEMBER 31
2 Year Special Rate
THE ROAD AHEAD
2015of your employees become members
ALL
DC Development Report • 2014/2015 Edition 69
Development by Sector
EDUCATION
© 2014 Washington, DC Economic Partnership
Since 2001, more than 13.1 million square feet of education (primary/secondary, college/university) and medical space has been built or modernized in DC, with another 3.5 million square feet currently under construction. During this time DC has averaged about 946,000 square feet of deliveries per year, a total that will be surpassed in 2014, 2015 and 2016.
While DC is internationally known for its colleges, universities and hospitals, it has been the primary and secondary schools (public and private) that have built the most facilities, accounting for nearly half of the 16.6 million square feet completed since 2001 and currently under construction. This trend has continued over the past six years.
Of the 8.7 million square feet of education and medical space that started construction since 2008, more than half can be attributed to new primary and secondary schools.
With enrollment and competition increasing, colleges and universities have built more than 4.7 million square feet of new dorms and academic centers in DC since 2001, with another 1.7 million square feet under construction. By far the most active (by square feet) has been George Washington University, which is responsible for nearly 40% of all college/university development starts since January 2008.
edu
cati
on From 2001–2013, DC has averaged
about 946,000 square feet of deliveries per year, a total that will be surpassed in 2014, 2015 and 2016.
Education Development in the District of Columbia
DC EDUCATION MARKET SNAPSHOT
TOTAL COLLEGE ENROLLMENT1
~80,000DC PUBLIC SCHOOL ENROLLMENT2
47,651
DC PUBLIC CHARTER SCHOOL ENROLLMENT2
38,302HOSPITALS3
15
1. DC schools belonging to the Consortium of Universities of the Washington Metropolitan Area and UDC Community College, NYU Washington, DC and University of California’s Washington Center 2. Washington Post, D.C. public schools enrollments continue to climb (10/8/14) 3. U.S. News & World Report/Wikipedia 4. Projects started since January 2008 and under construction (as of September 2014)
52%
36%
12%
Primary
Medical
Colleges/Universities
PROJECTSSTARTED
SINCE 2008
EDUCATION PROJECTS UNDER CONSTRUCTION & COMPLETED4
DC Development Report • 2014/2015 Edition 71
Development Overview
1. projections based on targeted delivery dates of projects under construction as of September 2014 2. includes K-12, colleges & university and medical projects
average eduation sq. ft. delivered per year
(2001–2013)
THOUSAND946
EDUCATION DEVELOPMENT (3Q 2014)2
PROJECTS EDUCATION SQ. FT.
Completed 159 13,107,5262001 14 773,158 2002 14 1,119,500 2003 12 1,130,970 2004 17 1,237,481 2005 12 573,944 2006 13 995,820 2007 2 176,004 2008 8 675,570 2009 18 1,283,875 2010 7 999,490 2011 10 1,086,032 2012 14 1,137,594 2013 11 1,106,988 2014 YTD 7 811,100
Under Construction 21 3,515,3172014 delivery 2 191,1122015 delivery 13 1,910,7602016 delivery 6 1,413,445
Pipeline 33 4,638,022Near Term 7 492,047Medium Term 6 84,000Long Term 20 4,061,975
TOTAL 213 21,260,865
COMPLETED
2016*
2015*
2014*
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2014YTD
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
GROUNDBREAKINGS MedicalSchoolsMedicalSchoolsMedical (projected)Schools (projected)
737 36 773
706 414 1,120
1,121 10 1,131
1,237 1,237
561 13 574
996 996
38 138 176
676 676
1,284 1,284
551 448 999
859 227 1,086
1,074 64 1,138
840 267 1,107
811
1,885 26 1,911
974 439 1,413
1,258 436 1,694
1,033 10 1,043
1,306 152 1,458
608 13 621
476 476
420 420
363 448 811
1,030 1,030
607 607
684 130 814
1,026 125 1,151
1,692 210 1,902
449 93 541
2,335 439 2,774
839 26 865 1,002191
EDUCATION DEVELOPMENT (September 2014, sq. ft. in thousands)
Alexandria
NATIONALAIRPORTM
M
M
1
395
M
66
GEO
RGE W
ASH
IN
GTON MEM
ORIAL PKW
Y
VIRGINIA
VIRGINIANATIONAL MALL
U.S. CAPITOL
ROCKCREEKPARK
NEW YORK AVERHODE ISLAND AVE
GE
OR
GIA
AV
E
E. CAPITOL ST.
H ST.C
ON
NEC
TICU
T AV
E
FORT DUPONTPARK
MA
RTI
N L
UTH
ER
KIN
G J
R. A
VE.
NATIONALSPARK
UNIONSTATION
U ST.
14TH
ST.
DEVELOPMENT MAP
EDUCATION
1
2
34
5
6
7
8
9
10
11
12
13
1415
16
1718
19
20
21
2223
24
25
26
27
28
29
30
Completed
Under Construction
Pipeline
DC Development Report • 2014/2015 Edition 73
Development Pipeline
1. may include non-education & medical components ($ in millions) 2. delivery date may reflect phase I delivery or final phase delivery for pipeline projects
PROJECT WARD LOCATION DEVELOPER(S) EDUCATION SFEST. VALUE
($M)1 DELIVERY2
TOP EDUCATION & MEDICAL PROJECTS COMPLETED (4Q 2013–3Q 2014)
1 The Conway Health & Resource Center 8 4 Atlantic St., SE JAIR LYNCH Development Partners/ Community of Hope
50,000 $25 4Q 13
2 Carlos Rosario Charter School 5 514 V St., NE Carlos Rosario Charter School 48,000 4Q 13
3 Unity Health Care - Parkside Health Center 7 765 Kenilworth Terrace, NE JAIR LYNCH Development Partners 42,588 $24 4Q 13
4 Milken Institute School of Public Health 2 950 New Hampshire Ave., NW George Washington University 115,000 $75 1Q 14
5 McKinley Hall Renovation for School of Communication
3 4400 Massachusetts Ave., NW American University 62,000 $16 1Q 14
6 Howard University Dorms 1 4th & Bryant Sts., NW Howard University/Campus Apartments LLC 393,812 $107 3Q 14
7 KIPP 5 1375 Mount Olivet Road, NE KIPP DC 100,000 $25 3Q 14
8 Friendship Technology Preparatory Academy 8 2705 Martin Luther King Jr. Ave., SE
Friendship Public Charter Schools/JAIR LYNCH Development Partners
59,000 $36 3Q 14
9 Healey Family Student Center (South Student Center)
2 3700 O St., NW Georgetown University 45,000 $23 3Q 14
10 Lowell School Parkside Building 4 1640 Kalmia Road, NW Lowell School 36,298 $7 3Q 14
TOP EDUCATION & MEDICAL PROJECTS UNDER CONSTRUCTION
11 Science & Engineering Hall 2 22nd & H Sts., NW George Washington University/Boston Properties 290,000 $275 1Q 15
12 Ballou Senior High School 8 3401 4th St., SE Department of General Services/DC Public Schools 365,000 $413 2Q 15
13 Paul Public Charter School 4 5800 8th St., NW JAIR LYNCH Development Partners 150,000 $19 2Q 15
14 Theodore Roosevelt High School 4 4301 13th St., NW Department of General Services/DC Public Schools 332,000 $113 3Q 15
15 Washington College of Law 3 Tenley Campus American University 322,300 $125 3Q 15
16 KIPP DC 5 1401 Brentwood Parkway, NE KIPP DC 125,000 $45 3Q 15
17 New Sibley 3 5255 Loughboro Rd., NW Sibley Memorial Hospital 439,000 $242 3Q 16
18 AU East Campus 3 3501 Nebraska Ave., NW American University 340,000 $100 3Q 16
19 New Residence Hall on Square 77 2 2121 H St., NW George Washington University 330,000 $130 3Q 16
20 John R. Thompson Jr. Intercollegiate Athletic Center
2 Georgetown University Georgetown University 144,000 $62 3Q 16
TOP EDUCATION & MEDICAL PROJECTS PIPELINE (Near & Medium Term)
21 Van Ness Elementary School 6 1150 5th St., SE DC Public Schools 49,000 $15 2015
22 Duke Ellington School of the Arts 2 3500 R St., NW DC Public Schools 294,900 $110 2016
23 Northeast Triangle Residence Hall 2 Georgetown University Georgetown University 74,147 $46 2016
24 Lab School of Washington 3 4759 Reservoir Road, NW Lab School of Washington 30,000 $16 2016
25 THE ARC (Phase III) 8 18th St. & Mississippi Ave., SE WC Smith/Building Bridges Across the River 41,000 $20 2017
26 McMillan Sand Filtration Site 5 North Capitol St. & Michigan Ave., NW
Vision McMillan/EYA LLC/JAIR LYNCH Development Partners/Trammell Crow Company
1,000,000 $720 2018
27 New Fort Dupont Ice Arena 7 3779 Ely Pl., SE Department of General Services 3,000 $20 2018
28 Stevens Place 2 2100 L St., NW Akridge/Argos Group LLC 2018
29 Benning & East Capitol Gateway 7 45th St. & Benning Road, NE SOME 36,000
30 Franklin School 2 13th & K Sts., NW EastBanc Inc/Institute for Contemporary Expression $24
© 2014 Washington, DC Economic Partnership74
EDUCATION DEVELOPMENTDevelopment Highlights
Ballou Senior High School WARD 8
LOCATION: 3401 4th Street, SEDEVELOPER(S): Department of General Services/DC Public SchoolsARCHITECT(S): Bowie Gridley Architects/Perkins+WillCONTRACTOR(S): HESS Construction + Engineering Services/ Chiaramonte Construction CompanyLEED: Gold EST. COST: $143 millionSTATUS: Under Construction TARGETED DELIVERY: 2Q 2015
SPECS: The new 365,000 sq. ft. school will replace the existing facility and includes an auditorium, cafeteria, library/multi-media center, gymnasium, outdoor athletic fields, and a community accessible fitness facility and daycare center.
Howard University Dorms WARD 1
LOCATION: 4th & Bryant Streets, NWDEVELOPER(S): Howard University/Campus Apartments LLCARCHITECT(S): McKissack & McKissackCONTRACTOR(S): Clark Construction Group LLCLEED: Silver EST. COST: $107 millionSTATUS: CompletedTARGETED DELIVERY: 3Q 2014
SPECS: The new two dormitories (394,000 sq. ft.) can accommodate 1,360 beds for students, a 200-person multipurpose room, classrooms, academic advisory offices and a new home for the University’s Office of Residence Life.
Howard University Interdisciplinary Research Building WARD 1
LOCATION: 2201 Georgia Avenue, NWDEVELOPER(S): Howard UniversityARCHITECT(S): Lance Bailey & Associates/HDR ArchitectureCONTRACTOR(S): Turner Construction CompanyLEED: Silver EST. COST: $70 millionSTATUS: Under Construction TARGETED DELIVERY: 4Q 2014
SPECS: The new 81,670 sq. ft. HUIRB is a key research facility that will support both the core and collaborative functions of a wide range of interdisciplinary research programs. It will also offer 3,000 sq. ft. of retail space on the first floor.
Lowell School Parkside Building WARD 4
LOCATION: 1640 Kalmia Road, NWDEVELOPER(S): Lowell SchoolARCHITECT(S): Bowie Gridley ArchitectsCONTRACTOR(S): Keller Brothers, Inc.EST. COST: $7 million STATUS: CompletedTARGETED DELIVERY: 3Q 2014
SPECS: The 20,360 sq. ft. Parkside building will undergo a full renovation and a 16,000 sq. ft. addition will be built. It will be home to academic classrooms, science labs, a middle school library, visual arts studios, music classrooms, a studio theater, and administrative space.
Image courtesy of Bowie Gridley Architects
Image courtesy of Bowie Gridley Architects
DC Development Report • 2014/2015 Edition 75
Development Highlights
Washington College of Law WARD 3
LOCATION: American University (Tenley Campus)DEVELOPER(S): American UniversityARCHITECT(S): SmithGroupJJRCONTRACTOR(S): Whiting-Turner Contracting CompanyLEED: Gold EST. COST: $125 millionSTATUS: Under Construction TARGETED DELIVERY: 3Q 2015
SPECS: American University is relocating its law school from 4801 Massachusetts Avenue to its Tenley Campus. Plans call for a new 322,300 sq. ft. building and renovation of the Capital Hall and Dunblane House (62,800 sq. ft.).
John R. Thompson Jr. Intercollegiate Athletic Center WARD 2
LOCATION: Georgetown UniversityDEVELOPER(S): Georgetown UniversityARCHITECT(S): Bowie Gridley Architects/PopulousLEED: Silver EST. COST: $62 millionSTATUS: Under Construction TARGETED DELIVERY: 3Q 2016
SPECS: The 144,000 sq. ft. athletic center will occupy the parking lot area in front of McDonough Arena and offer new practice courts, team meeting rooms, weight training facility and sports medicine/training rooms and the new home for the Georgetown Athletic Hall of Fame.
UDC Student Center WARD 3
LOCATION: 4200 Connecticut Avenue, NWDEVELOPER(S): University of the District of ColumbiaARCHITECT(S): Cannon Design/Marshall | Moya DesignCONTRACTOR(S): Forrester Construction Company/ Parkinson ConstructionLEED: Platinum EST. COST: $40 millionSTATUS: Under Construction TARGETED DELIVERY: 3Q 2015
SPECS: The University of the District of Columbia’s new 87,000 sq. ft. student center will include new construction and renovated space. The center will feature a cafeteria, student lounges, recreation area, a 10,000 sq. ft. fitness facility, a ballroom and conference space.
Carlos Rosario Charter School WARD 5
LOCATION: 514 V Street, NEDEVELOPER(S): Carlos Rosario Charter SchoolARCHITECT(S): Shinberg LevinasSTATUS: CompletedTARGETED DELIVERY: 4Q 2013
SPECS: The new urban campus is a three-story, 48,000 sq. ft. building. It can accomodate 400 - 500 students and offers culinary classes as part of its curiculium.
Image courtesy of Am
erican University
Image courtesy of Bowie Gridley Architects
© 2014 Washington, DC Economic Partnership76
EDUCATION DEVELOPMENTDevelopment Highlights
Friendship Technology Preparatory Academy WARD 8
LOCATION: 2705 Martin Luther King Jr. Avenue, SEDEVELOPER(S): Friendship Public Charter Schools/ JAIR LYNCH Development PartnersARCHITECT(S): Architecture IncCONTRACTOR(S): Turner Construction CompanyLEED: Silver EST. COST: $36 millionSTATUS: Completed TARGETED DELIVERY: 3Q 2014
SPECS: The three-story, 59,000 sq. ft. building includes 25 classrooms, a smart lab, an engineering lab, two biology labs, two chemistry labs, and a greenhouse. It was built on the site of a former McDonalds.
Science & Engineering Hall (SEH) WARD 2
LOCATION: 22nd & H Streets, NWDEVELOPER(S): George Washington University/Boston PropertiesARCHITECT(S): Ballinger ArchitectsCONTRACTOR(S): Clark Construction Group LLCLEED: Silver EST. COST: $275 millionSTATUS: Under Construction TARGETED DELIVERY: 1Q 2015
SPECS: The eight-story, 600,000 gross sq. ft. SEH will house the science and engineering schools. The building will feature 290,000 sq. ft. of teaching and research space and contain six underground floors (two for programs and four for parking).
American University East Campus WARD 3
LOCATION: 3501 Nebraska Avenue, NWDEVELOPER(S): American UniversityARCHITECT(S): Little Diversified ArchitectureCONTRACTOR(S): SkanskaLEED: Gold EST. COST: $100 millionSTATUS: Under ConstructionTARGETED DELIVERY: 3Q 2016
SPECS: American University plans on building a total of six buildings (340,000 sq. ft.) on an existing 900-space parking lot (8.1 acres) near Nebraska and New Mexico Avenues, NW. There will be three residence halls (590 students) and three academic/administrative buildings.
Trinity Academic Center WARD 5
LOCATION: 125 Michigan Avenue, NEDEVELOPER(S): Trinity CollegeARCHITECT(S): EYP ArchitectsCONTRACTOR(S): Clark Construction Group LLCEST. COST: $40 million STATUS: Under ConstructionTARGETED DELIVERY: 3Q 2016
SPECS: The four-story, 80,000 sq. ft. academic center will be the first new academic building on campus in more than 50 years. The building will offer 23 classrooms, eight science labs and four labs for the Nursing and Health Professions program.
Image courtesy of EYP
Image courtesy of Am
erican University
DC Development Report • 2014/2015 Edition 77
Development Highlights
McMillan Sand Filtration Site WARD 5
LOCATION: North Capitol Street & Michigan Avenue, NWDEVELOPER(S): Vision McMillan/EYA/ JAIR LYNCH Development Partners/Trammell CrowARCHITECT(S): Perkins Eastman/Shalom Baranes Associates/ MV+A ArchitectsCONTRACTOR(S): EYA LLCLEED: Silver EST. COST: $720 millionSTATUS: Medium Term TARGETED DELIVERY: 2018
SPECS: The 24.1-acre site will be redeveloped into a 2.0 million sq. ft. mixed-use development. Plans call for 1.0 million sq. ft. of office/healthcare space, up to 670 residential units (for-sale and rental), 80,000 sq. ft. of retail space and 12-acres of public open spaces, anchored by an eight-acre central park with a 17,500 sq. ft. community center.
Benning & East Capitol Gateway WARD 7
LOCATION: 45th Street & Benning Road, NEDEVELOPER(S): SOMESTATUS: Medium Term
SPECS: The proposed project calls for 202 affordable residential units, workforce & senior housing, a sit-down deli, SOME’s Center for Employment Training, 36,000 sq. ft. for a medical/dental clinic and administrative offices.
THE ARC (Phase III) WARD 8
LOCATION: 18th Street & Mississippi Avenue, SEDEVELOPER(S): WC Smith/Building Bridges Across the RiverCONTRACTOR(S): WCS Construction LLCLEED: Silver EST. COST: $20 millionSTATUS: Near Term TARGETED DELIVERY: 2Q 2017
SPECS: The new 75,000 sq. ft. building will provide space for the Bishop Walker School, an expanded clinic run by Children’s National Medical Center, Lift DC’s local and national offices, and a black box theater.
Image courtesy of SOM
E
Visualization by Interface Multim
edia Im
age courtesy of WC Sm
ith
Brookland Middle School WARD 5
LOCATION: 1150 Michigan Avenue, NEDEVELOPER(S): DC Public Schools/Department of General ServicesARCHITECT(S): Hartman-Cox ArchitectsLEED: Gold EST. COST: $590 millionSTATUS: Under Construction TARGETED DELIVERY: 3Q 2015
SPECS: The Brookland Middle School is a modernization of and addition to the former Brookland Elementary School (closed in 2008). The new school will be 100,000 sq. ft. (grades 6-8) with a capacity of 540 students. It will include a full-size gymnasium, practice spaces, and media center.
Celebrating 30 Years
of Community Revitalization
Support our Global Scholars Foundation www.globalscholarsfoundation.org
Envision your business
strong, healthy and flourishing.
Cordia Partners brings it all to life.
Cordia Partners provides the solid foundation your business needs to thrive, innovate and grow. Whether it’s through our outsourced accounting, consulting, or our recruiting and staffing services, our proactive, client-centered approach allows you to focus on your core competencies, and ultimately, the overall success of your business.
C O R D I A P A R T N E R S .
S U P P O R T I N G T H E G R O W T H O F Y O U R B U S I N E S S .
r
www.CordiaPartners.com 8229 Boone Blvd., Suite 300, Vienna, VA 22182 (703) 462-6200
DC Development Report • 2014/2015 Edition 81
APPENDIXMethodology / Acknowledgements
© 2014 Washington, DC Economic Partnership82
APPENDIX MethodologyAPPENDIX
ArchitectAs one of our primary sources of information, we maintain information on the architects involved in the design of the project.
Construction TypeComponents of each project are categorized as one of the following: New Construction, Renovation or Infrastructure. If a project includes both new construction and renovation we try to record each portion separately.
DeliveryThe delivery date is an estimate of when a project is scheduled to be completed. For completed projects, this is the date that the first certificate of occupancy was issued for the project. If no certificate of occupancy was issued then we use the date supplied by a primary or secondary source.
DescriptionComplex projects and mixed-use developments include a description that highlights key components and other points of interest about the development project.
DeveloperAs one of our primary sources of information, we maintain information on developers and other controlling interests in development projects.
Financing SourcesWhenever possible, we identify public and private funding sources.
General ContractorAs one of our primary sources of information, we maintain information on the general contractors involved in the construction of the project.
Green DevelopmentIf a project contains “green elements” or sustainable design features it is considered a green project.
GroundbreakingThe groundbreaking date is an estimate of when a project is scheduled to start. For projects that are under construction or completed the groundbreaking date can be the date of a groundbreaking event or the date that a building permit was issued on a project.
Hotel RoomsFor hotel projects, we track the number of new and renovated rooms. The number of rooms does not necessarily reflect net new rooms because it does not account for rooms taken out of the inventory.
ImageryMany of the projects in our database include one or more photos, renderings, elevations or other illustrations. In most cases these images are provided by either a primary or secondary source or are photos taken by the WDCEP. In many cases renderings and illustrations are concepts and may not reflect the final design.
Lead TenantThe lead tenant could be the first lease signed in a new or renovated building or the tenant that occupies the most space.
The goal of the Washington, DC Economic Partnership was to create a comprehensive database of development activity that would help us find answers to the following questions:
• What is the make-up of development activity?• Where is the development activity occurring?
• What are the trends?• How much is being invested in our community?
However, before we could begin to collect development information we had to create a methodology to give us guidance on what data to assemble on each project and which projects to include in our database. The following is a brief explanation of what types of data we try to obtain for each development and how we gather that information. While our database of projects is constantly being updated, for the purposes of this publication, all data reflects project status, design and information as of September 2014.
DC Development Report • 2014/2015 Edition 83
MethodologyAPPENDIX
LEEDWhen possible we track the LEED (Leadership in Energy & Environmental Design) certification level that has either been obtained or planned to achieve. The level listed may reflect the entire project or one component of a mixed-use or multi-phased project.
LocationThe physical address is used when possible; however when no address is possible the closest intersection is used.
Project CostWe track total development costs including both hard and soft costs associated with a project as well as land costs. Whenever possible, we use actual costs provided by primary sources. Sometimes, however, it is necessary to estimate project costs based on historical information. Because of the tremendous amount of construction activity and staff resources required to maintain the data, we established a minimum threshold of $5 million to be included in the database (from 2001–8/2009 the minimum was $1 million).
Project NameProject names are generally the name of the building or the development. However, when projects are referenced by different sources with different names, we use the most commonly referenced name of the project. When there is no name for the project, projects are referenced by address.
Residential UnitsFor residential projects, we track the number of units of both new construction and renovation. The number of new residential units does not necessarily reflect the net new units on the market because it does not account for units taken out of the inventory.
Square FootageWhenever possible, we try to obtain the total square footage of the project. For mixed-use projects, we break out the square footage associated with each major use.
StatusEach development project is tracked by status and defined by one of the following categories:
• Long Term: Projects that are not expected to break ground for at least 36 months or longer. These projects are considered part of DC’s pipeline.
• Medium Term: Projects that have the potential to break ground in 18–36 months. These projects are considered part of DC’s pipeline.
• Near Term: Projects that have the potential to break ground in the next 18 months. These projects are considered part of DC’s pipeline.
• Under Construction: Projects are defined as under construction once a building permit has been issued on the project or a primary source has indicated that construction has begun.
• Completed: Projects are defined as completed once the first certificate of occupancy is issued on a project, except in the case of a multi-phase project, in which each phase of the project is tracked separately. If no certificate of occupancy was issued, then we use the date supplied by a primary or secondary source.
UseEach project is categorized by type of use. For mixed-use developments, we capture the square footage or units/rooms for each of the following:
• Community1 • Education2 • Entertainment3 • Hotel • Industrial4 • Medical5 • Museum6 • Office • Residential • Retail
WardThe Ward identified for each project is based off of the 2012 Ward boundaries.
Zip CodeZip codes are tracked for mapping purposes as defined by data from our geographic information system (GIS) and may not reflect the actual U.S. Postal zip code for that address.
1. e.g. library, recreational center, place of worship 2. e.g. K–12, colleges, universities 3. e.g. movie theaters, live performance venues 4. industrial & warehouse 5. e.g. hospitals, clinics 6. museums & memorials
© 2014 Washington, DC Economic Partnership84
APPENDIX MethodologyAPPENDIX
Where do we get our information?To capture the most comprehensive inventory, we use a variety of sources to gather information about development activity, and whenever possible, we contact the developers directly to get the most up-to-date and accurate information available and do site location visits to verify the project’s status. Often our research uncovers discrepancies in available data on project information such as square footage, cost, number of units, etc. When this occurs, we try to reconcile the differences by speaking directly with parties involved in the development. Some of our sources include:
Primary SourcesArchitectsBuilding Permit DataCertificates of OccupancyDevelopersDC Office of PlanningDC Office of the Deputy Mayor for Planning & Economic DevelopmentDC Office of the Chief Financial OfficerGeneral ContractorsProject Managers
Secondary SourcesBrokersCoStarBusiness Improvement DistrictsMedia & NewspapersNeighborhood Newsletters & Blogs
Adding or Updating InformationIf you are looking for information about a specific project and you do not see it on our list, it may have been omitted for one of the following reasons.
u It did not meet the $5 million threshold. There is simply too much activity for us to keep accurate information about every improvement made in the District of Columbia. Therefore, we only collect data for projects valued over $5 million.
v We are missing a key piece of information. Generally we will include projects in our database even if we do not have a complete set of data available. However, some projects are omitted from our reports and analysis if they are missing key data that we use to query or analyze the database.
w We have questions about the validity of the data. We make every effort to acquire data from multiple and primary sources to validate our information. Frequently, we encounter discrepancies in project details. Whenever possible we try to reconcile those discrepancies. Sometimes, we are unable, and we may exclude the project because of an unresolved question about the data.
x We may not know about it. Although our data collection methods are comprehensive, we may miss projects. We discover new information almost every day, and we are constantly adding projects as we become aware of them.
If you have information about a development that you would like included in our database or if you have discovered errors in our data, please let us know. We rely on your feedback to keep our database accurate.
Chad Shuskey Senior Vice President, Research & Visual Communications 202.661.8674 / [email protected]
To add or update a record in our database, please contact:
Matt Kruczlnicki Research Analyst 202.661.8683 / [email protected]
DC Development Report • 2014/2015 Edition 85
AcknowledgementsAPPENDIX
The Washington, DC Economic Partnership would like to thank the following organizations for their contributions to this year’s DC Development Report.
Abdo DevelopmentAdams Investment GroupAkridgeArchitect of the CapitolAvalon BayBalfour Beatty ConstructionBELL ArchitectsBISNOWBlue Skye Development & ConstructionBonstra | Haresign ArchitectsBoston PropertiesBozzutoBrook Rose DevelopmentCamden LivingCapitol Riverfront BIDCAS RieglerCBRECity Partners LLCClark ConstructionClark Realty Capital LLCCommunity Three DevelopmentCooper CaryConcordia GroupCoStarDantes PartnersDavis, Carter, ScottDC Department of Consumer
& Regulatory AffairsDC Department of General ServicesDC Housing AuthorityDC Housing Finance AgencyDC Department of Parks & RecreationDC GISDC Office of the Chief Technology OfficerDC Office of PlanningDC Public LibraryDCRealEstate.comDepartment of General ServicesDonatelli Development
Donohoe CompaniesDowntown BIDEDENSEllis Development GroupEnnead ArchitectsEquity ResidentialEuro K Street Properties, Inc.EYAFirst Potomac Realty TrustForest City WashingtonForrester Construction CompanyFort Lincoln New Town CorporationFoulger-Pratt CompaniesGeorge Washington UniversityGiantGlobeSt.comGrunley ConstructionGSAH Street CDCH&R RetailHargreaves AssociatesHickok Cole ArchitectsInsight Property GroupJair Lynch Development PartnersJames G. Davis Construction CorporationThe JBG CompaniesJD LandJefferson Apartment GroupLincoln Property CompanyMadison MarquetteManna, Inc.Mill Creek Residential TrustMissionFirst DevelopmentMonument Realty, LLCMRP RealtyNeighborhood Development CompanyNoMa BIDOTO DevelopmentParadigm
Paramount GroupPERS DevelopmentPeterson CompaniesPGN ArchitectsPN HoffmanProperty Group PartnersR2L ArchitectsRappaportRoadside DevelopmentRuben CompanyShalom Baranes AssociatesSkanskaSK & I Architectural Design GroupSmithGroupSmoot Construction CompanySteuart Investment CompanyStudios ArchitectureTishman SpeyerTrammell Crow CompanyTrump Hotels UnionUrban TurfVOA AssociatesWalker DevelopmentWashington Business GroupWashington Business JournalWashington PostWCS ConstructionWC SmithWDG ArchitectureWiencek & AssociatesThe Wilkes Company
It is the mission of the Washington, DC Economic Partnership, a 501(c)3 organization to promote business opportunities throughout the District of Columbia and to contribute to business retention and attraction activities.
© 2014 Washington, DC Economic PartnershipWashington, DC Economic Partnership � 1495 F Street, NW � Washington, DC 20004 � 202.661.8670 � www.wdcep.com
Washington, DC Economic Partnership � 1495 F Street, NW � Washington, DC 20004 � 202.661.8670 � www.wdcep.com