COVER STORY, SEPTEMBER 2007

D.C. AREA TO HOUSE SEVERAL NEW MIXED-USE PROJECTS

Perseus Realty is redeveloping the historic Anthony Bowen YMCA for the YMCA of Metropolitan Washington in the heart of Washington, D.C.’s U Street corridor. The new YMCA-anchored mixed-use development will fill approximately 350,000 square feet in the block bounded by 14th and W streets and Florida Avenue.

In Washington, D.C., and surrounding areas, several mixed-use projects are taking root. Whether it is new development or expansions of existing properties, the area will become home to live/work destinations for its residents.

MRP Realty, in a joint venture with Rockpoint Group, has purchased 17 acres in the Potomac Yard area of Alexandria, Virginia, for the development of Potomac Yard Town Center. Located just across the Potomac River from Washington, D.C., the project will feature 800,000 square feet of office space, 625 hotel rooms, 414 residential units and 80,000 square feet of retail space, which will be anchored by a 1.25-acre town green. SK&I is providing architectural services for the residential portion, while Gensler is serving as master planner and architect for the office and retail portions of the development. Construction of the project, which is projected to have a total build-out cost of $600 million, is expected to commence in early 2010 with completion set for 2015.

Charlotte, N.C.-based Crescent Resources has been chosen by the Armed Forces Retirement Home (AFRH) to construct a mixed-use redevelopment of approximately 4.5 million square feet on the southeast corner of the AFRH campus in Washington, D.C. The site is positioned on 77 acres of land bordered by North Capitol and Irving streets and is located near Catholic University of America, Howard University and Washington Hospital Center. The company will reuse nine existing historic buildings, which include 20 acres of green space that will be converted into a public garden and picnic grove, a civic green and memorial, and pedestrian and bicycle paths. Also planned are 300 units of affordable housing, market-rate rental and condominium units, medical office space, a small hotel, a grocery store and other retail and transitional housing for military veterans.

Also being developed in Washington, D.C., is Solea, a mixed-income, mixed-use development at the northwest corner of 14th Street and Florida Avenue. Washington, D.C.-based The Jair Lynch Companies, the National Capital Revitalization Corporation and San Francisco-based MacFarlane Partners are developing the project, which will span approximately 60,700 square feet upon completion. Planned for Solea are 52 residential condominiums, seven live/work units and three retail condominiums. Twenty-one of the residential units will be used for affordable and workforce housing and two of the retail units will be used for super-local businesses. Committed retail tenants include Zawadi and Trade Secrets. Sorg & Associates is providing architectural services and a joint venture between Hamel Builders and Gilford Corporation is serving as general contractor.

Washington, D.C.-based Perseus Realty is redeveloping the historic Anthony Bowen YMCA for the YMCA of Metropolitan Washington in the heart of Washington, D.C.’s U Street corridor. The new YMCA-anchored mixed-use development will fill approximately 350,000 square feet in the block bounded by 14th and W streets and Florida Avenue. The $15 million, 45,000-square-foot YMCA facility will include a 25-meter indoor swimming pool and locker rooms, basketball courts, a wellness center, child care rooms, a rooftop terrace, community rooms and offices. Perseus will also construct an approximately 200-unit apartment complex with 12,000 square feet ground floor retail. Hellmuth, Obata & Kassabaum and Dorsky Hodgson & Partners are providing architectural services for the project. Construction is set for second quarter 2008 with delivery set for 2010.

— Stephen O’Kane


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