GROSVENOR AMERICAS, SKANSKA TO DEVELOP 650,000 SF MIXED-USE PROJECT ADJACENT TO NATIONALS PARK IN WASHINGTON, DC
Grosvenor Americas (GA) and Skanska USA Commercial Development Inc. today announced plans for a mixed-use project of more than 650,000 square feet directly north of the new Washington Nationals ballpark in the Capitol Riverfront district of Washington, DC.
The site, which offers direct access to Metrorail’s Navy Yard station, comprises the eastern half of Square 701, bounded by N Street, SE to the south, M Street on the north, 1st Street on the east, and Cushing Place on the west.
On October 1, 2012, the Washington, DC Zoning Commission supported plans with minor modifications for this mixed-use development in conformance with the District’s Capitol Gateway Overlay District. Final approval is expected later in the month. On September 10, the project received support from Advisory Neighborhood Commission 6D. The plans allow:
• A 224,000 SF Class A office building, to be developed by Skanska on the northern end of the site fronting M Street. This building, with direct access to the Metro station, is designed to meet the criteria for LEED Platinum certification and include 11,000 SF of ground-level retail space, a green roof, rooftop terrace, and below-grade parking for over 140 cars.
• A 170-key hotel, to be developed by GA directly south of the office building fronting 1st Street.
• Two residential buildings with 285 units, 23 of which are designated affordable dwelling units. The two structures, to be developed by GA, would be separated by a courtyard and connected by a trellised glass bridge. This new community would feature a green roof as well as a rooftop pool, spa, and garden terrace. It would provide approximately 180 below-grade parking spaces
• 43,000 square feet of retail space on the ground level of the office, hotel, and residential buildings, as well as in a separate two-level structure to be developed by GA on the corner of 1st and N Streets.
“Grosvenor, which has been developing dynamic urban neighborhoods for over 300 years, is pleased to bring its ‘Living Cities’ vision to the exciting Capitol Riverfront district,” said Don Capobres, Senior Vice President, Development, Grosvenor Americas. “With its proximity to the Ballpark, Metro, the new Yards Park and Canal Park, employment and entertainment centers, the US Capitol, and the National Mall, we think this is a great location.”
With US offices in Washington, DC and San Francisco, GA has a portfolio of approximately 1.6 million SF of office, retail, and hotel space in the Washington, DC metropolitan area. Recent projects include District, a mixed-use building with 125 luxury apartments in the Logan Circle neighborhood of Washington, developed in partnership with The JBG Companies and delivering in late 2012. GA is planning construction of a 256-unit apartment building near Metro in Silver Spring, MD, and earned LEED Silver certification for its renovation of the Courtyard by Marriott Hotel in Chevy Chase, MD.
Grosvenor is a privately owned property group with offices in 18 of the world’s most dynamic cities. The Group operates and invests in three different business areas; direct proprietary investment in real estate through our Operating Companies in Britain & Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and our international fund management Operating Company – Grosvenor Fund Management – which manages capital on behalf of investors. As of December 31, 2011, the Group had total assets under management of US$19.4bn. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts, available at: www.grosvenor.com.