$1.2B in Projects Under Way Downtown
- Nov 04, 2011
Big development projects are a rare commodity these days, but Washington, D.C., has its fair share. Among the millions of dollars being invested in massive projects and property renovations creating new jobs and improving the local economy are the $700 million CityCenterDC and the $500 million Washington Marriott Marquis.
Envisioned as a modern-day Rockefeller Center, CityCenterDC is the most abitious of the projects and one of the largest downtown projects in the nation. It will fill 10 acres with 2.5 million square feet of office, residential and retail space, as well as a public plaza, a park and a 350- to 400-room hotel, all in one of the city’s most desirable locations. Located in the heart of downtown Washington, it is bounded by New York Avenue and 9th, H and 11th Streets, N.W.
The recession stalled the project, but it was able to move forward because of a $620 million equity investment by the real estate arm of the Persian Gulf state of Qatar. The Quatari Diar Real Estate Investment Co. is now the project’s principal owner.
The complex will include six, 10- and 11-story buildings and will be constructed in three phases. Developers Hinesand Archstone expect to complete the project in late 2013.
Meanwhile, the $500 million Washington Marriott Marquis is expected to open in the second quarter of 2014.The four-star hotel will be one of the only four Marriott Marquis properties in the United States and features an innovative top-down construction method, with 14 stories above ground and 94 feet below.
The 1,175-room, 46-suite hotel is designed to reflect its surroundings and complement the adjacent convention center. Also located in the heart of downtown D.C., the hotel is expected to give the tourist industry an important boost. With more than 100,000 square feet of meeting and event space, it will be connected to the Walter E. Washington Convention Center via underground pedestrian walkway. The hotel will be developed by Quadrangle Development Corp. and Capstone Development and will be operated by Marriott International.