A Homerun for JBG Companies
- Mar 09, 2015
Chevy Chase, Md.–The JBG Companies has become the largest landowner in the Ballpark District.
The private real estate investment firm purchased nearly 1.3 acres of land on Half Street SE, neighboring the Nationals Park in Washington, D.C., growing JBG’s presence in the Capitol Riverfront submarket. The land is adjacent to the Center Field Gate of Nationals Park–the most popular entrance for fans into the ballpark.
“The Capital Riverfront neighborhood and the Ballpark District are becoming true destinations in the city, and JBG is pleased to be playing a significant role in their future,” Moina Banerjee, a principal of The JBG Companies, told MHN. “Our mixed-use projects at Half Street and 1244 South Capitol will be great additions to the area, and we’re looking forward to getting started on them.”
Plans feature a mixed-use development at the two Akridge-owned parcels at 1201 and 1221 Half Street. The acquisition is JBG’s third major investment in the emerging submarket. The adjoining plots across from the Nationals Park entrance at N and Half Streets are part of what is currently known as the Fairgrounds, an area where ballpark guests gather before and after Nationals games.
Just steps from the Navy Yard Metro station on the west, the new development will include residential and retail space. This is an exceptional opportunity for iconic architecture in the construction scheduled to begin later this year.
“With two levels of retail at 1244 South Capitol and a significant retail component at Half Street, our goal is to expand the social and entertainment focus that’s transpiring in and around the Ballpark District,” Banerjee said. “Additionally, the residential at these developments will complement the growing appeal of the area. Units on the upper floors of both projects will have unobstructed views overlooking Nationals Park, the Capitol Dome and the Washington Monument—a truly unique opportunity.”
The Half Street development is also across Van Street from JBG’s 1244 South Capitol Street investment to the east. JBG’s 1244 South Capitol Street, a 0.7-acre allotment acquired in 2013, is projected as a 13-story, mixed-used building with 296 residential units overlooking the ballpark and 25,500 square feet of culture and entertainment-focused retail. This project is also expected to launch later this year.
The U.S. Department of Transportation’s headquarters at 1200 New Jersey Avenue SE was JBG’s first development in the Capitol Riverfront submarket. The 1.5-million-square-foot campus was produced in 2006.