Final Phase of D.C. Mixed-Use Development Now Leasing
- Oct 21, 2008
By Erika Schnitzer, Associate EditorWashington, D.C.—Lowe Enterprises, based in Los Angeles, recently began leasing units at The V Apartments at CityVista. The 244-unit apartment building is the final phase of an 843,000-sq.-ft. mixed-use development in Washington D.C.’s Mount Vernon Triangle neighborhood. Along with Lowe Enterprises, the development team is a partnership between CIM Group, Bundy Development Corp., The Neighborhood Development Company, and the District of Columbia. Torti Gallas and Partners is the CityVista master planner.The $240 million, 3.2-acre CityVista development broke ground in 2005 on the former site of the D.C. Wax Museum. It was developed in response to the National Capital Revitalization Corp.“Mount Vernon Triange is an emerging neighborhood,” says Amy Adams, vice president and director of sales and marketing, Lowe Enterprises. “It’s the ever-changing area that is expanding from Gallery Place,” she says, adding that pedestrian traffic has increased significantly over the last several months.In addition to The V Apartments, the project includes the 292-unit K Condominiums, the 149-unit L Condominiums and 159,000 sq. ft. of retail, 90 percent of which is leased. The L Condominiums, which began delivering a year ago, has one residence remaining, while the K Condominiums, which began delivering last month, is over 50 percent sold. The V Apartments, which began leasing this past weekend, has leased four units thus far.“All along, CityVista has bucked the trend of downward condo sales and the struggling market,” says Adams, in response to a question of how the number of sales at this development has continued at this pace, given the current state of the economy. “I think it has to do primarily with what we are bringing to the marketplace.”Retail at CityVista includes a Safeway grocery store with a Starbucks, dry cleaners, pharmacy, deli and bakery, as well as Results The Gym, 5th Street Hardware, Chevy Chase Bank, and Busboys and Poets, a restaurant, bar and entertainment venue.In addition, a one-acre private park, located on the third level above Safeway, is available for residents.The V Apartments, designed by Michael Marshall Architecture, offer studios, one-, two- and three-bedroom apartments, ranging in size from 637 to 2,000 sq. ft. Monthly rents range from $1,500 to $4,000. In addition, seven loft-style duplex penthouses are available. All residences feature granite countertops, maple cabinetry, Whirlpool appliances and in-unit washers and dryers.