Progression Place Multifamily and Retail Slated for July Completion
- Apr 15, 2013
Washington, D.C.—Progression Place, a mixed-use development featuring luxury multifamily residences and extensive retail components, is on track for a July completion. The multifamily and retail components of Progression Place will be marketed by commercial real estate services provider Cassidy Turley on behalf of owner Four Points LLC. The offering is anticipated to attract institutional-grade investment exceeding $100 million.
The mixed-use development fills an entire block at 1805 7th St. NW between S and T Streets, and stands atop the Shaw Metro station. In addition, it features underground public parking.
The residential component of the development is 7th Street Flats. The retail space is to be called the Shops at Progression Place.
The multifamily feature of Progression Place will deliver 205 high-end apartments, while the retail and restaurant space totals almost 19,500 square feet, 90 percent of which is pre-committed, Cassidy Turley reports.
Residences will include such upscale features and finishes as granite countertops, Frigidaire stainless steel appliance packages and wood flooring. Among the building amenities will be a gym, computer lab, 24-hour concierge and rooftop lounge with sweeping views of the city.
The retail and restaurant component includes a number of Washington, D.C.’s trendiest new venues. Among them are Thor Creston’s Right Proper Brew Pub; Rappahannock Oyster’s newest restaurant, Eat the Rich; and Derek Brown’s recently unveiled sherry bar concept, Mockingbird Hill.
Cassidy Turley managing director Christopher Doerr and associate vice president Rachel Ley are in charge of orchestrating the Progression Place sales effort.
“An opportunity to acquire D.C. central business district multifamily assets prior to lease-up is the sweet spot for many institutional investors,” Doerr observes. “Potential buyers won’t have to go through D.C.’s lengthy TOPA process for acquiring apartment buildings since the building hasn’t delivered yet. That, coupled with the ultra-hip pre-leased ground floor retail, makes this perhaps the most exciting asset in Washington, D.C.”