Tishman Speyer to Transform Prime DC Site into Residences
- Jul 14, 2016
Washington, D.C.—Baseball fanatics will soon have the option to live close to the action thanks to Tishman Speyer’s plan to turn a 2-acre site near the Nationals Park into an 800-unit community. The company also plans to include 44,000 square feet of retail and below-grade parking at its newly acquired site.
The development will be located in the Capitol Riverfront submarket, east of South Capitol street, and occupy a full block between I and K streets, S.E., and First and Half streets, S.E. The site is also two blocks Navy Yard Metro station. The community will be designed for LEED certification and will include a variety of amenities.
“Like many of our nation’s other great cities, Washington D.C. is experiencing strong demand for high-quality, well-located housing,” said Tishman Speyer President & CEO Rob Speyer. “While best known for our world-class office properties, Tishman Speyer is currently helping to meet residential demand with projects underway in cities such as New York, Boston and San Francisco, as well as overseas. We have a strong business presence in the District and in the region, and that will continue as we broaden our development activity here.”
The sellers were Jamestown LP and DRI Development Services, who had long planned to develop a 825,000-square-foot Congressional Square office campus on the site. Jamestown purchased the site in 2007 for about $69 million and later partnered with DRI for the project. However, the site was sold to Tishman Speyer for $63.8 million, according to Washington Business Journal. The project was pre-certified LEED Gold and had planned to include a fitness center, green roof and a 10,000-square-foot public plaza, according to DRI’s website.
This is Tishman Speyer’s first residential project in D.C., according to Paul De Martini, regional managing director for Tishman Speyer. However, the company has another project in the works in the District. Last July, the company bought two adjoining properties, 2020 and 2030 M St., N.W., in the central business district. The company purchased the buildings, one of which is home to CBS News’ DC bureau, for a total of $79.5 million, with plans to redevelop them over the next few years.