Development of Major Asset Classes Soars in Northwest DC
1. DC government officials have life sciences on their brains, with several developments being considered in northwest DC In April, Mayor Muriel Bowser and the Deputy Mayor’s Office for Planning and Economic Development announced that the district plans to seek $92 million to fund research and innovation facilities at four major health care institutions: Children’s National, Whitman-Walker at St. Elizabeth’s, Howard University and George Washington University.
2. The owners of Dance Loft on Building 14 at 4618 14th St. NW announced plans to sell the property to create new space to serve community performing arts and help solve DC’s affordable housing crisis. Some of the nonprofit’s neighbors have spoken out against the proposal, despite how it aligns with the district’s goal of producing thousands of new affordable housing units by 2025, Greater Washington reported.
3. Lowe, local developer FLGA and Howard University have agreed to co-develop a 10-story mixed-use building, which will be located on the site of the Howard East Towers parking lot between Eighth and Ninth Streets NW, UrbanTurf reports. . A particularly interesting aspect of the project is a proposed public amenity in the form of a two-block public plaza along W Street connecting Georgia Avenue to Ninth Street.
Universal North and Universal South, two 1960s office buildings across from the Washington Hilton, seen in October 2018
4. Several new development projects are underway in DC’s northwest Shaw neighborhood. Some of these include a 60-unit development on the former site of a children’s hospital at 2220 11th St. NW, a nine-story, 316-unit project on the 1700 block of Eighth Street NW and a renovation and a Residential addition to former historic Samuel FB Morse School/Africare headquarters at 440 R St. NW.
5. JBG Smith affiliates sold two of their former Vornado/Charles E. Smith assets in Dupont Circle to affiliates of the Post Brothers of Philadelphia. The REIT sold Universal North at 1875 Connecticut Ave. NW and Universal South at 1825 Connecticut to the Philadelphia-based company, which focuses on infill multifamily over retail, including adaptive reuse, and is expected to turn both of these office buildings into apartments.
6. Friendship Heights developers are diving headfirst into multifamily development. Up to 1,300 units are expected to be built on four projects in the neighborhood’s pipeline, including Tishman Speyer’s redevelopment of the recently foreclosed Mazza Gallerie mall, the Federal Realty Investment Trust‘s Friendship Center redevelopment project at 5333 Wisconsin Ave. , Donohoe Cos. and Carr Cos.’ joint venture at 5500 Wisconsin Ave. and Donohoe’s proposed redevelopment of 5151 Wisconsin Ave.
7. Want to know more? Forthcoming bisnowThe June 2 New in Northwest DC event to learn about CRE opportunities in Shaw, Columbia Heights and Georgetown, to the event location, City Ridge, home of DC’s first Wegmans. The event features Roadside Development Founding Director Richard Lake, Dantes Partners COO Corey Powell and more. Register here.