DC Development Report Highlights

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Recent college graduates, “twenty-somethings” and baby boomers are moving into D.C. at a greater pace than seen in recent years, and their demand for a 24/7 environment, walkable neighborhoods and easy access to neighborhood services has created demand for new development, according to the Washington, DC Economic Partnership’s latest DC Development Report (2012/2013 Edition). The report notes that 6.7 million square feet of commercial space broke ground across all major development markets through August 2012—a figure that it estimates will top 7.8 million SF by the end of 2012 as several mixed-use projects begin construction.

The report provides an overview of the major development and construction projects in D.C. and tracks activity as far back as 2001, focusing on the office, retail, residential, hospitality, and education sector. It also features development hot spots in areas such as Mount Vernon Triangle and Capitol Riverfront. Over the past 12 years—from the beginning of 2001 through August 2012—1,155 DC development projects have been completed, totaling more than 119 million SF, with an estimated value of $34.9 billion. Another 158 projects, totaling 20.8 million SF and $9.5 billion, are under construction.

Several Downtown projects, developers and architects are featured in the report. The top office projects include eight in the DowntownDC BID area. Two, 733 10th Street—developed by Skanska USA Commercial Development Inc.—and the U.S. Commerce Department’s Herbert Hoover Building (Phase II) located at 14th Street & Constitution Avenue, were completed in 2011 and 2012, respectively.

Also featured are CityCenterDC, the 515,000 SF Hines/Archstone mixed-use development being delivered next year; the Association of American Medical Colleges (655 K Street), another Hines property, due in 2014; and the Lafayette Building (811 Vermont Avenue), the $164 million General Services Administration development expected in 2015. Three projects in the pipeline—900 G Street, Gallery Tower (627-631 H Street) and 1442 Pennsylvania Avenue—are scheduled for delivery in 2014.

CityCenterDC, located between H Street and New York Avenue from 9th to 11th streets, also made the lists for top retail projects under construction (with 185,000 SF) and top residential projects under construction (with 674 units).

Skanska’s project at 733 10th Street, which includes a 25,000 SF church facility, is also listed under completed hospitality projects, while the $520 million Marriott Marquis convention center hotel coming to 901 Massachusetts Avenue made the top hospitality projects under construction list. New York University’s 75,000 SF Constance Milstein & Family Academic Center is noted under education development as a top project under construction.

In addition, Douglas Development Corporation (702 H Street) was named one of the city’s most active private developers, with 24 projects. Eric Colbert & Associates PC (717 5th Street) was among the most active architects, with 44 projects.

A section devoted to green development notes that D.C. has 316 Leadership in Energy and Environmental Design certified buildings and projects—including 87 Silver, 160 Gold and 34 Platinum buildings—with another 1,054 LEED registered projects. DC’s Green Building Act of 2006 is fueling the number of LEED projects by requiring any nonresidential project or post-secondary educational buildings undergoing new construction or substantial improvements to meet LEED certification standards beginning in 2012, for properties 50,000 SF or more.