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DC remains a top market for investors, fluctuating between No. 1 and No. 2 in the U.S. and No. 1 and No. 4 globally since 2002. This, according to the Washington, DC Economic Partnership’s (1495 F Street) latest DC Development Report 2011/2012 Edition, helped the city keep its favored status during the recession and average about 10.4 million square feet (SF) of construction starts per year.
The report, which provides an overview of the major development and construction projects in DC, tracks activity as far back as 2001 and focuses on the office, retail, residential, hospitality and education sectors and features development hot spots. Since 2001, more than 1,300 projects created 268.8 million SF of space, with an estimated value of $80.6 billion. All data in the report reflects project status, design and information as of August 2011.
Several Downtown projects, developers and architects are featured. Among the top DowntownDC BID area office projects under construction: CityCenter DC, the 515,000 SF Hines/Archstone mixed-use development at the Old Convention Center site, expected in 2013 and also listed as a top retail and residential pipeline project; and the Lafayette Building (811 Vermont Avenue), the $157 million General Services Administration (GSA) development due in 2016.
The Marriott Marquis (901 Massachusetts Avenue) Convention Center hotel also made the top list for retail and hospitality projects under construction. A development team led by Quadrangle Development Co. is behind the $520 million development, scheduled for delivery in 2014. Also on the hospitality front: both 733 10th Street, a Skanska and PN Hoffman project, and the National Law Enforcement Museum, coming to the 400 block of E Street, were listed as top projects under construction. The mixed-use Skanska project, home to First Congregational United Church of Christ (UCC), was completed late last year. The Museum is scheduled to be delivered in 2013.
In addition, the report indicated that Douglas Development Corporation (702 H Street) was one of the city’s most active private developers, with 23 projects. Eric Colbert & Associates PC (717 5th Street) was among the most active architects, with 41 projects.
A section devoted to green development notes that DC had 197 LEED certified buildings (of which half were LEED-Gold) and 872 LEED registered buildings as of July 2011. In addition, 10 Green Communities projects were completed, and eight more were under construction. All told, these accomplishments made DC the green building leader per capita.
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