Commercial Real Estate Report
WHAT'S GOING UP
Some of the major developments elsewhere underway in the region
Monday, March 5, 2007; Page D08
Waterview
Location: N. 19th and N. Lynn Streets, Rosslyn
  (Waterview) Interactive Map Check market size, vacancy rate, asking rent and other information for metro-area submarkets. |
Use: Office, retail and housing
Size: About 1 million square feet
Cost to build: Estimated at $300 million
Major tenants: Corporate Executive Board, Kimpton Hotel & Restaurant Group, privately owned condominiums
Asking rent: Typically from the low- to mid-$40s per square foot
Developer: JBG Cos.
Architecture: Pei Cobb Freed & Partners
Contractor: Clark Construction
Planning started: Mid-1990s. Zoning completed in 2000.
Groundbreaking: Spring 2005
Scheduled completion: Hotel and condos will open in Fall 2007. Corporate Executive Board will move in February 2008.
The Waterview in Rosslyn, at the foot of the Key Bridge, is a multi-use project. Two towers will be joined by a terrace at the fourth floor, which will have retail, restaurants and views of the Potomac. One, 24-floor tower will be occupied completely by the Corporate Executive Board, which has outgrown its space in the Watergate. The company's 1,200 employees are spread out in several other offices until its new home is ready. The other 30-foot tower will house the Hotel Palomar, a boutique business hotel with 155 rooms. About 180 condominiums will be above the hotel. As of last week, 50 percent were sold.
NOAA Center for Climate and Weather Prediction
Location:5830 University Research Ct.,
Riverdale, Md.
Use: Office
Size:280,000 square feet
Cost to build:$75 million
Major tenants: National Oceanic and Atmospheric Administration
Asking rent: Typically ranges in the mid-$40s per square foot in the area
Developer/owner: Opus East
Architect: HOK
Contractor: Opus East
Planning started: Contract awarded in 2005
Groundbreaking: March 2006
Scheduled completion: Spring 2008
The new NOAA Center for Climate and Weather Prediction building will be within M Square, a 130-acre research park adjacent to the University of Maryland, on the property north of the USDA building in College Park and adjoining existing woods and county parkland. The building will include a deli and fitness center. A shuttle will take employees to and from the nearby Metro station. More than 50 percent of the roof surface will be covered with grass or plantings.
DC USA
Location:14th Street and Park Road NW
Use: Retail
Size:540,000 square feet
Cost to build:$149.5 million
Major tenants: Target, Best Buy, Bed Bath & Beyond, Washington Sports Club, Marshalls, Caribou Coffee, Staples
Asking rent:$25 to $80 per square foot
Developer/owner: Grid Properties and Gotham Organization with Joseph Searles and a community partner, the Development Corporation of Columbia Heights.
Architect: Bower Lewis Thrower Architects
Contractor: Clark Construction
Planning started:2001/2002
Groundbreaking: May 2006
Scheduled completion: Early 2008. Target plans to open March 2008.
Anchored by Target, the pedestrian-oriented retail complex is being developed on a five-acre site in Columbia Heights. The developers acquired the site from RLA Revitalization Corp., a subsidiary of the National Capital Revitalization Corp. The three-level, half-million-square-foot center is expected to produce 1,000 jobs and $12 million per year in taxes. There will be an underground parking garage with 1,000 spaces. It will be the first Target in the District.
The Development Corporation of Columbia Heights, which helped push this project through, celebrated with a topping-out ceremony last week.
-- Amy Joyce
