If the area near Nationals Park in Southeast Washington seems overloaded with construction cranes and “coming soon” signs, just wait: There’s more to come. Tishman Speyer, a global real-estate developer, owner, operator and asset manager, acquired a two-acre site there with the intention of building 800 upscale apartments along with at least 44,000 square feet of retail space.
“We think this will be the city’s most vibrant mixed-use neighborhood, and we’re excited that this will be the location for our first residential development in the District,” says Paul De Martini, regional managing director for Tishman Speyer. “When it’s built out, there will be 12,000 residential units in the submarket and a little over a million square feet of retail space plus office space.”
The Tishman development will fill a full block between I and K streets SE and First and Half streets SE.
The apartments would be within walking distance not only of the stadium, shops, restaurants and nightlife in the area, but also the Navy Yard-Ballpark Metro station for Green Line service and the Capitol South Metro station for Orange, Blue and Silver line service, De Martini says.
“Whole Foods coming into that sub-market is a real game-changer, we think,” De Martini says. “Our retail could be up to 80,000 square feet, but we’ll balance supply with demand as the project moves forward.”
De Martini anticipates that the first apartment building will be completed at the end of 2019 and the second in 2021. Plans are in the pre-development stage, so no architect has been chosen. However, De Martini expects the apartments to compete with other high-end rentals in the city and to include amenities such as a swimming pool and roof deck similar to those at other upscale buildings.
“The location will have unencumbered views of the Capitol Dome from the top of the building,” De Martini says.
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