Skanska Eyes Projects in NoMa, Capitol Riverfront

WASHINGTON, DC-Skanska, a company that has proven it is willing to self-finance spec projects even in slow markets, is preparing to commence development on at least one and perhaps two projects in the DC within the next six to eight months. They are three buildings in NoMA – two office building and an apartment building adjacent to one another – and an office on the Capitol Riverfront. The company is just waiting for the right market conditions to pull the trigger, Rob Ward, executive vice president for Skanska USA Commercial Development in Washington D.C., tells GlobeSt.com. When they do go forward Skanska will most likely develop them with its cash on hand, or possibly with a partner.

The project in NoMa is mostly likely going to be the first to start, either this year or possibly at the start of next. “The first phase is ready to go,” Ward says. Briefly, the project consists of three buildings at 88 M St., NE, 44 M St., and 22 M St. They will be a 300,000-square foot office, a 260,000-square foot office and an apartment building, respectively. The development costs will be rough $80 million to $100 million.