(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC).
WASHINGTON, DC-News has been breaking almost daily about new projects slated for construction here—the latest, and perhaps most glamorous being the Trump Hotel Collection’s selection as developer of the iconic Old Post Office Building. Another project scheduled to break ground is the $700-million Hoffman-Madison Waterfront concept, which is currently moving through the zoning and entitlement process. And of course, last week MRP Realty and the JBG Cos., unveiled plans to build an ambitious 1.9-million-square-foot mixed-use project in Arlington.
Trump announced its selection by the General Services Administration for the Old Post Office Pavilion project with its usual panache. “We are extremely honored and committed to making this the finest hotel in the country, if not the world,” Donald J. Trump, chairman and president, said in a prepared statement.
Under its proposal, the company will be sponsor, investor, developer, brand and operator. Colony Capital is partnering with Trump on the proposal and will co-invest in the project. Plans include more than 250 expansive guest rooms, penthouses and presidential suites, restaurants and meeting facilities gardens.
A few miles away, planning is underway for the Hoffman-Madison Waterfront project, a 3.2-million-square-foot project for which the developers just submitted its Stage 2 Planned Unit Development application to the District of Columbia Zoning Commission. The application includes details about the architectural designs and specific plans for each parcel of the project’s first phase, which consists of 1.5 million square feet of residential, hotel, office and retail uses.
The zoning and entitlement process is on track, Monty Hoffman, managing member of Hoffman-Madison Waterfront, tells GlobeSt.com. “We expect sit down hearings in March or April, then we will hear comments from the zoning commission. A hearing will then be scheduled in June or July. From there we hope to get approval by September for the final stage for entitlements.”
The company will submit the building permits by the end of this year, he concludes, with groundbreaking tentatively scheduled for Q1 2013.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
