WASHINGTON, DC-The JBG Cos. and Lowe Enterprises are scheduled to break ground on their Fort Totten Square project in this part of town Wednesday morning. Much has been publicized recently about the project, long in the making, including the noted Wal-Mart anchor. "This groundbreaking will be about formally launching our Fort Totten Square project," JBG's Anthony Greenberg tells GlobeSt.com. "We'll also be thanking all of the folks that helped bring the project along this far."
Fort Totten Square will include 345 apartments, 130,000 square feet of retail and street-level convenience stores. Greenberg says the street-level retail hasn't been preleased yet. "We will be marketing that space shortly. We are hoping for a mix of neighborhood amenity retail." Construction costs for the project are approximately $70 million and total development costs, $100 million.
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In separate but related news, Mark S. Rivers has been named SVP and managing director of Lowe Enterprises Real Estate Group's Washington D.C. metro operations. He will oversee all commercial and multifamily activities in the area including acquisitions, development, asset management and business development.
Together with Rivers' new role, Mike Balaban, who led Lowe's Washington D.C. area operations, has assumed a larger strategic role for the firm. He'll be pursuing expanded national development strategies.
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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.
