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.

Another office project is taking shape at the Capitol Riverfront at the corner of First and M, SE. "We haven't put a name on this one yet; we think the address might be 99 M," Ward says.

The proposed structure would be about 235,000 square feet. "We are going full speed on the design. Most of the interest we have gotten, interestingly, is from retail." Ward estimates the development costs would be about $75 million, give or take, depending on the design. "We have a couple of scenarios in mind," he says.

Skanska also has secured two more leases at 1776 Wilson Blvd. with 100 Montaditos and Pier 1 Imports.

Skanska acquired the site in May 2010 and delivered it in November 2012. The building features 134,750 square feet of office and retail space and currently there is 11,750 square feet of retail and 27,660 square feet of office space available.

Instant Insights /

Skanska Eyes Projects in NoMa, Capitol Riverfront

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