WASHINGTON, DC—Hines and Qatari Diar unveiled the next stage of development at CityCenterDC: on Monday with Mayor Vincent Gray in attendance, representatives from both companies announced they have reached an agreement in the design and construction of a 370-room luxury hotel and 70,000 square feet of large-format retail space. The hotel will be the Conrad Washington, D.C., a luxury brand portfolio operated by Hilton Worldwide.
Hines and Qatari Diar will begin construction in mid-2015. The first tenants will be moving into the retail space expected in late fall 2017, and the hotel is expected to open in early 2018.
Herzog & de Meuron Architekten, headquartered in Basel, Switzerland, and HKS Architects, Inc., a Dallas-based design firm, are designing the hotel.
CityCenterDC has brought new energy to downtown DC, attracting new retailers and jump-starting demand for condos in the city. The 10-acre site currently is home to 188,000 square feet of retail space, 216 for-sale residential units, 458 apartment units, 520,000-square feet of office space, public open space. The 458-unit Apartments at CityCenter, which includes 92 affordable units, is now more than 50% leased since it opened in December 2013. The Residences at CityCenter, which went on the market in Fall 2013, are now 80% sold.
At full build out the retail component will consist of approximately 260,000 square feet.
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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.
