WASHINGTON, DC—PN Hoffman will redevelop the St Augustine's Church site next to The Wharf project, building a new church facing Maine Ave. and a separate 105,000-square foot condominium building consisting 108 units. The condo building will be called 600 Water Street and be located across from the Arena Stage.
Development will take 20 months and permits are expected later this month. Sales are expected to begin in the second quarter of 2015.
The condo supply pipeline is the DC area is beginning to fill, with this project the latest example. According to Delta Associates' recently-released Q2 statistics, the number of unsold units in projects currently marketing or under construction, and not yet marketing, is 2,935 units at mid-year, an increase of 261 units since the first quarter. It also noted that approximately 1,578 condo units in 29 projects started construction in 2013, which is the highest annual total since the middle of the last decade.
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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.
