JBG Investment Fund Partners with LCOR on Eckington Yards Project
JBG Investment Fund IX, L.L.C. reports it has entered a 50/50 co-development partnership with Berwyn, PA-based LCOR for the Eckington Yards project located in Northeast Washington, DC.
WASHINGTON, DC—The long awaited Eckington Yards mixed-use project in the NoMA district is finally under construction and with the recent first turning of dirt comes a new partner.
JBG Investment Fund IX, L.L.C. reports it has entered a 50/50 co-development partnership with Berwyn, PA-based LCOR for the Eckington Yards project located in Northeast Washington, DC. Construction on the project is currently underway, with Union Kitchen and Brooklyn Boulders previously announced as retail tenants. Union Kitchen will occupy approximately 21,000 square feet, while Brooklyn Boulders, a fitness, rock climbing facility, has signed a lease for 35,000 square feet at the development.
No financial terms of the partnership between JBF Investment Fund IX and LCOR were released. Chevy Chase, MD-based Boundary Cos., which was a partner on the project with JBG, is no longer involved in the development, according to a report in the Washington Business Journal.
The Eckington Yards plan includes four multi-family buildings totaling 681 units, along with 70,000 square feet of retail to the Eckington community. The property, which is scheduled for delivery in the third quarter of 2021, will feature be two rental apartment buildings with a total of 457 apartments and a 179-unit condominium building.
In addition, the development will also have the 45-unit for-sale City Home, which will be comprised of stacked two and three level townhomes. The property will be managed by JBG Smith.
“We are excited to bring diverse, multi-family and retail experiences to the Eckington community,” says John Clarkson, SVP of development with JBG Smith. “We look forward to partnering with LCOR, who shares the same vision and excitement for this transformative project.”
The Eckington Yards site sits at the intersection of Q Street and Eckington Place, near the Union Market District, NoMa, and the NoMa/Gallaudet Metro. Eckington Yards connects to the NoMa Green on the east side of the site and offers immediate access to DC’s major transportation conduits.
Matt Hard, LCOR’s VP of development, says of its new partnership with JBG Smith Investment Fund IX, “This project fits squarely within LCOR’s strategy of developing dynamic mixed-use projects in core submarkets.”