Forest City to Announce 60% Retail Preleases at Yards 

WASHINGTON, DC-The Yards Park, a 5.5-acre urban park, is set to open this weekend. A few blocks south of Capitol Hill on the northern banks of the Anacostia, the Yards is expected to be a major draw to this submarket. It contains a quarter-mile boardwalk, a waterfall, a 60-foot light tower by artist James Carpenter and a dog run.

Real estate developers hope the park will spur activity in related projects, namely the Yards, which when complete will include more than 1.8 million square feet of office, 400,000 square feet of retail space and 2,800 residential units.

With the Yards Park set to open, developers are stepping up their tours and plans for related development. Retail is expected to receive a huge boost from the project, says Ramsey Meiser, senior vice president of development at Forest City. The company has two buildings there that it is planning to redevelop into retail--one of which is already 60% leased, he tells GlobeSt.com.

That particular building is not located in the park itself; rather it is the so-called boilermaker building located in the heart of the project. The historic building got this name because the Navy used to use the site to develop boilers for its ship. A 32,000-square-foot structure, “we are looking forward to announcing a number of restaurant and retail deals there,” Meiser says.

Another Forest City holding is located in the park itself. A large, 20,000-square-foot pavilion that currently has no skin, it is going to command premium-asking rates, Meiser says. “The waterfront location justifies this,” he says.

Yet another nearby project that is moving forward is an apartment building across the street from the park. Forest City just secured a $46-million construction loan for the development of the $60-million building that will deliver in October 2011.