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More than 35 responses to the RFQ were received in December 2019. The development opportunity marks the only time since 2004 that PIDC has offered exclusive development rights and the first time that mixed-use multifamily development will be allowed at the Navy Yard.
The average existing building is 40 years or older and can experience 15 to 20% degradation in operating performance each year but Hatch Data software offers efficiency, productivity and optimized asset values.
The financing will facilitate the construction of a 1.2-million-square-foot mixed-use tower, part of a 1.9-million-square-foot development that will feature office, residential condominium and retail space.
Hines Global REIT acquired the Riverside Center office complex at 275 Grove St. in 2013. Designed by Elkus Manfredi Architects and completed in 2000, Riverside Center comprises three separate four-story buildings connected by a full-height glass-enclosed atrium.
What is known as the WeWork phenomenon, where companies have essentially adopted flex space and layered on amenity offerings, has become far-reaching, beyond start-ups to corporate America.