Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-The US Armed Forces Retirement Home is preparing to put 276 acres of its campus up for lease to private developers. The organization hopes to generate a consistent source of income through the ground leases on mixed-use projects and will begin accepting proposals for such developments later this fall.

Delta Associates sums up the current developable land situation in its Trendlines 2005 report on the Washington/Baltimore area by turning an eye toward land acquisitions. “Land sales in the District are averaging $109 per FAR sf, reflecting the demand for prime parcels Downtown–and the difficulty of assembling large tracts,” the research firm concludes in the annual overview. “We expect builders will become more active in land acquisition in 2005, as speculative development becomes more popular.”

Situated between the Soldiers’ and Airmen’s Home National Cemetery and Washington Hospital Center on the edge of Catholic University, the AFRH campus is an historic locale that was developed in 1851 as the Soldiers’ Home. Today the property still has buildings from the early 20th Century. The portion of the site that will be available for development is a southeast segment that is bordered by Irving Street and N. Capitol Street.

As per AFRH’s Draft Environmental Impact Statement, which was recently presented to the National Capital Planning Commission, the organization has three different development plans in mind for the property. One plan proposes nearly 2.6 million sf of institutional space, 3.2 million sf for R&D, 1.6 million sf for medical, 130,000 sf of retail, one million sf reserved for residential units and a 200,000-sf hotel and conference center. Option two consists of two different possibilities, both of which total just over six million sf and involve the same elements as the first plan but at different sizes, as well as a potential embassy segment. The third alternative involves approximately 400,000 sf of institutional space, 300,000 sf of retail, five million sf for residential use and 700,00 sf for office use. AFRH is expected to settle on developers in the winter of 2006 and will then work in conjunction with the US General Services Administration on the endeavor.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.