Capitol Riverfront Residents Double

WASHINGTON, DC-The Capitol Riverfront, an emerging submarket in theDistrict, recently reported that its residential population has morethan doubled in size over the last year from 1,100 to 2,500, accordingto the Annual Report and State of the Capitol Riverfront — providinga boost to its aspirations of becoming a work-live- play enclave inthe District. This year 571 units delivered in the submarket.

Indeed most emerging neighborhoods in the District and nearby suburbs– from Rosslyn to Tysons Corner, VA to Silver Spring, MD to NoMA inthe District — hold similar goals for several reasons, starting withtransportation and the desire of local government to encourage smartgrowth to a diverse tax and economic base. Most of these areas,though, tend to follow the same pattern of securing office residentsfirst then retail that serves daytime workers. Once these two piecesare in place do residents and residential-serving retail start toenter the market.

The Capitol Riverfront appears to be at that phase in development now.It has been promoting — and investing in — the livability aspect ofits neighborhood with four retail establishments opening this year;Diamond Teague Park and Piers did as well. A second 5.5-acre park onthe river, The Yards Park, broke ground in May and will deliver inJuly 2010.

Notable office leases include the Coast Guard renewal of 529,000square feet at 2100 2nd St., SW; Parsons Engineering’s 80,000 squarefoot headquarter lease at 100 M St., SE; the Bureau of Land Managementinking a 94,435 square foot lease at 20 M St., SE; Sayres & Associatessigning a 20,000 square foot lease at 55 M St., SE; and the DCgovernment’s purchase of 225 Virginia Ave., SE, which it plans torenovate and relocate three government agencies.