Parcel Sale Brings First For-Sale Residential to Neighborhood
Forest City Washington and PN Hoffman announced the signing of a purchase and sale agreement in which PN Hoffman will acquire a site located at The Yards to develop a condominium building of approximately 130 units on ten floors that will be the first for-sale residential product at the development.
The development site, located on Fourth Street SE at Tingey Street SE in The Yards, is approximately one-third of “Parcel O” in The Yards master plan. The Yards is a major urban mixed-use redevelopment project of Forest City Washington situated on the waterfront in the city’s Capitol Riverfront neighborhood. Forest City was selected by the U.S. General Services Administration (GSA) to develop The Yards to transform the Southeast Federal Center into a vibrant waterfront neighborhood.
“The demand for our residential rental products is very strong and The Yards continues to be a wonderful success story,” said Deborah Ratner Salzberg, president of Forest City Washington. “As we remain committed to the site, we continue to receive many inquiries about a condominium component that we believe would integrate well with the overall mix of offerings at The Yards. We’re thrilled to have PN Hoffman develop the initial condo building at The Yards because they always deliver a high quality, well-received product.”
These luxury condominium residences will echo the unique industrial past of the site both in building architecture and unit finishes. A range of residence sizes are currently planned from studios to two-bedroom units.A rooftop resident’s lounge, outdoor kitchen and fire pits, private terraces and balconies, and front desk staff are just a few of the features expected to be available.As with every building developed at The Yards, PN Hoffman’s property will offer street-level neighborhood-serving retail space that enhances livability.
“Forest City Washington had the vision to blend the history of Washington, DC’s riverfront and its adaptive, historic buildings into a neighborhood experience,” said PN Hoffman CEO Monty Hoffman. “We believe there is a great desire to live and own a piece of this history and waterfront community through a condominium residence. With all of the restaurants, the grocer, fitness center, Metro, Yards Park, cafes, and waterfront, daily life choices are abundant. We are excited about connecting with these amenities and creating a spectacular condo residence accretive to the overall waterfront community.”
The parcel to be acquired by PN Hoffman is currently the site of the popular Trapeze School of New York (TSNY). The school will be relocated within The Yards once the former National Geo-Spatial Intelligence Agency building at First and M Streets SE is demolished. Demolition is expected to be completed by late summer.
Nearby, Forest City developed, owns, and manages the Foundry Lofts residential building, a 170-unit, adaptive reuse project that was fashioned from a former Navy Yard industrial building. When opened in late 2011, Foundry Lofts quickly leased up in four months and remains fully leased.
In June, Forest City will open its second apartment building at The Yards, the 218-unit Twelve12 project that will also feature a Harris Teeter grocery store, a 28,000-square-foot Vida Fitness facility including its Bang Salon, Aura Spa and Penthouse Pool Club and Lounge, as well as new store locations for Sweetgreen, TaKorean, and other non-food retailers and services, all opening later this year. Retail leasing for Twelve12 is currently 96 percent complete. Residential leasing began in early March and first move-ins are expected in June.
Additionally, construction is underway on the third apartment building to be developed by Forest City at The Yards. The 327-unit, 11-floor apartment building located at 1331 Fourth Street SE, designed by the renowned Robert A.M Stern Architects, is expected to be completed in late 2015.
At full build-out, The Yards will offer approximately 2,800 new residential units, both for rent and for sale, up to 400,000 square feet of retail and 1.8 million square feet of office space, in addition to the award-winning waterfront Yards Park. Numerous restaurants and retailers have opened at The Yards within the past year and at least six more are expected to open later this year. Additional information about The Yards can be found online at DCYards.com.