EB5 Capital today announced that it has provided $40.5 million in preferred equity financing for Columbia Place, a dual-branded Marriott hotel project being developed by Quadrangle Development Corporation and Capstone Development. Columbia Place comprises two new Marriott hotels – a 357-room Courtyard and a 147-room Residence Inn – within one building. The two hotels will be built across from both the existing Marriott Marquis and the Walter E. Washington Convention Center, creating a true three-hotel complex. The three hotels will include more than 1,600 rooms for business and leisure travelers.
The Development Wave on NoMa’s East Side
While the west side of the NoMa metro in Northeast DC is already built up with glassy apartments, hotels, a Harris Teeter, and other retail, the east side of the tracks—next to the station’s M Street NE entrance—remains mostly untouched. Within a few years, though, it will look dramatically different. Trammell Crow and its wholly owned subsidiary, High Street Residential, filed plans with the DC Zoning Commission on Tuesday for the 2.4 acres abutting the tracks, and Douglas Development’s conversion of the old Uline Arena, a.k.a. the Washington Coliseum, has been underway for months. Here’s a rundown of what’s coming.
Huge NoMa project replaces ‘insular’ site with ‘true mixed-use
NoMa is no stranger to residential-over-retail projects, but one massive and complex development proposed on Tuesday announces itself as “true mixed-use,” the overhaul of an industrial, “insular” parcel with hundreds of residential units, a hotel, retail and open spaces.
High Street Residential, a wholly owned subsidiary of Trammell Crow Co., has partnered with the Dorr family, owner of the Central Armature Works at 1200 Third St. NE, to redevelop the 2.5-acre NoMa site. High Street will oversee the project, while the Dorr clan, which contributed the property to a trust last summer, will play an undefined role.
ULI Global Awards for Excellence: City Market at O
Developer: Roadside Development
Design/construction team: Shalom Baranes Associates, Cecconi Simone, Perkins Eastman, JCA Architects, Clark Construction, and Crisack Construction
Size: 1 million square feet (93,000 sq m)
Spanning two full city blocks, City Market at O (CMO) is a mixed-use redevelopment project in the District of Columbia’s historic Shaw neighborhood. CMO has catalyzed nearly $1 billion of new investment in Shaw and helped stabilize the area. Since 2011, the year construction started, surrounding property values have increased significantly and the demographic profile of the neighborhood has become more diverse. CMO has become the retail center of Shaw, creating an important linkage between downtown and neighborhoods to the north.
Q&A: Roadside Development’s Richard Lake on What’s Next for Shaw
Bisnow: When did Roadside start developing in Shaw?
Richard: We bought the O Street Market, which was four acres, in 2001. So we’ve been involved in planning projects in Shaw since late 2000. Our footprint now is big in Shaw and we’re very happy to be playing in that sandbox.
Bisnow: Describe Roadside’s current work in Shaw.
Richard: City Market at O is 80% complete. It will be 1M SF of development, including 640 residential units, with 90 of them affordable housing for seniors, a 182-room Cambria Suites hotel and nearly 100k SF of retail. We’re under construction on the last tower, which is 143 units. We’re also planning a 72-unit condo project at the corner of 8th and O streets, and redeveloping the old Grimke School on Vermont into a residential, retail and community complex.