Washington D.C.
Columbia Pike Streetcar to Get $65M in New State Funding from Commonwealth of Virginia
Great news for the Columbia Pike Streetcar. The Commonwealth of Virginia will increase its funding to the project by up to $65 million. This will bring the state’s contribution to as much as 50% of total design and construction costs of the streetcar project.
PN Hoffman Plans to Bring 108 Condos to D.C.’s Southwest Waterfront
PN Hoffman announced on July 9 its plans to redevelop the St. Augustine’s Church site in Washington, D.C.’s Southwest Waterfront neighborhood. The project will deliver a new church facing Maine Avenue, as well as a new condominium building right next to it.
Montgomery County Signs Agreement with Washington Property to Develop Silver Spring Homeless Center
Washington Property Company(WPC) and Montgomery County plan to bring a new homeless center to Silver Spring. The Bethesda-based commercial real estate company has recently signed an agreement with the county and expects to break ground on the new facility in about a year.
Thrive Senior Living Breaks Ground on The Tribute at Heritage Village
Thrive Senior Living plans to construct several senior living communities in the Washington, D.C. metropolitan area. The Atlanta-based developer is working on the projects together with Harrison Street Real Estate Capital, an industry leader in senior housing investment, and Palomino Capital, a Dallas-based venture specializing in platform-based growth investments. On July 1, it started work on the first property in the portfolio.
Finmarc Management Acquires Two-Building, 150,000-SF Office Portfolio in Alexandria for $31.5M
Finmarc Management, Inc. continues its expansion in Northern Virginia with the acquisition of a two-building office portfolio in Alexandria. The Bethesda-based commercial real estate company paid $31.5 million to buy Waterfront Center I and II from Gates Hudson.
The JCR Cos. Buys Retail Space at Lorton Station Town Center for $13.8M
The JCR Companies continues to expand its D.C. area retail portfolio. Shortly after scooping up a 2,710-square-foot retail building housing Cork & Fork, in the heart of the thriving 14th Street corridor, the real estate investment firm has acquired 51,800 square feet of retail space at Lorton Station Town Center. The price of the transaction was $13.8 million. Regency Centers was the seller.
1788 Holdings, Persimmon Capital Partners to Redefine Luxury Condo Living in D.C. with The Lauren
Another luxury condo development has broken ground in the Washington, D.C. area. Called The Lauren Residences, it will deliver 40 condominiums to downtown Bethesda in the early spring of 2016. 1788 Holdings and Persimmon Capital Partners are the project’s developers. With The Lauren, they plan to ”redefine Washington, DC’s concept of luxury condominium living.”
First Potomac Realty Trust Improves D.C.-Area Office, Business Park Portfolio
First Potomac Realty Trust is improving its portfolio of office and business park properties in the greater Washington, D.C. region. The real estate investment trust has recently paid $41 million for a Class-A office building in Reston, while selling its Corporate Campus in Ashburn for the exact same sum, in a separate transaction.
Micros Systems Acquires 248 KSF Class A Office Building in Columbia, Md.
There’s no place like home, so Micros Systems decided to stay put and acquire its headquarters building at 7031 Columbia Gateway Drive in Columbia, Md., just outside of Washington, D.C.
D.C.’s First Hyatt Place Hotel Opens in NoMa
Just a month after the opening of D.C.’s first Cambria Hotel & Suites, in the historic Shaw neighborhood, the District is saying ”hello” to another important hotel brand. Hyatt Hotels Corporation, The JBG Companies and Crescent Hotels & Resorts have announced last week the opening of the city’s first Hyatt Place.