In the late 1990s, Washington D.C.’s downtown central business district experienced a major renaissance following the opening of the MCI Center (now Verizon Center and home to the Washington Capitals and Wizards), Gallery Place and the D.C. Convention Center.
Major Renaissance
The surrounding submarkets, especially NoMa (North of Massachusetts Avenue) in the Mount Vernon Triangle, offered opportunities to provide necessary office and residential space through mixed-use projects.
We identified NoMa as a Qualified Community and in 2004, the District’s Redevelopment Land Agency selected us to develop CityVista, a prominent mixed-use project featuring 244 apartments, 441 condos and 60,000 square feet of retail space as well as parking. CityVista’s condominiums sold quickly and the project helped attract top retailers to the area—including the neighborhood’s first grocery store—further solidifying the community’s long-term viability.
We continued to make an impact in NoMa by acquiring prime office space located near Union Station, a transportation hub, among other acquisitions:
2005: Acquired a 303,500 square-foot Class A office building at 800 N. Capitol St. and leased the space to government agencies
2006: Acquired a 236,700 square foot Class A office building at 830 1st St. NE and leased the space to government agencies
2007: Acquired Union Square, a 609,500 square foot property with two nine-story Class A office buildings separated by a central plaza near CityVista
The NoMa district, which was once populated with warehouses, has undergone a noticeable transformation and is now filled with offices and residences, as well as shopping, dining and entertainment venues.