The mixed-use project at 1005 1st St. NE now has a name and a groundbreaking date, developer Robert Cohen, president of Perseus Realty, confirms.
The project is known as "Storey Park," and is expected to break ground in June 2014, about six months later than initially planned, due in part to a slowdown in the office market.
Perseus is partnering with First Potomac Realty Trust on Storey Park, which will have 350,000 square feet of office space but also 300 apartments and 65,000 square feet of retail, including a restaurant.
The building will also have an elevated park open to the public, which a landscape architect is currently designing, Cohen says. "We're talking about a water feature and other features up there to activate it and make sure it's not just looking pretty." The restaurant space will also look out into the park, which may provide opportunities for outdoor seating.
Cohen says the team is just a few weeks away from being granted its demolition permit to tear down the Greyhound bus terminal currently on the site, which closed in 2012.