Developer WC Smith expects to deliver the first units of its 430,000 square-foot development in Washington’s Capitol Riverfront neighborhood by the third quarter of 2014.
The company says Park Chelsea, a $150 million project that broke ground late 2012, will try to meet some of the demand for luxury apartments in the area.
“That’s what is leasing right now in the Capitol Riverfront area,” Carol Chatman, the developer’s vice president of marketing and communications, says about the fast-changing neighborhood. “The building is going to be highly amenitized. There will be an indoor pool that is associated with the workout facility. Then there will be another pool on the roof along with grills and a dog walking area.”
Preliminary designs show the site, located at 880 New Jersey Ave. SE, will house a 13-story, 432-unit building. The structure will have a green roof/garden, three levels of parking and more than 5,000 square feet of retail space.
Ever since Capitol Riverfront BID was created by the District’s City Council, the neighborhood, a former industrial area, has been transforming into a business and housing hub. In 2012 for example, townhomes at Capitol Quarter, three blocks from Park Chelsea, were priced from $600,000 and up.
The Capitol Riverfront BID expects a total of 36,905,565 square feet of new construction in the area, a $9.5 billion investment approximately.
A previously published version of this story said that the Park Chelsea building would be condominiums. The development will be an apartment building. Elevation regrets the error.
Luis Velarde writes about business, investments, real estate, and urban development. His work has appeared in the BBC World Service, Voice of America and others.