The Washington D.C. area continues to see a dynamic marketplace for landlords and tenants, sellers and buyers. From upscale fitness studios to trendy restaurants and grocery stores, these deals are set to transform the local landscape and enhance their communities. Here's a closer look at some of the noteworthy developments and milestones in the region.
The Heming in Tysons' Scotts Run Development: Skanska USA's Heming development is generating significant buzz as it prepares to deliver this summer. Located in the Scotts Run development in Tysons, The Heming will consist of a 28-story building with 410 residential units and 38,000 square feet of retail space. The project recently signed two prominent retailers as tenants. Body Fit Training, a popular fitness studio, is set to open its doors this summer, while Modan, an omakase sushi restaurant, is expected to welcome customers in spring 2024. Skanska Executive Vice President Mark Carroll expressed his excitement about the new retail leases, highlighting the community-centric design of the project.
Oakville Triangle Development: The Oakville Triangle development in Potomac Yard is another project generating considerable interest. The Founding Farmers Group, renowned for its farm-to-table dining concept, secured a lease for 9,200 square feet of ground-floor retail space. Expected to open in the first half of next year, this will be their eighth restaurant in the mid-Atlantic region and third in Virginia. The development's Phase 1 will feature 37,000 square feet of retail, 571 multifamily units, 84 townhomes, a self-storage facility, a healthcare facility, and a public park.
Downtown D.C. Affordable Residential Conversion: A downtown D.C. office building located at 1201 L St. NW is undergoing a transformation into an all-affordable residential development. Agorsor Equity purchased the property for $14 million and plans to convert it into 145 affordable units spanning 133,000 square feet. The project aims to address the need for affordable housing in the area. Agorsor Equity principal Christopher Agorsor envisions a 2026 delivery for the project, and funding is already secured. This adaptive reuse project exemplifies the commitment to creating diverse and accessible housing options in the heart of the city.
NRP Group's Multifamily Development in Hyattsville: The NRP Group and EJF Capital recently closed a $61 million construction loan for a 361-unit multifamily development in Hyattsville. Located at the corner of Belcrest Road and Toledo Road, the five-story project is expected to be completed in the third quarter of 2025. As it falls within a qualified opportunity zone, investors can benefit from tax breaks while contributing to the economic growth of lower-income areas. The collaboration between NRP Group and EJF Capital highlights their commitment to fostering positive change through strategic investment and development.
Reston Town Center's Marriott AC/Residence Inn: Donohoe Construction celebrated a significant milestone with the topping out of the 267-key Marriott AC/Residence Inn in Reston Town Center. This 16-story mixed-use building features 34,000 square feet of retail space on the first and second floors. The property, managed by BXP, is slated to open in late 2024, offering a unique blend of hospitality and retail experiences.
The Parks at Walter Reed: Whole Foods recently fulfilled its long-standing promise by opening a 47,000 square-foot organic supermarket at The Parks at Walter Reed. This expansive 66-acre development, led by Hines, Urban Atlantic, and Triden Development Group, incorporates a mix of townhouses, condos, apartments, office space, and retail. With a diverse range of amenities such as a foreign language immersion charter school, playground, dog park, and swimming pool, The Parks at Walter Reed aims to create a vibrant community hub.
The Washington D.C. area is witnessing a surge in transformative retail and multifamily developments, with numerous projects reshaping the local landscape. From Skanska's Heming in Tysons to the adaptive reuse project at 1201 L St. NW and the Whole Foods store at The Parks at Walter Reed, these developments reflect the region's commitment to creating vibrant, inclusive, and community-oriented spaces. As these projects progress, they will undoubtedly enhance the quality of life for residents and visitors alike, cementing the D.C. Metro area as a dynamic and thriving urban center.