Developer on Board for $2.5B Mixed-Use Project in D.C.
- Feb 15, 2008
Washington, D.C.’s bid to revitalize a neglected area along the Anacostia River takes a giant leap forward as city officials choose Clark Realty Capital’s proposal for a $2.5 billion mixed-use project. Clark Realty will take on the task of converting a 110-acre site along the east side of the river into a veritable city within a city. The proposal encompasses a residential element–30 percent of which must be reserved as affordable housing to accommodate the various income levels within that designation–,retail, a school and, as mandated by the land transfer agreement between the federal government and the city, a 70-acre waterfront park with space for gardens, two memorials, wetlands, and an outdoor performance area. Additionally, the project could include a new stadium for D.C. United, the city’s Major League Soccer team that presently calls the 47-year-old Robert F. Kennedy Memorial Stadium its home. Clark Realty’s vision for the site was selected from six other proposals submitted by companies last November in response to the District’s Request for Expressions of Interest. One of the next steps in moving forward with the development of Poplar Point will involve Clark Realty meeting with the National Park Service to further outline development details and ascertain measures that must be taken to limit the project’s environmental impact on the area; the process is expected to be completed within 12 to 18 months. Construction could get underway in mid-2009. Though a behemoth development, Poplar Point is just one of a bevy of projects in the works for the underutilized area east of the Anacostia River. Among the other pursuits is the $120 million Anacostia Gateway Government Center, a 335,000-square-foot office facility with 4,000 square feet of retail and publicly accessible parking accommodations, which will be developed as the new headquarters of the District Department of Transportation. Plans are also being considered for the redevelopment of the 174-acre St. Elizabeth’s Hospital East Campus into a mixed-use destination. An Arlington, Va.-based real estate firm, Clark Realty provides finance, development, construction, property management and investment management services. The company’s activities encompass residential, office, retail and mixed-use endeavors.