New Pavilion Heralds $1.7B Mixed-Use Project in D.C.
- Aug 08, 2008
Construction of The Yards, a 5.5 million-square-foot redevelopment endeavor in southeast Washington, D.C., by Forest City Washington, is in the works, and the company has just opened The Yards Pavilion to give a peak at what is to come when the first phase of the project delivers late next year. An outdoor marketing gallery, The Yards Pavilion features exhibit panels and kiosks detailing the multi-faceted $1.7 billion project, the first structure of which will debut late next year as the 170-unit Foundry Lofts apartment building. “The Yards will change the city by creating this exciting, mixed-use riverfront neighborhood from former U.S. Navy Yard land that had been inaccessible to the public for almost two centuries,” a Forest City Washington spokesperson told CPN today. Located near the new Nationals Park baseball stadium, The Yards (pictured) will occupy 42 acres along the Anacostia River. “We are doing general awareness-raising of the overall project, its site history and the development components with the baseball gameday crowds because the new ballpark across the street is in a part of town many people have not ventured into for quite a while,” the spokesperson said, speaking about the purpose of the new 1,200-square-foot pavilion. The Yards will ultimately feature 2,800 residential units for sale and for lease, 1.8 million square feet of office space, 300,000 square feet of retail space and a vast amount of green space. The project will involve the adaptive reuse of five historic industrial structures, one of which will become Foundry Lofts. In addition to Foundry Lofts, the first phase of The Yards will yield a retail center converted from another historic building, and a newly constructed office building. “The Yards involves the development of an entirely new riverfront neighborhood within D.C.–a rare development opportunity for Forest City as well as DC,” the spokesperson said. “The Capitol Riverfront district is alive with development activity arrayed around the new Washington Nationals ballpark. There are almost a dozen developers working sites within this district with The Yards being the largest by far.” Forest City Washington, a wholly owned subsidiary of Cleveland-based Forest City Enterprises, develops urban mixed-use projects throughout the Mid-Atlantic, where it currently has a development pipeline encompassing 11 million square feet of Class A office space, 2 million square feet of retail space and 8,000 residential units.