The Wharf Kicks Off Phase 2 in DC
- Apr 02, 2019
Construction has gotten underway on Phase 2 of The Wharf, a $2.5 billion mixed-use development along the Potomac River in Washington, D.C. Developer Hoffman-Madison Waterfront, a partnership of PN Hoffman and Madison Marquette, delivered Phase 1 of the 3.2 million-square-foot, mile-long project in 2017.
The Wharf’s second phase will ultimately feature nearly 1.3 million square feet of offerings, including 625,000 square feet of trophy office space; 255 apartment units and 96 condominium units; a 131-key hotel; and 109,000 square feet of ground-level restaurant and retail space.
“Since we first began The Wharf in partnership with the District of Columbia more than a decade ago it has been about reintroducing D.C. to its waterfront through thoughtful retail, entertainment, public spaces and of course public access to D.C.’s best natural resource–its waterfront,” Monty Hoffman, founder & CEO of PN Hoffman, said in a prepared statement.
The waterfront segment of Phase 2 includes 223 boat slips at The Wharf Marina. The remainder of the final leg of the project will yield a 1.5-acre park and two underground parking facilities offering a total of approximately 1,000 spaces.
Magnet for office users
The Washington, D.C., office market recorded approximately 833,000 square feet of absorption in 2018, according to a report by Cushman & Wakefield, and a prelease at The Wharf during the fourth quarter was part of the positive take-up. Law firm Williams & Connolly entered into an agreement to occupy 292,000 square feet at Phase 2’s 690 Main Ave., S.W. office tower. The Business Roundtable also committed to space at The Wharf, inking a deal for 30,000 square feet at the new office building at 1000 Maine Ave., S.W., where law firm Michael Best & Friedrich LLP also signed on for 30,000 square feet last year.
“The Wharf has been able to offer both these advantages—brand new efficient space at a discount to comparable core pricing, on the waterfront no less—and has thus been a smashing success story,” per the Cushman & Wakefield report.
Phase 2 of The Wharf is scheduled to reach completion in 2022.