| Click here to view as a webpage |
| Meetings News from Washington, DC | March 2007 |
| See also: Hotels Update | Capital Development | Green DC | Unique Venues | DC Dish | Hollywood on the Potomac | How Can We Help? |
|
capital development
Development is underway in each quadrant of the city, from the eastern banks of the Anacostia River to the Northeast corridor. International investors have shown tremendous enthusiasm for the Washington, DC real estate market, ranking the nation’s capital among the most attractive real estate markets in the world. The 2006 Association of Foreign Investors in Real Estate puts Washington, DC in the number two domestic position behind New York and the number four international position behind London, New York and Paris. A study by Jones Lang LaSalle and Real Capital Analytics showed that commercial real estate investors spent approximately $15 billion in 2006 in the Washington region, representing a 38% increase over 2005. Here’s a look at a few of the major projects that are currently on the horizon:
Nationals Stadium: Major League Baseball’s newest team, the Washington Nationals, arrived in the nation’s capital in 2005. The team is awaiting the completion of its new home on the Anacostia River Waterfront, projected for completion in time for the 2008 season. The 41,000 seat facility will be the cornerstone of a new dining, nightlife and entertainment district in the Southeast Washington neighborhood, complete with hotel and residential elements. One of the most environmentally-friendly facilities in the league, the stadium boasts a sleek, modern design, incorporating glass, structural steel and pre-cast concrete. The $611 million facility will include two premium seating sections and ample entertainment suites, children’s training and family activities areas, plus picnic areas and a conference center for larger groups.
Photo Credit: Washington Nationals Baseball Stadium - Southeastern View of the new Nationals Stadium. Courtesy of JD's Stadium News.
The Newseum: With seven levels filled with galleries, theatres, retail spaces and guest services (including private event space with breathtaking views) Washington, DC’s newest museum will take visitors behind the scenes to discover how news is made when it opens this fall. Its largest gallery will trace more than 500 years of news history through more than 40,000 historic newspapers; its five mini-theatres will explore specific themes. An entire gallery will be devoted solely to displaying Pulitzer Prize-winning photojournalism. The Newseum will feature TV news feeds in real time from around the country, and more than 80 front pages will be displayed from around the world, enlarged and updated daily. Paying homage to the recent explosion in media outlets other than print, a special exhibition will trace the history of the growth of TV, radio and Internet news.
Photo Credit: The Newseum - Artist rendering of the Newseum. Courtesy of The Newseum
The Shakespeare Theatre Company’s Harman Center for the Arts: The newest addition to the downtown arts and entertainment district will open its doors on Oct. 1, 2007, treating theatre and performing arts fans to a packed calendar of works by Shakespeare and his contemporaries and acolytes. Located at 6th and F Sts. NW, the $77 million facility will operate alongside the Company’s existing stage at the Lansburgh Theatre, adding 776 seats to keep up with DC’s growing demand for Shakespeare and giving convention-goers another diversion just six blocks away from the Washington Convention Center.
Long-Term City Revitalization and Planned Development
City Center: The 10-acre site of the old Washington Convention Center in downtown DC is one of the most coveted parcels of real estate in the United States, located between 9th and 11th Streets and H Street and New York Avenue. Redevelopment is expected to begin in 2008, bringing 275,000 square feet of specialty retail, live performance and entertainment development, plus 300,000 square feet of office development and 772 residential units. Developers also plan to dedicate up to one acre for an urban park available for recreation and public events. A portion of the land will be reserved for District officials to enhance city services and amenities with a proposed $180 million library.
Southwest Waterfront Development: Known for its historic Fish Wharf, Washington, DC’s southwest waterfront has seen a burst of development in recent years with the opening of the 400-room Mandarin Oriental and other commercial developments. Development continues as the National Children’s Museum moves forward with its plans to open a 140,000 square foot, $130 million state-of-the-art facility in 2009. The museum is a key component of a plan to redevelop Southwest’s L’Enfant Plaza, an office and hotel complex just south of the National Mall. One of Southwest’s most celebrated cultural assets, Tony Award-winning Arena Stage has nearly completed its fundraising efforts for its new $120 million facility. Dubbed the Arena Stage at the Mead Center for American Theater, the new facility will delight Arena’s patrons and other community groups with three theatres, multiple workspaces and artist apartments, enabling artists to live, work and perform in the same space.
Anacostia Waterfront Initiative: The waterfront development continues eastward to the 47-acre Anacostia district, which is now benefiting from a 25-year, $4 billion redevelopment plan initiated by the U.S. and Washington, DC governments. The project aims to transform the Anacostia Riverfront into a true urban destination blending maritime activity and culture with commercial and residential development. Developers will add more than 3 million square feet of office space—including a new headquarters site for the NAACP currently under discussion—4,500 units of new housing, 32 acres of new public parkland and a 20-mile riverwalk along both sides of the river. The plan also calls for the redevelopment of Poplar Point, a 60-acre waterfront cultural park and ecological showcase featuring memorial gardens, a museum and an amphitheater. The Anacostia neighborhood is also home to the Frederick Douglass National Historic Site, the final residence of the African-American abolitionist, orator and diplomat, which reopened to the public in February 2007 after a major renovation.
Photo Credit: Anacostia Waterfront Initiative - view of the waterfront at the Southeast Federal Center looking west. Courtesy of the Washington, DC Office of Planning.
