Gallaudet, JBG SMITH File For Extension Of Development Plans Near Union Market

  • June 10th

by UrbanTurf Staff

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Rendering of Parcel 3 building planned at Gallaudet project. Click to enlarge.

Gallaudet University and JBG SMITH's sprawling plans for the university's land on either side of 6th Street between Morse Street and Neal Place NE (map) will be delayed.

The development team has filed for a two-year extension for the approved planned-unit development (PUD) that is expected to deliver over 450,000 square feet of office and administrative space, 129,000 square feet of retail, and nearly 1,800 residential units in the coming years.

"Since receiving Second Stage approval in the Order, the Applicant and the development teams for both Parcels 2 and 3 have continued to move the Project forward including preparing permit plans for the respective buildings," the application for an extension stated. "However, the period since the Order was issued has seen increasing adverse market conditions for real estate development, including continuing precipitous and sustained increases in construction costs and fundamental shifts in the interest rate environment that pose challenges in securing the necessary financing to move projects forward at this time."

The development team, which says that it is committed to delivery of the project once financing can be obtained, is looking for an extension of the approved PUD until 2026. 

For a full description of what the development will entail, click here

See other articles related to: gallaudet, gallaudet university, jbg smith, union market

This article originally published at https://dc.urbanturf.com/articles/blog/gallaudet_jbg_smith_file_for_extension_of_development_plans/22402.

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