There has been a change in course for two of the buildings central to Capitol Crossing.
Property Group Partners (PGP) has applied to seek flexibility for the use of an approved office-over-retail building on the center block of Capitol Crossing, requesting that the retail be topped with either office, hotel or college education use instead. The Capitol Crossing development has begun delivering almost two million square feet of office space and 62,687 square feet of commercial space above the Center Leg Freeway at the intersections of Massachusetts Avenue, 2nd Street and E Street NW (map).
This week, PGP also withdrew the application to convert a planned residential building into a hotel, an application which was tied to the developer's commitment to finance an all-affordable residential project in Southwest.
"The Applicant has recently learned that timing for development of the 1530 First Street project is later than initially anticipated," the application states. "Thus, because occupancy of the proposed hotel building would be conditioned on occupancy of the 1530 First Street building (for which the Applicant has no control), the modification request to the Residential Building is no longer feasible." It is unclear whether or how this shift in tactics will affect development of the First Street SW project.
In the meantime, PGP will move forward with the previously-approved 150-unit residential-over-retail building, and is seeking the option of dropping office in the center block.
"Property Group Partners has decided to continue with the originally planned and approved residential component of Capitol Crossing, which includes delivering at least 50 affordable housing units in the center block portion of our project," PGP said in a statement to UrbanTurf. "This course of action allows delivery of affordable housing units to the city in the most efficient and timely manner. PGP has also decided to construct a hotel on the center block that was initially intended for office use. A hotel is an important amenity for Capitol Crossing, the surrounding neighborhoods and office market."
This article originally published at https://dc.urbanturf.com/articles/blog/office-nixed-in-favor-of-hotel-and-150-residences-at-capitol-crossing/15278.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
The new images provide a better sense of the big residential plans in the works for t... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
Crescent Communities recently filed plans with Montgomery County for Novel Bethesda, ... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro