In 2021, Property Group Partners (PGP) received approval for the next phase of downtown DC's Capitol Crossing development. Now, the development team is looking for an extension on that approval in order to secure financing for the project.
The proposal for the center block of Capitol Crossing, located off F Street above the Center Leg Freeway between 2nd and 3rd Street NW (map), would deliver 166 apartments, 221 hotel rooms and 20,567 square feet of retail.
Both components would be in a 12-story volume atop a two-story retail-and-amenity podium. The hotel would have a rooftop bar/restaurant, and the residential portion will have a rooftop pool. Ennead Architects is the designer.
The development team recently filed an application with DC's Zoning Commission requesting an extension by which time building permits for the project must be filed. Property Group Partners cited rising construction costs, falling apartment rents and increased borrowing costs among the reasons for the difficulty finding financing.
"Due to the above considerations, the Applicant determined that in order to ensure an economically feasible and successful project, the most practical course of action was to temporarily pause advancement of design and construction documents for the Residential Building and Podium," PGP said in documents filed with the Zoning Commission. "However, despite the obstacles which have been outside of the Applicant’s reasonable control, the Applicant is fully committed to moving forward with development of the Center Block within the prevailing financing constraints."
A hearing on the extension is set up for later this month.
See other articles related to: capitol crossing
This article originally published at https://dc.urbanturf.com/articles/blog/the-next-phase-of-capitol-crossing-looks-for-an-extension/21513.
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