The DMPED, office of the Deputy Mayor for planning and economic development in D.C. has continued to make streamlined, unprecedented processes to move its real estate portfolio forward. Mayor Bowser has been breaking grounds by launching some major projects with companies such as the Property group partners.
Property group partners LLC is one of the biggest integrated real estate companies that acquires, develops and manages office buildings in the United States, Canada and Europe. The New York based company has been awarded the Capitol Crossing project incurring development costs worth of $1.3 billion and a net economic benefit of as much as $1 billion in tax revenues during the next 25 years.
That’s not all. In the month of June last year, Rollingwood Real Estate LLC, a relatively new entrant in the industry made a mark by signing the Purchase and Sale agreement with D.C. government for a site at Buzzard point in preparation for construction of a new soccer stadium. This is just one of the many transformative Frank Haney community development real estate developments undertaken by D.C. government recently.
Other major projects include the construction of a new Entertainment and Sports Area (ESA) in ward 8 and Skyland Tower Centre development, also in ward 8. The administration delivered the 18.5 acre property of the Skyland Shopping Centre in Southeast to a joint venture led by The Rappaport Cos., WC Smith, and the Marshall Heights Community Development Organization. Skyland is a synergistic project, as it aims to create jobs, make housing affordable for middle class and build the much-needed community focused retail.
In terms of getting projects underway, the administration signed a one of its kind M-U Waterfront development project, The Wharf project. The Wharf is a mixed-use waterfront opportunity, coming to life in the heart of the nation’s capital. Allotted to the master developer Hoffman Madison Waterfront, The Wharf is led by PN Hoffman and Madison Marquette, two accomplished mixed-use developers with national stature, unparalleled reputations and stellar financial results.
A couple of important names in real estate development that have been continuously involved in active projects and responding to RFPs with DMPED are A&R Development and The Urban Group, Four Points LLC and The Warrenton Group, Madison Investments and Audubon Enterprises, Orr Partners, Pounds and Taurus Development, Roadside Development and Dantes Partners. The Urban investment group features in the list of top 10 fastest-growing private companies in Washington, D.C.