Designed by Foster+Partners, CityCenterDC will be built on a ten acre plot located on a 4.5 block parcel in Washington. The first phase of the development will feature construction of six buildings housing 458 rental apartments and 216 condominiums, 185,000 square feet of retail and 520,000 square feet of office space.
Amenities that will be constructed in the first phase include 1555 below-grade parking spaces, a new street grid and approximately one acre of public open spaces. The second phase of the project is planned to include a 350-room hotel that will include 110,000 square feet of retail.
The entire development is expected to receive Gold certification from the USGBC’s Leed Neighborhood (LEED-ND) while the residential component is expected to receive LEED Silver.
A joint venture between local firms Clark Construction Group and Smoot Construction will be the general contractor for the project. Construction has commenced recently with completion scheduled in late 2013.
The $700 million development is being funded via 100% equity financing. Qatari Diar Real Estate Investment Company is the anchor investor for the development. The financing was arranged by Barwa Bank’s investment banking subsidiary The First Investor (TFI).
