The developers of CityCenterDC in downtown Washington have begun marketing the project’s for-sale residential units, at prices ranging from $500,000 to $3.5 million, in what could be a telling indicator how interested buyers view the massive mixed-use development.
Developers Hines and Archstone have already landed a number of office and retail tenants, most notably law firm Covington & Burling LLP, and real estate experts say the project represents a shift in downtown D.C.’s office market toward Mount Vernon Square. But so far the project has been untested from a residential perspective.
“CityCenterDC stands to become the unequivocal centerpiece of downtown,” Jason Jacobson, senior vice president of mixed-use development at Archstone, said in a statement. “We are thrilled for the opportunity to open our doors and invite buyers to experience the marketing center and a glimpse of what life at CityCenterDC will offer.”
The Residences at CityCenter will include 216 condo units and is slated for delivery in the fall. CityCenter developers Hines and Archstone have retained The Mayhood Co. to market the units, which were designed by London-based architecture firm Foster + Partners. One-bedroom units will start at $500,000 and will range in size from 689 square feet to about 1,000 square feet. Two-bedroom units will start at $800,000 and will range from just over 1,000 square feet to upward of about 2,160 square feet.
Hines and Archstone recently opened a sales gallery at 901 New York Ave. NW that includes a scale model of the 2.5 million development and a built-out model residence. Bill Alsup III, senior managing director at Hines, said the units will be marketed to buyers both in the Washington area and internationally.
Mayhood has come up with a preview list of more than 1,200 names and is now taking appointments for tours of the sales gallery. The condo building will include a mix of one- and two-bedroom units
The condos are part of the larger CityCenterDC project, which is slated to include 520,000 square feet of office space, just under 460 residential apartments, and more than 270,000 square feet of retail space. The first phase of the development is slated to cost about $690 million.
While Hines is developing CityCenterDC in partnership with Archstone, the future of that partnership is unclear. In November, AvalonBay Communities Inc. and Equity Residential announced plans to acquire Archstone from Lehman Brothers Holdings Inc. for about $16 billion. Neither party has disclosed what will happen to Archstone's stake in the CityCenterDC joint venture as a result of that deal.
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