The Stacks, a planned 2-million-square-foot mixed use project in Southwest D.C.’s Buzzard Point, has secured an initial round of financing clearing the way for construction of its first phase.
A joint venture involving Akridge, National Real Estate Advisors, Blue Coast Capital and Bridge Investment Group, envisions more than 2,000 residential units, 80,000 square feet of retail space, two hotels and more than 15,000 square feet of public park at The Stacks when fully built out.
A $367 million construction loan with Bank OZK will be used for the initial three rental, residential mixed-use towers totaling more than 1,100 apartments near Audi Field.
“We are eager to begin this development with our new and existing partners, and are confident it will be a true anchor to the Buzzard Point neighborhood,” said Adam Gooch, senior vice president at Akridge. “The Stacks’ walkable, community-centric design will take the unique and evolving character of Buzzard Point to new heights.”
Akridge and National are working with several top architectural firms, including Gensler, Morris Adjmi Architects, Eric Colbert & Associates, Handel Architects, West 8 and Lee and Associates, to design the first phase.
The Stacks will include underground parking. The development site, currently parking lots, is between First Street, Second Street, T Street and V Street SW.
Phase One is expected to be completed in 2025.
The development, at the confluence of the Anacostia and Potomac Rivers, would complete the waterfront neighborhood between The Wharf and The Yards, the developers said.
Other notable recent developments in Buzzard Point includes the conversion of an 11-story former General Services Administration building into luxury apartments and the conversion of a former Coast Guard headquarters into luxury apartments.
It has also attracted a number of new restaurants, including two from Georgetown waterfront restaurants Nick’s Riverside Grill and Tony & Joe’s Seafood Place.
Buzzard Point has direct access to the 20-mile-long Anacostia Riverwalk Trail.