Leading national and regional multifamily housing developer JPI has topped out construction of its first two luxury apartment projects in the new ballpark district of Washington, D.C.
(PRWEB) December 3, 2007 -- Leading national and regional multifamily housing developer JPI has topped out construction of its first two luxury apartment projects in the new ballpark district of Washington, D.C. The Jefferson at Capitol Yards, located at 70 Eye Street, will have 448 apartments in two towers. Located right next door at 100 Eye Street, Mercury at Capitol Yards will have 246 residences.
Both buildings will deliver in the summer of 2008 when the Washington Nationals play their first season in the new stadium. The two projects' 694 combined apartments will be the first new homes to deliver in the ballpark district, where some 6,000 additional multifamily residences are planned along with new office buildings, shops, restaurants and hotels.
The Jefferson and Mercury are the first of four projects with a total of 1,325 apartments that JPI is developing in its Capitol Yards neighborhood near the ballpark. The 909 at 909 New Jersey Avenue, with 237 homes and 6,000 square feet of retail space, is currently under construction for delivery in mid-2009. Next year, JPI plans to break ground for its final addition to Capitol Yards, Jefferson Half Street, with 421 units and 15,000 square feet of retail space. On December 1, 2007, JPI will launch its new Capitol Yards Web site at www.capitolyardsdc.com.
Capitol Yards is located just five blocks south of the U.S. Capitol and four blocks from the Washington Nationals Ballpark, and is served by the Navy Yard Metro station. The new Department of Transportation headquarters, the recently renovated Barracks Row shopping and entertainment district, the shops and restaurants of Capitol Hill, and the soon-to-be-redeveloped Southwest waterfront are all within walking distance.
JPI will have invested nearly half a billion dollars in the Capitol Yards neighborhood by the end of the decade. The total development cost for the three buildings currently under construction is approximately $320 million. Jefferson Half Street has an estimated development cost of $150 million. JPI also has invested millions of dollars in site environmental remediation based on prior uses (including a gas station, auto yards, and warehouses), street improvements and wet utility infrastructure improvements for the area.
"Rather than slowly building one tower at a time and gradually changing a eighborhood, JPI believes that by designing and building multiple distinct projects, we can create a critical mass that makes an almost immediate transformation possible," said Aaron Liebert, Senior Vice President and Area Managing Partner of JPI. "Capitol Yards has provided us with the opportunity to do just that."
The Capitol Riverfront neighborhood of Washington, D.C. is redeveloping at a rapid pace; new development projects announced to date will add more than 6,600 residential units, over 800 new hotel rooms, almost five million square feet of new office space and over a half million square feet of retail space.
The Jefferson at Capitol Yards is designed to reflect the integration of the area's historical industrial architecture with modern design and materials. The building façade is reminiscent of old historical warehouse buildings, such as those found in the old Navy Yard, with large windows and brick veneers, providing the look of a renovated warehouse converted for modern living. This design concept is carried indoors with open ceilings, exposed ductwork, and other dynamic features that combine to provide a warm, casual and comfortable living environment.
Mercury At Capitol Yards takes a different design approach, making a bold statement with its dark-colored brick, metallic bay windows, detailed metal rail accents and contemporary metal-framed bay caps. The impressive triple-height lobby will feature a dazzling glass staircase, gleaming white terrazzo marble flooring, and stylish décor. Apartments will have sleek frameless cabinets with stainless steel hardware, granite countertops and other "edgy" design elements for the most discerning and image-conscious residents.
Both apartment communities will have resort-style rooftop pools with sundecks and views of the Capitol and Nationals Ballpark, first-class fitness centers, business centers, conference rooms, movie theaters, underground parking and 24-hour concierge service. WDG Architecture of Washington, D.C. is the project architect for both of the recently topped-out structures.
About JPI: Founded in 1989, JPI is dedicated to "Building Quality for Our Customers" and committed to making quality investments and providing the highest level of real estate services. JPI operates regional offices in McLean, Virginia; Carlsbad, California; New York; Atlanta; Boston; Boca Raton; and Irving, Texas. JPI is one of the nation's largest and most successful multifamily real estate firms with 1,500 Associates, providing acquisition, development, construction, and asset management services for conventional multifamily and student living communities nationwide. JPI also provides property management and leasing services for over 40,000 multifamily units across the United States and is the preferred multifamily property manager for RREEF Asset Management Group. For more information, see the Company Web site at www.jpi.com.
