|By PR Newswire||
|January 2, 2013 10:14 AM EST||
WASHINGTON, Jan. 2, 2013 /PRNewswire/ -- Hines, Archstone and the TFI US Real Estate Fund, sponsors of CityCenterDC, announced today the commencement of sales of luxury condominium residences at CityCenterDC, the 10-acre parcel in the heart of Downtown D.C. that is currently being transformed into a vibrant blend of residences, offices, shopping, restaurants, hotel and active parks. The new center for urban living is showcased in an expansive and interactive sales gallery – at 901 New York Avenue, NW – with an impressive scale model of the entire development, a fully built-out model residence and a striking view of the new neighborhood under construction and quickly taking shape.
Designed by London-based, globally recognized architecture firm Foster + Partners, the 216 condominiums provide homes with open layouts where natural light and outdoor spaces combine seamlessly to create a unique residential experience. The one- and two-bedroom residences have access to balconies and outdoor spaces of up to 900 square feet, and feature signature hallmarks of Foster + Partners' design, including light-filled modern interiors and natural-colored materials. Residences are crafted with high-quality, custom details and environmentally responsible materials that offer thoughtful living in a modern environment. There are a variety of options for combining multiple residences. Pricing for the condominiums ranges from $500,000 to $3.5 million.
Construction is well underway with an anticipated delivery in Fall 2013.
The residences will be complemented by more than 60 shops and restaurants, providing one-of-a-kind shopping and dining destinations for the Washington, D.C. metropolitan area.
According to The Mayhood Company, exclusive marketing agent for CityCenterDC, pent-up demand to experience CityCenterDC's residences led to the creation of a preview list with more than 1,200 names. The Mayhood Company is taking appointments for those on the list and will be available to schedule additional appointments in the first quarter of 2013. Prior to the opening of the sales gallery, the primary point of contact has been the website www.citycenterdc.com/condominiums.
"We are delighted to offer the Residences at CityCenter to discerning homebuyers in Washington, D.C. as well as internationally," said William B. Alsup, III, senior managing director at Hines. "The sales gallery serves as a gateway to CityCenterDC, which is poised to become a signature destination. Timeless architecture and thoughtful interplay of public spaces and pedestrian-friendly walkways integrate living and office space, hospitality, unique shopping and dining options. It will be an unparalleled place to live in Downtown D.C."
Jason Jacobson, senior vice president, mixed-use development, at Archstone, said, "CityCenterDC stands to become the unequivocal centerpiece of Downtown. 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."
A tremendous amount of consideration was given to each of the residences' design details, according to Foster + Partners' Senior Partner Armstrong Yakubu. "Keeping in mind that all buildings have four sides and each reacts differently - so there's more exposure to sun on the south, less on the north - we made sure every residence had a large amount of sunlight. Additionally, building materials and systems were chosen very carefully - making sure everything was of top quality. All of this was achieved within the framework of sustainability, and the master plan has been pre-certified gold under LEED® Neighborhood Development, making the project one of the first in the United States to receive such an honor."
Open living rooms feature floor-to-ceiling windows that draw on different exposures to maximize natural light, while Foster + Partners' signature solar shades on the building facade provide light control. Northern European white oak flooring further enhances the open, natural feel of the space. All of the homes provide the ability for residents to extend their living quarters through outdoor spaces.
Amenities at the premier residences include a concierge; 24-hour security; fitness center; yoga studio; bar lounge; two expansive roof parks, as well as a tranquil rooftop water feature; outdoor kitchens and dining room; fire pit; wine storage; indoor dining room; catering kitchen; executive board room; guest suite; landscaped terrace; and a spa treatment room. The residences will also provide their own exclusive property management team, which will coordinate with personnel servicing other aspects of the development.
"From the scale of the design to the open public spaces, CityCenterDC represents the highest standard of modern life in the District," said Alsup. "We look forward to fostering a vibrant community and providing residents with the utmost attention to design detail and an abundance of upscale dining and shopping destinations."
CityCenterDC has already realized tremendous marketing success, having leased 80% of its office space to the well-respected law firm Covington & Burling LLP in one of the largest transactions in the District in 2012. "This place-making transaction validates our vision for the neighborhood and underscores the demand leading-edge users have for quality modern space that is alive with amenities, active public space, transportation and retail," Alsup said. "Our office tenants will both contribute to and benefit from the emergence of this exciting new neighborhood."
CityCenterDC (www.citycenterdc.com) is a unique, pedestrian-friendly, 10-acre mixed-use development, located in the heart of downtown Washington on a 4.5-block parcel bounded by New York Avenue, 9th, H and 11th Streets, NW. Foster + Partners of London and Washington D.C.'s Shalom Baranes Architects served as master-plan architects. Phases I and II of the project will contain more than 270,000 square feet of retail space situated at the base of seven buildings that encompass 520,000 square feet of office space, 458 rental apartment units, 216 condominium units a 370-room luxury hotel, a public park, a central plaza and pedestrian-oriented streets and alleyways.
Construction of Phase I of the project commenced in March 2011. As of year end 2012, the structures associated with the two office buildings, two apartment buildings and two condominium buildings had reached the "topping out" milestone. It is further anticipated that these buildings will be able to accept initial occupants during the fourth quarter 2013. A joint venture between Clark Construction Group, Smoot Construction of Washington, D.C., and McKissack and McKissack is the general contractor.
Construction of Phase II of the project is expected to commence in the first half of 2014. It will consist of an approximately 370-room luxury hotel and 73,000 square feet of additional retail.
Setting a new standard for urban living, the CityCenterDC rental apartments will respond to the District's growing demand for well-appointed apartment homes in convenient locations. The apartment interiors will showcase thoughtful features and functional layouts, including substantial living rooms, open kitchens and bamboo flooring. Building amenities feature an outdoor swimming pool, two-story fitness center and rooftop dog walk. The 458 luxury apartments will be available for rent beginning in the fall 2013.
The CityCenterDC retail component will consist of over 60 stores, restaurants and cafes. CityCenterDC's retail will complement and enliven the existing downtown retail by providing one-of-a-kind shopping and dining destinations for the Washington, D.C. metropolitan area. The project will feature a unique mix of local, national and international brands that will feature quality retail space with extensive street frontage and dynamic storefronts and signage. Initial leases are being finalized, and it is expected that a critical mass of tenants will be committed by spring 2013, with a Grand Opening scheduled for spring 2014.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm's historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,208 properties representing more than 488 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED, ENERGY STAR®, BREEAM, Haute Qualite Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
Archstone is one of the largest owners of high-quality apartment communities in the United States and is focused primarily on the acquisition, development, redevelopment, operation and management of apartment communities in select supply-constrained, coastal markets. The company's portfolio is concentrated in many of the most desirable neighborhoods within the metropolitan areas of Washington, D.C., Southern California, the San Francisco Bay Area, New York City, Boston, Seattle and Southeast Florida. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of September 30, 2012, the company owned or had an ownership interest in 181 communities in the United States with 57,948 units that were operating or under construction. In addition to its U.S. portfolio, the company also has a European operating platform through which it owns and manages apartment properties in Germany.
About The First Investor (TFI)
TFI is a leading Shariah investment company in Qatar and is regulated by the Qatar Central Bank. A wholly owned subsidiary of Barwa Bank, TFI is emerging as one of the most respected investment banking firms within the region, combining Qatari leadership with both international and local expertise to provide dedicated services in Investment Banking, Asset Management and Real Estate Investment. Through its strong international network of relationships and deep technical expertise, TFI provides a global approach in helping clients formulate, deliver and manage effective corporate strategies. Visit www.tfi.com.qa for more information.
About Barwa Bank
Barwa Bank is a Shariah-compliant bank in the State of Qatar, established in Doha and licensed and regulated by the Qatar Central Bank. With an authorized capital of QAR 6 billion and paid up capital of QAR 3 billion, Barwa Bank provides a full range of Shariah-compliant banking services including retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments and asset management.
Tanween is a Qatari real estate development management and consultancy firm operating in GCC and MENA with a network of international consultants and partners. Tanween's current portfolio of projects under development amounts to around $22bn. Tanween assists land owners, developers, investment banks and investors to create commercially viable and sustainable world-class real estate communities in all asset classes. Tanween's experts provide various strategies for real estate developments and asset management and comprehensive project delivery services throughout the development lifecycle. Visit www.tanween.com.
About Qatari Diar
Qatari Diar Real Estate Investment Company, wholly owned by the Qatar Investment Authority, was established in December 2004 to support Qatar's growing economy and co-ordinate the country's real estate development and investment priorities. Qatari Diar is currently involved in more than 35 projects in more than 20 countries around the world. Visit www.qataridiar.com.
For more information, contact:
Hines – George Lancaster – 713-966-7676
Archstone – Peter Jakel – 720-873-6392
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