Archstone Breaks Ground in NoMa

The newest development project from Archstone officially celebrated its ground breaking today at the corner of First and M Streets, NE. NoMa's newest residences will be one of several developments that will quickly usher in a wave of residents to the area, with an influx of even more retail and restaurants likely to arrive in their wake.

The District has been pushing for developers and investors to offer more rental options to residents in strategic high density, high traffic areas, and NoMa is certainly ripe for that kind of improvement. The first phase of the new Archstone will deliver 469 Class A apartment homes by mid to late 2012, along with a plentiful list of amenities and 421 below-grade parking spots. Aside from a corner of retail on the first floor of the building, and a small portion of rental offices, the 500,000 s.f. building will be wholly residential. The lofty and expansive bottom floors will be home to a two-story resident library, movie theater and entertainment center, sound-proof activity room, state-of-the-art fitness center, spacious wi-fi equipped cafe, gourmet test kitchen where cooking classes can be held, and a 1,600 s.f. indoor courtyard prettified with real trees and a reflective pool. When residents tire of luxury at low altitudes, they can take the elevator to the top floor for some pampering at the spa, or just lounge next to the heated, rooftop infinity pool, complete with a waterfall and large jacuzzi.

The architects at Davis Carter Scott worked hard to design a building that wasn't a boring, monolithic void in the landscape. They didn't want a big plain square box; they wanted a building that was interesting and progressive. The varying shapes, colors, rhythms, and articulations of different subsections of the building help to develop a more complex and textured aesthetic. The use of horizontal masonry and large glass columns to accent the corners of the building is intended to keep the eyes of residents and bystanders busy and intrigued, drawing onlookers to stop, stare, and appreciate. The developers are pleased that the quality of the exterior design is on par with the impressive comforts being offered inside.

After a bit of uncertainty, Archstone has found some people willing to pay for all this. CWCapital, a subsidiary of CW Financial Services, will provide the the $151 million, 40 year, fully amortized loan through their FHA structuring. In March, Archstone announced they would be breaking ground in April, but a hiccup in financing left the site empty a little longer than intended. This is the largest finance packages ever insured through the HUD Section 220 program, and will help Archstone generate local employment and involve local businesses in the project. Archstone is confident that they will deliver the residential space needed to house the flood of employees that have followed the recent commercial real estate in the area. Construction will be finished within 30 months, and the first rentals could be available as early as the summer of 2012.

Washington Real Estate Development News