by nomabid
Washington, D.C., July 19, 2007… A new 200,000 square foot boutique office condominium building is planned for the emerging NoMA (north of Massachusetts Ave., N.E.) neighborhood of downtown Washington, D.C. J Street Development LLC, in partnership with The Archon Group, has acquired a 20,000 square foot parcel of land on the northeast corner of First and K Streets, N.E., within two blocks of both the Union Station and New York Avenue Metro stations. The partnership’s planned 11-story structure at 100 K Street, which will include ground-level retail space and a conference center, is scheduled to deliver in 2010.100 K Street is situated directly across the street from one of J Street Development’s other development sites in NoMA, 111 K Street. Scheduled to break ground this fall for delivery in early 2009, 111 K Street is an 11-story, 90,000 square foot office condominium structure with ground-level retail space and a conference center on the second floor. Six of the building’s nine office floors are committed to private-sector buyers, said J Street Development President Bruce Baschuk, and negotiations are underway for the remaining space.

J Street Development’s third and largest project in NoMA is a planned redevelopment of a warehouse located at 1111 N. Capitol Street . The warehouse is leased by the Smithsonian Institution through September, 2008 for exhibit production and storage.

“J Street was one of the first investors in NoMA and we are very bullish on this exciting new neighborhood,” said Baschuk, who founded J Street Development in 2004 with partner Jay Bothwell. “NoMA provides us with the perfect opportunity to implement our vision for bringing bold and meaningful change to the Washington, D.C. streetscape and positively affect the community.”

“Development is progressing rapidly in NoMA, with changes happening every day,” said Elizabeth Price, President of the NoMA BID. “Just last week, Marriott broke ground for the first hotel in NoMA. We anticipate seven more major projects, representing over a billion dollars of private investment, to break ground over the next twelve months. Over the next ten years, development in NoMA will create over 36,000 permanent new jobs and generate some $500 million in tax revenue for the District of Columbia.”

The NoMA BID is bounded generally by Massachusetts Avenue on the south, North Capitol Street on the west, and Q and R Streets on the north; it also extends eastward just beyond the CSX/Metrorail tracks. Centrally located within the BID is the New York Avenue Metro Station, situated near the new ATF headquarters building. The BID’s office is at One NoMa Station, 131 M Street, N.E. Private developers are investing more than $1 billion this year with plans to develop over 20 million square feet of office, residential, hotel, and retail space in the 35-block area covered by the NoMA BID over the next 20 years. For more information about the BID, including a map, see the BID Website at https://www.nomabid.org.