Hines and the TFI US Real Estate Fund, developers of CityCenterDC, announced several significant milestones this week at the 10-acre, landmark, mixed-use development located in the heart of the Nation’s Capital. The developers announced the official re-opening of 10th Street and I Street – marking the first time these thoroughfares have been accessible to the public in more than 30 years – and welcomed the first residents to their homes at The Apartments at CityCenter and The Residences at CityCenter.
CityCenterDC is a development of Hines and The TFI US Real Estate Fund. The anchor investor in the Fund is Qatari Diar Real Estate Investment Company (Qatari Diar), the real estate investment arm of the Qatar Investment Authority. The Fund is advised by Tanween, a Qatari real estate development management and consulting firm.
Hines also announced that the development’s state-of-the-art parking garage for residents and visitors is now open. The new CityCenterDC garage will employ an advanced automated parking guidance system, and accommodates approximately 700 cars for retail/public parking on 2-1/2 below-ground levels.
Marking the milestone, Washington, D.C., Mayor Vincent C. Gray said: “This is a momentous occasion for the Downtown area of the District of Columbia. With the reopening of 10th and I Street and the completion of the condos and apartments, we are seeing a transformation in the Downtown area that creates an environment for residents to live, work and play. We thank our development partners for making this decade-long dream a reality.”
“As we take down the fences that have surrounded this site for many years, we are realizing our vision for a landmark development that will play an important role in the continued revitalization of downtown D.C.,” said William B. Alsup, III, senior managing director at Hines. We are proud to formally introduce CityCenterDC to the community as we welcome our first residents to both the condominium and apartment homes.”
Speaking to the future, Alsup said there will be many more milestones for CityCenterDC in 2014. These include the addition of various stores and restaurants, as well as the completion of construction on the office buildings, and occupancy by tenants Covington & Burling, the American Hospital Association, Qatari Foundation International and Hines’ Washington office.
CityCenterDC has already realized tremendous marketing success, having leased 95 percent of its office space and sold more than 67 percent of its condominium residences since they premiered in January. In addition, the apartments leasing program commenced this fall with an extremely favorable reception from the local community.