News and research before you hear about it on CNBC and more. Request a one-week free trial to StreetInsider Premium here.
The development of two buildings brings 775 new apartments and retail stores to the national territory
BETHESDA, Maryland–(BUSINESS WIRE)– JBG SMITH (NYSE: JBGS), the leading owner and developer of high-quality, mixed-use properties in the Washington, DC, market, announced today the commencement of construction on a pair of multifamily towers at 2000 and 2001 South Bell Street. The planned mixed-use development is expected to bring 775 rental apartments and approximately 27,000 square feet of retail in the heart of National Landing.
Two renowned architectural firms were retained to create two distinct towers using varied heights, colours, materials, designs and finishes to further shape and enhance the National Landing skyline. Global architecture firm KPF has designed 2000 South Bell Street as a modern 25-story glass tower with 355 multi-family units located above nearly 15,000 square feet of street-level retail. The 2001 adjacent South Bell Street was designed by international design firm STUDIOS as a 420-unit 19-story tower that emphasizes architectural verticality with a bold green brick facade and approximately 10,000 square feet of street-level retail. SK+ I will act as standard engineer for both towers.
Plans for both buildings include elegant rooftop recreational spaces with unobstructed panoramic views of National Landing and the Washington, D.C. skyline, plus pools, fitness centers, 24-hour concierge, large co-working spaces, community rooms and dog grooming stations. Plans also call for bike parking within the garage and electric vehicle charging stations for residents. These projects are subject to guaranteed maximum price contracts and are fully executed with leading international construction group Balfour Beatty, which will act as the general contractor. Both buildings target LEED Gold certification.
said Brian Mull, Executive Vice President Development at JBG SMITH. “These two unique towers are a testament to our efforts to create a more vibrant and diverse urban environment by injecting creativity and in collaboration with well-established architectural design firms.”
2000 and 2001 South Bell Street is located just a block from the vibrant JBG SMITH development, restaurants and retail along Crystal Drive, the entrance to the Crystal City Metro, a planned regional railway (VRE), and an upcoming pedestrian bridge linking downtown to Reagan National Airport. The buildings are also expected to benefit from the planned redesign of Route 1, which will bring portions of the road up the slope and feature a pedestrian-friendly layout with large sidewalks intended to improve and enhance walkability.
Demolition and other preparation work for the site commenced at 2000 and 2001 South Bell Street in early 2021, and the project received unanimous approval from Arlington County Council in May 2021. The approved project contains a strong community benefit package including numerous site and adjacent infrastructure improvements, Designated parks and open space funding, new library located in National Landing and custom affordable housing.
This project represents the second major multi-family development initiated by JBG SMITH last year. In March 2021, construction began on 1900 Crystal Drive, an 808-unit multi-family scheme asset with more than 38,000 square feet of street-level retail across two 300-foot-tall towers. JBG SMITH has 1,583 units currently under construction, and an additional 1,760 units in its near-term development pipeline at the national landing to meet projected demand flow from Amazon HQ2 and Virginia Tech Innovation Campus. JBG SMITH continues to make progress across all phases of national land development, including the expected on-time delivery of Phase 1 of the Amazon HQ2 headquarters in 2023 and the completion of Virginia Tech’s first permanent innovation facility in 2024.
About JBG Smith
JBG SMITH owns, operates, invests and develops a dynamic portfolio of mixed-use real estate in high-growth, barrier-to-entry sub-markets in and around Washington, DC. With an intense focus on the placement industry, JBG SMITH cultivates vibrant, amenities-rich and walkable neighborhoods throughout the Washington metropolitan area. More than half of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, where it serves as a developer for Amazon’s new headquarters and where Virginia Tech’s planned new $1 billion innovation campus is located. The JBG SMITH portfolio currently consists of 17.1 million square feet of high-growth office assets, multiple households and convenience stores, 98% of which are serviced by metro. It also maintains a development pipeline that includes 16.6 million square feet of mixed-use development opportunities. JBG SMITH is committed to the operation and development of green, smart and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH, please visit www.jbgsmith.com.
forward-looking statements
Certain statements herein may constitute “forward-looking statements” as that term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations, and beliefs and are subject to many assumptions, risks, and uncertainties. Consequently, future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) could differ materially from those contained in these forward-looking statements. You can find many of these phrases by searching for words such as “approximate,” “believes,” “expects,” “expects,” “intends,” “plans,” “suggests,” “will,” “may,” or other phrases. Similar to this press release. We also note the following forward-looking statements: specific design features of the planned buildings, amount per square foot, number of apartments and construction start dates for 2000 and 2001 South Bell, and plans to improve infrastructure in National Landing. Many of the factors that will determine the outcome of this and our statements and other forward-looking plans are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, D.C. metropolitan area, timing and costs associated with development and property improvement, financing obligations, and general competition factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see “Risk Factors” and the cautionary statement regarding forward-looking statements in the company’s annual report on Form 10-K for the year. ended December 31, 2020 and other periodic reports the company submits to the Securities and Exchange Commission. For such statements, we require safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We caution not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or anyone acting on our behalf expressly qualify in their entirety by cautionary statements contained or referred to in this section. We undertake no obligation to publicly disclose any revisions to our forward-looking statements after the date of this Act.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20220118005505/ar/
peroni bud
Rubinstein
General Director
(212) 843-8068
bperrone@rubenstein.com
Samantha Schmider
JBG Smith
Corporate Communications Manager
(240) 333-7706
sschmieder@jbgsmith.com
Source: JBG SMITH