Shopping Centers Today

APR 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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46 S C T / A P R I L 2 0 1 8 P opulation and employment growth are fueling retail investment across Washington, D.C., in new and rejuvenated mixed- use neighborhoods along waterfronts, near Washington metro transit stations and close to downtown. "Aside from New York's renaissance starting in the early '90s, there is no renaissance in the United States that matches D.C.'s," said Michael Smith, director of real estate for Washington- based Streetsense, a firm focused on brokerage, branding strategies and design. "Twenty years ago D.C. was known for just a small handful of neighborhoods in terms of desirability, certainly from a retail perspective. But population decline has turned into population growth, and all of these neighborhoods have come back." Roughly 1.1 million square feet Washington, D.C., is seeing a resurgence of retail By Joe Gose S I T E S & C I T I E S W H E R E R E TA I L D E V E LO P M E N T I S H OT Capital gains of retail properties were under construction in the metro area in last year's fourth quarter, according to Washington-based Dochter & Alexander Retail Advisors. Among the large projects under way or near commencement is the second phase of e Wharf, a 3.2 million-square-foot mixed-use project on the Potomac River. is project's initial phase, which opened last fall, comprised some 215,000 square feet of retail, restaurants and entertainment space, along with housing, hotels and offices. Washington-based developer PN Hoffman is scheduled to break ground midway through this year on the second phase, which will add about 120,000 square feet of retail, plus more residential, office and hotel space. In northwest Washington near the Maryland border, a partnership among Hines, Triden Development Group and Urban Atlantic is in the early stages of redeveloping the former Walter Reed Army Medical Center campus into a 66-acre mixed-use destination with about 3.1 million square feet of housing, offices, a hotel and conference center, parks and other uses. e project will also include 236,000 square feet of grocery-anchored retail that will be heavily weighted with local businesses, including food-and-beverage operators, neighborhood services and shops, says Smith. Streetsense is providing consulting services to the developers and also has charge of leasing for much of the retail space. "It makes for a one-of-a-kind environment that you just can't build from scratch anymore — historic buildings in a campus environment that is in the city," said Smith, who says he anticipates some 100,000 square feet of retail in a town center setting to open in late 2021. "Our focus is to create a uniquely authentic neighborhood gathering place." RETAIL VACANCY 4.3%

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