Mayor Adrian Fenty to Announce Deal for $1.1 Billion Southwest Waterfront Development Project led by Hoffman-Struever LLC
PN Hoffman
January 15, 2008

Washington DC – Mayor Adrian Fenty announced today the introduction of legislation to enable the District’s public financing and a land disposition to a development team led by PN Hoffman and Struever Brothers, Eccles & Rouse. The Hoffman-Struever Team will lead the transformation of the 23-acre site into a 2 million plus square foot world-class waterfront destination that will reconnect the District to the waterfront and attract local, regional, and international visitors. The project will be an anchor to the revitalization of the M Street corridor connecting southeast and southwest Washington.

The developer’s plan aims to produce an active, urban riverfront and park system, showcase distinctive cultural destinations, and build upon the existing, strong waterfront community. It features the following components:

• Housing – approximately 770 residential units with 30% being affordable housing.

• Cultural – a 150,000 square foot cultural component focused on education and the District’s maritime history

• Hotel – 675 hotel rooms

• Office – 700,000 square feet of office

• Neighborhood amenities – neighborhood-serving retail such as a gourmet grocery, casual and upscale dining, cafes, jazz venues, shops and opportunities for local, small retailers.

• Parks – Acres of quality public parks, open space, and waterfront promenades throughout the project

• Water-focused development – significant improvements to the existing marina and pier facilities, water taxis and public piers

• Sustainable Design – the first LEED-Silver certified mixed-use project in the city and a LEED-ND Pilot Project

• Significant local, small and disadvantages business enterprises (LSDBE) – participation by Washington, DC-based LSDBE team members in all aspects of the project, including ownership and development

City Pier District: The northwest end of the site will be the more active district of the development, due to its proximity to the National Mall, L’Enfant Plaza and the active historic fish market. It will contain the majority of the restaurant and retail uses and is the location of much of the project’s office component. Additional features may include a fresh produce market to enhance the existing fish market, a large City Pier to provide a location for waterfront celebrations and tall ship events, a water taxi service connecting the Southwest Waterfront with the new baseball stadium, Old Town Alexandria, Georgetown, the airport and other destinations, a performance space for cultural use, and a pedestrian bridge at 10th Street, linking the site to the National Mall.

Wharf Street District: The central core of the project features a substantial amount of hotels including luxury, extended stay, and limited service hotels. The Wharf Street will have a pedestrian oriented waterside promenade with restaurants and retails lining the street. The new seawall and piers will improve pedestrian access to the water.

Cultural Park District: The southeastern end of the project, closest to existing neighborhoods, is the least intense development area. This area will feature residential buildings, office space, and neighborhood-serving retail such as a gourmet grocery, small neighborhood bistros and waterfront cafes. The cultural park itself is a multi-acre green park that will be the centerpiece of the cultural zone. Cultural uses will feature educational opportunities at the water, such as programs by Living Classrooms Foundation and the National Maritime Heritage Foundation.

“Over the past two years we’ve studied waterfronts all over the world, reached out and forged working relationships and agreements with existing leaseholders, and conducted over 100 meetings with regulatory agencies and surrounding stake holders,” said Monty Hoffman, CEO of PN Hoffman. “This is just the beginning of the process to create a ‘world class’ waterfront. We will continue to work with the mayor’s office on making a waterfront that draws visitors from everywhere, but our first commitment is to the people of Washington, DC. The Potomac River is our greatest natural resource and first and foremost, this project will reconnect Washington with its waterfront. We look forward to working with the City Council to achieve passage of the Mayor's legislative proposal so that District residents can see a shovel in the ground by 2010.”

The announcement was made on January 15, 2008 at 9:15 A.M. aboard The Odyssey, located at 600 Water Street, SW.

About PN Hoffman
Since 1993, PN Hoffman has been developing extraordinary upscale residential, retail and mixed-use properties in the Washington, DC Metro area. The company is deeply committed to serving the neighborhoods of Washington and has built over 35 developments in the City since its inception.

About Struever Brothers, Eccles & Rouse
Established in 1974, Struever Brothers, Eccles & Rouse has a long-standing and prestigious record of success as a unique development company. Known for conquering challenging locations as a multi-role developer and construction manager, the firm has an intentional focus on urban mixed-use projects, neighborhood transformation, historic adaptive reuse and reinvigorating city waterfronts. With more than 16 million square feet and nearly $5 billion of total investment costs in projects completed or under development, Struever Brothers, Eccles & Rouse is a uniquely diversified, full-service real estate development and construction company.

Media Contacts:
Alanna Deal, PN Hoffman
202.686.0010 x 253
adeal@pnhoffman.com