Tuesday, October 22, 2013

A Few Quick Items While I Was Away: Wharf, Buzzard Point, L'Enfant Plaza Hotel

Capital Business reports that the Graduate School USA will not be coming to The Wharf. It was announced back in March 2011 that the school would be the anchor tenant. The article states that the Graduate School informed Hoffman Madison Waterfront over 18 months ago that they wouldn't be coming to the development due to instability in the market. Despite the setback (which apparently the developers have known for a while), the project is moving forward.  From the article:
“Overall we feel very good about it,” [Monty] Hoffman said. “Our tenancy and our letters of intent for restaurants are going very well and we are in for building permits.”

Hoffman said he was “working with a prospective capital group” to invest in the project. The D.C. government has agreed to put up approximately $198 million for the project, and last year Hoffman traveled to China with D.C. Mayor Vincent C. Gray last summer to try to raise capital.
 Rendering courtesy of Hoffman Madison Waterfront

It was reported in the Washington Business Journal that the GSA is close to finalizing a deal to allow the Navy to use the space vacated by the Coast Guard in Buzzard Point. From the article:
A handful of workers from the Naval Sea Systems Command were shifted to Transpoint in the aftermath of last month's Navy Yard shooting, but the Navy and GSA are working on a more formal agreement that would let the Navy officially take over the building once the Coast Guard clears out, the GSA said.

The L'Enfant Plaza Hotel is set for closure in December for extensive renovations according to an article in the Washington Business Journal. From the article:
Stanford [Hotels Corp.] plans to complete its $48.7 million acquisition of the hotel on Dec. 3 and will close down the property when that happens, said sources, including two employees set to be impacted by the closure. Stanford is buying the hotel from an affiliate of The JBG Cos. as part of a D.C. Superior Court order issued July 31. The hotel is not accepting reservations, either over the phone or through its website, beyond Dec. 2.

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