Tuesday, February 25, 2014

The View at Waterfront on the Market

The View at Waterfront apartments at 6th and M streets is on the market and the tenants are vetting proposals from developers to partner with and buy the buildings under TOPA rules. In addition to the two IM Pei-designed apartment buildings next to Waterfront Station, the sale would include the opportunity for the developer to build on the two parking lots that face the buildings – one on M Street and the other on K Street. The Pei buildings were renovated in 2008 when Fairfield Residential owned them and a Planned Unit Development (PUD) was filed to develop the two parking lots. The original PUD called for two new towers that were designed by Esocoff and Associates. At the time, the planned M Street building would have ground floor retail. However, the project was shelved during the housing crisis and Fairfield lost the complex in a foreclosure sale. Part of the PUD called for the renovation of the large courtyard and pool area between the existing buildings, which was the only portion that was completed. In addition, the PUD called for repairs to the Southwest Duck Pond once the first building was complete, which is located across K Street from the north parking lot (pictured below).

SW Duck Pond.

The View at Waterfront is the sister development to Town Center East, which is going through the PUD process to develop on its parking lots and ran into issues last year when the residents of Waterfront Tower and the Southwest Neighborhood Assembly applied for historic status for the existing buildings and landscaping. As a result, the PUD was revised to remove one planned building along 3rd Street and the other two planned buildings were redesigned. 

Previous plan for new M Street residential building at The View.

Several residential buildings have been trading hands recently in the neighborhood. Those include Channel Square and Capitol Park Tower. The new owners of both complexes are planning to renovate, but a new six-story addition is planned at Capitol Park Tower.

Rendering courtesy of Esocoff & Associates

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