JBG SMITH Submits Plans for New Mixed-Use Office Space in National Landing
BETHESDA, Md.--(BUSINESS WIRE)--Nov 18, 2019--
JBG SMITH ( NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced that it has submitted plans to Arlington County for the development of approximately 235,000 square feet of trophy office space and approximately 5,000 square feet of street-level retail at 101 12th Street, the proposed new address for the building. The current plan calls for a nine-story building, underground parking, and expansive park space on vacant land that JBG SMITH owns.
The submission is part of JBG SMITH’s ongoing collaboration with Arlington County and private sector partners to deliver a mix of new housing, retail, office, and public spaces to National Landing – the site of Amazon’s new headquarters.
101 12th Street is anticipated to follow 1900 Crystal Drive and RiverHouse Apartments, which are already moving through the entitlement process, and approximately 2.6 million square feet of development, which was submitted last month. In the aggregate, these projects constitute over half of JBG SMITH’s 6.9 million square foot Future Development Pipeline in National Landing. Based on current plans, JBG SMITH expects the 6.9 million square feet to comprise approximately 2.2 million square feet of office and 4.7 million square feet of multifamily, totaling approximately 4,000 to 5,000 units, which will all have ground floor retail.
In addition, 1770 Crystal Drive and Central District Retail are both currently under construction. JBG SMITH is also serving as the fee developer for Amazon’s new headquarters and the master developer for the Virginia Tech Innovation Campus, all located in National Landing.
Designed to serve as a gateway between Long Bridge Park and the north-end of National Landing, 101 12th Street’s prominent eastern façade and ninth-floor terrace are expected to provide dramatic views of the DC skyline, the National Mall and monumental core, and Reagan National Airport.
JBG SMITH’s submission contains several community benefits including open space, a new expansive park, and street-level retail. A fitness center, first floor terrace, and the ninth-floor terrace will serve as amenities for the future tenants of the planned office. Keeping with JBG SMITH’s plan to foster a vibrant, architecturally distinct environment in National Landing, 101 12th will be layered with gleaming stainless-steel shingles on the 12th and 10th Street frontages to present a complementary variation against the design of surrounding buildings.
“The various development opportunities that JBG SMITH has submitted to Arlington County over the last year will work in tandem to create a more robust, 18-hour environment in National Landing,” said Bryan Moll, Executive Vice President at JBG SMITH. “The building at 101 12th Street is an important piece of the larger transformation, and we look forward to working with the County to review and refine our proposal.”
JBG SMITH and National Landing
National Landing is the newly defined interconnected and walkable neighborhood that encompasses Crystal City, the eastern portion of Pentagon City and the northern portion of Potomac Yard. Situated across the Potomac River from Washington, DC, National Landing is a well-located urban community known for its adjacency to Reagan National Airport and walkable environment featuring offices, apartments and hotels. JBG SMITH currently owns 6.2 million square feet of existing office space, 2,850 units of existing multifamily space, and controls 6.9 million square feet of additional development opportunities in National Landing, excluding Amazon’s land purchase.
In addition to the Amazon project, JBG SMITH has broken ground on Central District Retail, a 109,000 square foot entertainment and shopping destination that will serve as the retail heart of National Landing. JBG SMITH also expects to start construction on 1900 Crystal Drive next year, which currently comprises two residential towers with shops and green spaces at the base. The retail components of these two projects are expected to deliver almost 150,000 square feet of street-level retail featuring an Alamo Drafthouse Cinema, specialty grocer, restaurants, bars, and other experiential offerings.
About JBG SMITH
JBG SMITH is an S&P 400 company that owns, operates, invests in, and develops a dynamic portfolio of high-quality mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 20.6 million square feet of high-quality office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a robust future pipeline encompassing 18.7 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.
Certain statements contained herein may constitute “forward-looking statements” as such term is defined in Section 27A of the Securities 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 numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximate”, “believes”, “expects”, “anticipates”, “intends”, “plans”, “would”, “may”, or similar expressions in this press release. We also note the following forward-looking statements: in the case of our construction and development assets, estimated square feet and construction commencement dates, and in the case of our future pipeline, estimated potential development density. Many of the factors that will determine the outcome of these and our other forward-looking statements, entitlements, and plans are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive 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 Concerning Forward-Looking Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof.
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Executive Vice President
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KEYWORD: DISTRICT OF COLUMBIA MARYLAND UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY FINANCE CONSULTING PROFESSIONAL SERVICES URBAN PLANNING REIT OTHER CONSTRUCTION & PROPERTY
SOURCE: JBG SMITH
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PUB: 11/18/2019 04:30 PM/DISC: 11/18/2019 04:30 PM