Two major real estate redevelopment opportunities are scheduled to open in downtown Washington, D.C. soon, led by an announcement as soon as next month on which company will win the right to replace the FBI headquarters building at 935 Pennsylvania Ave. NW.
Demolition of the J. Edgar Hoover building will make more than two million square feet of prime space available for a new mixed-use development. It would be one of the biggest projects in Washington in several years.
The National Capital Planning Commission approved guidelines for the FBI redevelopment this month.
The guidelines require reestablishment of the adjacent D Street NW, a 57-foot sidewalk in front that makes room for community events and a preference for mixed-use that combines office, residential and cultural space.
The site for the new FBI headquarters also could be announced next month. The project is valued at $2 billion.
Four companies have emerged as most likely to win the contract, two of which has been associated with President Donald Trump.
Vornado Realty Trust Chairman Steven Roth served as an economic adviser to Trump’s presidential campaign and co-owns a building with the president in New York. Trump has referred to Silverstein Properties Founder Larry Silverstein as a “friend of mine.”
The other two top contenders are Boston Properties of Massachusetts and Peterson Companies of Fairfax, Va.
Another redevelopment opportunity is scheduled to open soon in Mount Vernon Square, above a two-story parking garage at Second and K streets NW.
The D.C. Office of Planning and Economic Development put out a request for proposals last spring. The responses from developers were announced this month.
Thoron Capital and Tishman Speyer propose turning the parking deck into recreational and arts space with a residential project alongside the parking garage.
Capstone Development and Republic Properties want to build a 165-room hotel and 200-unit residential building at Cobb Park, beside the parking garage. The deck of the garage would be reserved for a park and recreational space.
Fivesquares Development, joining with Paradigm Development and the Warrenton Group, envision a mixed-use development on top of the parking garage. It would include 688 residential units and 5,000 square feet of ground floor retail.