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Washington, D.C. Mayor Vincent C. Gray Joins Hines in Recognizing Reopening of 10th Street and I Street, NW as First Residents Move into Condominium and Apartment Homes
WASHINGTON, Dec. 18, 2013 /PRNewswire/ -- Hines and the TFI US Real Estate Fund, developers of CityCenterDC, announced several significant milestones this week at the 10-acre, landmark, mixed-use development located in the heart of the Nation's Capital. The developers announced the official re-opening of 10th Street and I Street – marking the first time these thoroughfares have been accessible to the public in more than 30 years – and welcomed the first residents to their homes at The Apartments at CityCenter and The Residences at CityCenter.
CityCenterDC is a development of Hines and The TFI US Real Estate Fund. The anchor investor in the Fund is Qatari Diar Real Estate Investment Company (Qatari Diar), the real estate investment arm of the Qatar Investment Authority. The Fund is advised by Tanween, a Qatari real estate development management and consulting firm.
Hines also announced that the development's state-of-the-art parking garage for residents and visitors is now open. The new CityCenterDC garage will employ an advanced automated parking guidance system, and accommodates approximately 700 cars for retail/public parking on 2-1/2 below-ground levels.
Marking the milestone, Washington, D.C., Mayor Vincent C. Gray said: "This is a momentous occasion for the Downtown area of the District of Columbia. With the reopening of 10th and I Street and the completion of the condos and apartments, we are seeing a transformation in the Downtown area that creates an environment for residents to live, work and play. We thank our development partners for making this decade-long dream a reality."
"As we take down the fences that have surrounded this site for many years, we are realizing our vision for a landmark development that will play an important role in the continued revitalization of downtown D.C.," said William B. Alsup, III, senior managing director at Hines. We are proud to formally introduce CityCenterDC to the community as we welcome our first residents to both the condominium and apartment homes."
Speaking to the future, Alsup said there will be many more milestones for CityCenterDC in 2014. These include the addition of various stores and restaurants, as well as the completion of construction on the office buildings, and occupancy by tenants Covington & Burling, the American Hospital Association, Qatari Foundation International and Hines' Washington office.
CityCenterDC has already realized tremendous marketing success, having leased 95 percent of its office space and sold more than 67 percent of its condominium residences since they premiered in January. In addition, the apartments leasing program commenced this fall with an extremely favorable reception from the local community.
CityCenterDC (www.citycenterdc.com) is a unique, pedestrian-friendly, 10-acre mixed-use development, located in the heart of downtown Washington, D.C., on a 4.5-block parcel bounded by New York Avenue, 9th, H and 11th Streets, NW.
Phase I consists of more than 270,000 square feet of retail space situated at the base of seven buildings that encompass 520,000 square feet of office space, 458 rental apartment units, 216 condominium units, a public park, a central plaza and pedestrian-oriented streets and alleyways.
Foster + Partners, an international studio for architecture, planning and design based in London, served as the master-plan architect and the design architect for the office and for-sale-housing components. Shalom Baranes Associates, P.C., a Washington-based architectural firm, served as the associate master-plan architect and the design architect for the residential rental component.
Construction of Phase I of the project commenced in March 2011 and will be substantially complete by year end 2013 with initial occupancy in December for the residential buildings and early 2014 for the office and retail components. A joint venture between Clark Construction Group, Smoot Construction of Washington, D.C., and McKissack and McKissack is the general contractor.
Construction of Phase II of the project is expected to commence in 2015. It will consist of an approximately 370-room luxury hotel and 73,000 square feet of additional retail.
Phase III of the project will be completed by another developer, Gould Property Company, and will consist of a 500,000 square foot office building and 40,000 square feet of retail space.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm's historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties. With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualite Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
About The First Investor (TFI)
TFI is a leading investment company in Qatar and is regulated by the Qatar Central Bank. A wholly owned subsidiary of Barwa Bank, TFI is emerging as one of the most respected investment banking firms within the region, combining Qatari leadership with both international and local expertise to provide dedicated services in Investment Banking, Asset Management and Real Estate Investment. Through its strong international network of relationships and deep technical expertise, TFI provides a global approach in helping clients formulate, deliver and manage effective corporate strategies. Visit www.tfi.com.qa for more information.
Tanween is a Qatari real estate development management and consultancy firm operating in GCC and MENA with a network of international consultants and partners. Tanween's current portfolio of projects under development amounts to around $22 billion. Tanween assists land owners, developers, investment banks and investors to create commercially viable and sustainable world-class real estate communities in all asset classes. Tanween's experts provide various strategies for real estate developments and asset management and comprehensive project delivery services throughout the development lifecycle. Visit www.tanween.com.
About QATARI DIAR
QATARI DIAR Real Estate Company (QD) was established by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar. Its purpose is to support Qatar's growing economy and to coordinate the country's real estate development priorities. With over 49 landmark projects underway in more than 29 countries, QATARI DIAR is committed to its vision of promoting a better quality of life for the people of Qatar and around the world by creating distinguished developments on a grand scale, incorporating best practice in industry standards. The Company aims to create and manage property investments and developments which comply with the best international standards and strongly reflect local culture and values. As a result, QATARI DIAR's projects deliver a sustainable social, economic and environmental benefit to the community. Visit www.qataridiar.com.
For more information, contact:
Hines – George Lancaster – 713-966-7676
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