Greenwich Group International will arrange financing for The Wharf in D.C.
- December 17, 2012
Madison Marquette and PN Hoffman, development partners behind Hoffman-Madison Waterfront, have announced that real estate investment bank Greenwich Group International will arrange financing for the newest waterfront development in the nation’s capital.
Construction on The Wharf, a 27-acre, 3.2-million mixed use development, is scheduled to begin next year.
“We are delighted to have been selected by Hoffman-Madison to work on one of the most exciting mixed-use, urban waterfront developments in the United States,” Simon Mildé, chairman and CEO of Greenwich Group said in a statement. “The Wharf offers extraordinary investment appeal as a sustainable, large-scale development adjacent to the National Mall, Washington’s iconic monuments and the incomparable vistas of the Potomac riverfront,”
The project is being designed as a 24-hour community with retail, residential, office, hotel and entertainment venues. Ehrenkrantz, Eckstut & Kuhn have overseen design efforts for the $1.5 billion redevelopment. The target completion date for Phase I is 2016.
It will provide a mix of buildings including rental apartments, 134 condominium residences, three hotels, significant office, retail and convention space and parking. When fully developed, the project envisions more than 1,350 residences, 960,000 square feet of office space, three hotels with 680 rooms, 358,000 square feet of retail space, a concert venue and artisanal food market.
The Wharf is located opposite East Potomac Park in Southwest D.C., and is a short distance from the capital monuments, Capitol Hill, L’Enfant Plaza and Nationals Stadium. Developers say it will include many sustainable building elements including an on-site, co-generation energy plant and a storm water collection system.