News Summary
Balfour Beatty has officially commenced construction on a $260 million luxury apartment building named 1301 in Washington D.C. This project features 356 market-rate units and is part of the larger $2 billion Portals mixed-use development. The final phase of Portals IV, the building will include high-quality amenities and community spaces, enhancing urban living in the area. Financing has been secured through substantial investments, continuing Republic Properties’ legacy of development in the Portals complex, which has a rich history dating back to the 1980s.
Balfour Beatty Breaks Ground on $260 Million Luxury Apartment Building in Washington D.C.’s Portals Complex
Balfour Beatty has officially begun construction on the 1301 luxury apartment building located at 1301 Maryland Ave., SW, in the heart of Washington D.C. The anticipated project, with a total value of $260 million, is set to consist of 356 market-rate apartment units and marks a significant milestone in the development of the Portals complex.
This project is part of the larger $2 billion Portals mixed-use development, shaped by Republic Properties Corp. The ongoing construction of 1301 represents the final phase of this ambitious plan, which is identified as Portals IV. Upon completion, the entire Portals complex will cover over 3 million square feet of mixed-use space, transforming the area into a vibrant community hub.
Details of the 1301 Building
Once completed, the 1301 building will encompass approximately 525,000 square feet and is designed to offer stunning views of the Tidal Basin and various prominent Washington D.C. memorials. Its architectural style is similar to the sister building located at 1331 Maryland Ave., SW, which adds to the aesthetic cohesion of the area.
The completed Portals complex will also include three Class A office buildings, the upscale Salamander Hotel, and the aforementioned 1331 Maryland Ave. building, which was constructed at a cost of $230 million and offers 373 units.
Financing and Development Partners
Financing for the 1301 project was secured through a combination of sources, including $195 million in construction financing acquired by Republic Properties. Notably, this includes $137 million from Kennedy Wilson and $58 million from Pearlmark. In addition, Republic Properties provided an extra $65 million in sponsor equity, further emphasizing their commitment to this significant real estate venture.
Architectural and Interior Design
The architectural design for the 1301 building is being managed by WDG Architecture, while the interior design work is led by Akseizer Design Group. The focus on aesthetically pleasing yet functional spaces is expected to enhance the living experience for future residents.
Amenities and Community Spaces
1301 is set to offer a variety of amenities that cater to modern urban living. Planned features include a rooftop terrace with an outdoor pool, grilling areas, and fire pits, which will create an inviting atmosphere for relaxation. Furthermore, residents can enjoy a fitness center and a spa designed specifically for dogs, catering to pet owners in the community.
The building will also include community spaces such as clubroom areas, a piano lounge, and coworking spaces, encouraging social interaction and a sense of community among residents. The combination of these amenities is designed to attract a diverse range of individuals looking for upscale living options in Washington D.C.
Historical Context of the Portals Development
The Portals site was identified as a development opportunity by the District of Columbia Redevelopment Land Agency back in the 1980s. In 1987, Republic Properties partnered with Eastcoast Development Corp. to secure a competitive award granting them the right to master plan a 3 million-square-foot mixed-use development.
Republic Properties Corp. has an extensive history in real estate, with transactions totaling over $8 billion since its inception. In 2020, the company completed the conversion of Portals V, which added 1331 Maryland Ave. as a multifamily option in the already-growing complex. More recently, a construction financing deal worth $180 million was secured for the conversion of 1250 Maryland Ave. SW into a 428-unit community, with Balfour Beatty also involved as the general contractor for that project.
As construction on the 1301 apartment building progresses, it is expected to further enhance the landscape of the Portals complex and contribute to the ongoing urban development of Washington D.C.
Deeper Dive: News & Info About This Topic
Additional Resources
- Engineering News-Record: Balfour Beatty Picked for $889M I-30 Rebuild in Dallas
- Wikipedia: Balfour Beatty
- Balfour Beatty: $889 Million Texas Interstate Contract
- Google Search: Balfour Beatty Texas Interstate 30
- Construction Dive: Balfour Beatty Texas Interstate 30
- Encyclopedia Britannica: Construction
Author: Construction TX News
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