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FOR IMMEDIATE RELEASE:
REALTOUR 2005 HIGHLIGHTS NOMA CORRIDOR
Thursday, June 2, 2005
The NoMa Corridor (www.nomacorridor.com) was highlighted today in GWCAR and DCBIA's RealTOUR 2005 as one the last areas
in Washington, DC with large-scale development potential. Three hundred attendees
within the real estate disciplines of architecture, construction, brokerage, development,
finance, investment, marketing and others began the event at the City Museum.
Upcoming developments were showcased in the Expo Hall where attendees assembled
to enjoy a continental breakfast. The informative and insightful program, with
remarks by Terry Peay, representing the NoMa Stakeholder's, and Ellen McCarthy,
Interim Director of the DC Office of Planning preceded a walking tour.
At the heart of the NoMa Corridor, J Street Development's (www.jstreetdevelopment.com) project, First Place, is located at the intersection of 1st and L Streets,
NE, and formerly identified as 60 L Street. The project is a 1.1 million square
foot development site currently in pre-development and, in its final form, is
expected to include both office and residential uses. J Street Development anticipates
adding an additional 200,000 square feet to the development site in the near term.
The NoMa Corridor, offering 16 million square feet of development potential,
is located east of North Capitol Street and west of the Union Station rail yards
stretching from G to Q streets in Northeast. It is one of the last opportunities
for new, large scale Class A office developments within the metro DC market. With
a number of developers active in the emerging Corridor, the DC Council and Office
of Planning have taken note.
In a spirit of positive community growth and expansion, 7 area developers and
property owners have joined together in an exciting and unusual partnership to
maximize the NoMa Corridor's full potential. This collective spirit has created
a common goal of making the area not only the city's next pocket of real estate
development, but also a vibrant 24-hour destination for many of the District's
residents and office tenants, while supporting and nurturing the existing community.
The NoMa Corridor is targeted as a mixed-use environment that will include upscale
and affordable housing, office development, recreational and cultural amenities,
restaurants, hotels, and conference centers.
The neighborhoods initial boost came when XM Satellite Radio made the "pioneering"
decision to anchor its headquarters in NoMa. The addition of the new Red Line
Metrorail Station at New York and Florida Avenues, and the ATF Headquarters under
construction, has made the Corridor ripe for change. The Office of Planning and
NoMa Stakeholder developers envision mixed uses, high densities and animated streetscapes,
which in the coming years will transform the neighborhood.
"This is the last remaining downtown area of Washington to be developed," said
Del. Eleanor Holmes Norton (D-D.C.) "It is an area where there are going to be
not just offices, but hotels, restaurants and other amenities," she added.
Contact: Cathy Fawell
Director of Marketing & Communications
202-639-0339
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