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Mon. Jul 22nd, 2024

Gallaudet, JBG SMITH file for expansion of development plans near the Union market

By Vaseline Jun10,2024
Gallaudet, JBG SMITH file for expansion of development plans near the Union market

by UrbanTurf staff

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Rendering of Lot 3 building planned for the Gallaudet project. Click to enlarge.

Gallaudet University and JBG SMITH’s comprehensive plans for the university’s site on either side of 6th Street between Morse Street and Neal Place NE (map) will be postponed.

The development team has requested a two-year extension for the approved planned unit development (PUD), which is expected to deliver more than 450,000 square feet of office and administrative space, 129,000 square feet of retail and nearly 1,800 residential units in the near future. years.

“Since the approval of the second phase in the Order, the applicant and the development teams for both Lots 2 and 3 have continued to progress the project, including the preparation of permit plans for the respective buildings,” the extension application said. “However, in the period since the Order was issued, there have been increasingly adverse market conditions for real estate development, including continued steep and persistent increases in construction costs and fundamental shifts in the interest rate environment that pose challenges in securing the necessary financing to complete projects to help move forward. currently.”

The development team, which says it is committed to delivering the project once financing is secured, is seeking an extension of the approved PUD through 2026.

For a full description of what the development entails, click here.

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This article was originally published at https://dc.urbanturf.com/articles/blog/gallaudet_jbg_smith_file_for_extension_of_development_plans/22402.

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