JBG Smith introduced now that it has obtained the Americana Lodge in Crystal City and intends to redevelop the home as an apartment constructing.
The relatives-owned lodge at 1400 Richmond Freeway shut previously this thirty day period immediately after just about 50 yrs in enterprise and at the very least one overall look in a significant motion photograph.
In a press launch, JBG implies that the 102-space resort could inevitably make way for a massive apartment developing with extra than 500,000 sq. feet of place. That may well be comparable to JBG’s The Bartlett one particular block away, at the corner of S. Eads Road and 12th Street S., which clocks in at 23 stories, 700 residences and about 750,000 square toes of ground area.
Even with the owners’ hopes to preserve the retro resort in the family members, even a short while ago investing in an intensive space renovation, its location throughout the avenue from Amazon’s upcoming HQ2 built it an eye-catching acquisition target.
Additional from the JBG push launch, down below.
JBG SMITH (NYSE: JBGS), a major proprietor and developer of significant-good quality, mixed-use qualities in the Washington, DC market place, declared these days the acquisition of the previous Americana Resort situated straight across the avenue from Amazon’s future headquarters in National Landing.
The 1.4-acre Americana internet site, which encompasses a a short while ago decommissioned 102-important resort and adjacent parking good deal, has the likely to accommodate a new multifamily improvement of far more than 500,000 sq. feet.
“As the greatest home owner and most energetic developer in Countrywide Landing, we have extended considered the Americana website as a single of the best possibilities for advancement in the Funds location,” explained Ed Chaglassian, Executive Vice President, Head of Acquisitions. “This place possesses all of the significant elements for a successful project, which include access to great general public universities and shut proximity to significant transportation, retail, and employment prospects. The probable for this growth has only developed with the arrival of Amazon’s headquarters and the Virginia Tech Innovation Campus.”