MVT: The Peebles Corp., MacFarlane Partners and Standard International Win 5th & I Street Development

Announced this morning, The Peebles Group have landed the major development at 5th & I Street's NW. The winning bid includes a Hotel, that will be managed by Standard International, Residential Units, Major improvement to the 2 existing/adjacent parks, more Retail and Restaurant space, and construction of  100 affordable homes (East of the Anacostia River). The award to The Peebles Group, beat out three other finalists for the opportunity to re-develop the lucrative corner lot (5th St, I St, Mass Ave)
Here is the wining bid; (with as much detail as I am comfortable writing)
Building:
  • Above Grade: 13 Stories
  • Below Grade: 4 Stories
  • Number of Parking: 132 Spaces
Hotel
  • 198 Key Hotel
Residences
  • 59 Branded Residences (at 5th & I Street's)
  • Off-Site Affordable Housing (East of Anacostia River)
  • 100 Units
  • 60% AMI
Other
  • 4th Quarter 2016 Delivery
  • LEED Silver Certification
  • Multiple Commercial Uses (restaurant, spa, event space)
Voluntarily adopt two local parks:
  • Seaton Park geared towards ‘kid - friendly’ playground facilities
  • Milian Park geared towards ‘dog - friendly’ park
Hospitality High School training program (It was announced last week that HHS is giving up its 'Charter' status and returning to DCPS with a normal curriculum. This has not been solidified, but should it be, then other arrangements would have to be made to fulfill this segment of the bid)

Community Use:
  • Event and meeting room space
  • State of the art spa & fitness center
  • Neighborhood oriented food and beverage & retail establishments
  • Green rooftop space


The Peebles Group also outlined the financial benefits of their bid;
Financial
  • Create over 385 full-time permanent jobs
  • Create over 650 construction jobs
  • Generate over $8,000,000 in annual tax revenue
  • Local D.C. resident hiring plan
  • Certified Business Enterprise (CBE) Contractor Plan – Construction
  • Certified Business Enterprise (CBE) Contractor Plan – Hotel Operator
  • Disadvantaged Business Enterprise (DBE) hiring plan
  • Support D.C. based businesses
  • Enhance surrounding area property values
  • No public funds needed throughout project
For Information Purposes, so you know our new neighbors
The Peebles Group:
  • Multi-billion dollar minority owned development company with 30+ years of real estate experience, led by R. Donahue Peebles.
  • Founded in Washington, D.C. in 1987.
  • Extensive experience with:
  • Public-Private Partnerships
  • Hospitality development
  • Multiple cities - Washington, D.C., Miami, New York City, Las Vegas, San Francisco
  • Chairman and CEO, R. Donahue Peebles is a native Washingtonian and one of the most successful entrepreneurs in the country.
MacFarlane Partners:
  • One of the largest minority owned real estate investment management firms in the country.
  • Over $5 billion in assets under management, led by Victor MacFarlane.
  • More than 80 properties in cities such as New York, Washington D.C., Los Angeles and San Francisco.
  • Over 8 million square feet of commercial space
  • 14,000 multifamily units
  • Focus exclusively on investments that promote smart growth, urban revitalization and sustainability.
  • Total investments in the Washington D.C. Metro Area:
  • 44 properties worth a total of $2.8 billion
  • 2.83 million square feet of office, retail and other commercial space
  • 712 hotel rooms
  • 6,023 apartment units
Standard International
  • World renowned luxury boutique hotel brand.
  • Created and managed by AndrĂ© Balazs Properties.
  • Locations in New York, Los Angeles and Miami.
OK, That's it for now....There will undoubtedly be updates later today and over the coming weeks...I will endeavor to stay on top of this and keep this post updated.







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