SHAW: City Market at O is now 98% Leased

Good news from Roadside Development and Bozzuto, City Market at O is 98.28% leased 'Wow'! Congratulations to both. As you can read below City Market at O outpaced all other multifamily properties in DC and the Mid-Atlantic Region. Full Press Release Below;

City Market at O is 98.28% Leased

Residential Lease Up Out Paces Mid-Atlantic

Washington, DC March 23, 2015 Roadside Development, LLC (Roadside) is pleased to announce that the City Market at O Street is 98.28 % leased. Bozzuto Management, the community’s property management company, won an award March 12, 2015 for the “Lease Up of the Year’” for City Market at O Street. The lease-up at City Market at O has outpaced other multifamily properties in DC and the Mid-Atlantic Region.

The 407 market-rate residential units in the project’s first phase leased up a year ahead of schedule, achieving stabilization at in less than 13 months. The lease up occurred at an average pace of 31 units per month. The project was 20% pre-leased prior to the first building opening for occupancy December 27, 2013. It will be 97% occupied by March 28th. The popularity of City Market at O has given rise to a list of potential tenants for the third tower, which starts construction this spring.
 What’s the appeal? The design, above market amenities, convenience and location, according to Richard Lake, founding partner, Roadside Development, LLC.

 “City Market has one of the highest walk scores in DC (93), is easily walkable to 14th St, downtown and the Metro and is home to the largest grocer in the city as well as several restaurants,” said Lake. 

The project also offers sweeping views across the river to the south and past the Cathedral to the NW that are permanently protected by the surrounding historic district.

“This is compelling to young professionals and older residents alike, including many long-term residents of Shaw,” said Lake. 

The Hodge, a nearby affordable senior building, was 95% leased before it opened.
City Market at O’s project’s designer, Robert Sponseller, principal at Shalom Baranes, adeptly leveraged the views by wrapping the residential around the project’s corners and integrating the roofs with a series of intimate seating areas and community gathering spaces, including a block long infinity pool replete with a rain shower. There is even a block long dog run with a fire hydrant, and a bathing station.

“Many of our residents spend more time on the roof than they do in their homes. You can’t beat getting to kick your feet up while enjoying the views from one of our fire pits with a glass of wine in your hand, even in the colder months,” said Joel Regignano, General Manager, Bozzuto Management, for City Market at O. 

According to Regignano, the less obvious nuances have also helped to accelerate leasing activity at the property. Residents have access to an underground walkway that allows them to go to the Giant Food Store, move between buildings and access the garage without ever going outside. There is also an entertainment room with a demonstration kitchen and a theater-sized screen where residents can entertain friends and enjoy the panoramic view.
Roadside has been very deliberate with the design of the project to create a place that meets the demand, even exceeds the expectations of the community, while being sustainable to support the neighborhood as it evolves. Roadside’s architect managed three design teams to ensure that each building was differentiated, while creating a continuity of theme weaving together an historic 1900-century market and contemporary buildings.

“The result is an environment that is truly authentic with a design that spans centuries with the integration of historical and new architecture, and new and long-term tenants to a celebration of the rich history of the neighborhood,” said Lake.

Coming Soon to City Market at O,  Convivial by Chef Cedric Maupillier, Bocaro by Chef Robert Gadsby, even more to look forward to.