Network Realty Partners Announces Repositioning Plans for Union Square
New 100,000 square foot apartment-style hotel building to occupy existing plaza.
Washington D.C. (November 17, 2021) – Paving the way for a significant repositioning of Union Square into an attractive three-building complex, Network Realty Partners (Network)and partner, USAA Real Estate, announced today they have received unanimous approval from the Washington, D.C. Zoning Commission. The project, located in the rapidly evolving NoMa neighborhood will be completed in two phases, commencing mid-2022.
“When we acquired Union Square in 2019, we saw an opportunity to transform an inactive 8-hour setting into an energetic, pedestrian friendly environment,” said Sam Hollman, principal of Network Realty Partners. “This approval is a big win for Union Square and the greater NoMa neighborhood.”
Project details include renovation and modernization to the two existing buildings totaling 625,000 square feet at 899 and 999 North Capitol Street, NE, and the development of a new 100,000 square foot building in the center courtyard that will house a 106-unit apartment-style hotel and feature a full-service restaurant. Although an operator has not been identified, Network anticipates breaking ground mid-2022 with a 20-month construction period.
Renovations at 899 North Capitol Street, NE will feature a new private entrance for D.C. Government agencies along North Capitol Street and part of the façade bump out that will improve the overall streetscape and pedestrian experience. Additional building improvements include upgraded mechanical systems, elevators, window replacement, a new roof and common area enhancements that will modernize the main lobby, restrooms, and amenity spaces.
The building located at 999 North Capitol Street, NE will also feature a façade bump-out with two separate, private entrances for ground level office users along North Capitol and K Streets, creating a unique, two-story volume of space with signage opportunities. This addition also includes a 5,000 square foot retail space for a potential food hall/market.
“Network is grateful for the collaboration from the D.C. Office of Planning, the D.C. Zoning Commission and two Ward 6 Advisory Neighborhood Commissions to overcome challenges to connect our buildings to the street.” Hollman continued.
About Network Realty Partners (Network)
Headquartered in Arlington, VA, Network Realty Partners is a dynamic real estate investment and development company.The firm is privately held by accomplished commercial real estate executives with more than 100 years of experience leasing, developing and repositioning D.C. Area properties. Network’s strength centers on urban, place based, mixed-use development and all types of private sector and government office leasing.
USAA Real Estate
With more than $29 billion in assets under management and 11 global offices, USAA Real Estate is an industry leader in acquiring, developing, financing and managing the highest quality real estate assets in North America and Europe. The mission of USAA Real Estate is to serve the financial interests of its investor clients by strengthening the profitability and diversity of the USAA investment portfolio, which includes multifamily, industrial, office and hotel properties, as well as e-commerce logistics and distribution centers, media production facilities and data centers. Aligned with a series of strategic partnerships cultivated over decades of co-investment, USAA Real Estate engages with preeminent sector leaders demonstrating proven domain expertise in a shared drive to achieve superior, risk-adjusted returns.
For more information, visit www.usrealco.com.
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