Balfour Beatty Begins Construction on Luxury Apartment Building

News Summary

Balfour Beatty has officially commenced construction on a $260 million luxury apartment building named 1301 in Washington D.C. This project features 356 market-rate units and is part of the larger $2 billion Portals mixed-use development. The final phase of Portals IV, the building will include high-quality amenities and community spaces, enhancing urban living in the area. Financing has been secured through substantial investments, continuing Republic Properties’ legacy of development in the Portals complex, which has a rich history dating back to the 1980s.

Balfour Beatty Begins Construction on $260 Million Apartment Building in D.C.

Balfour Beatty has officially started construction on a new luxury apartment building named 1301, located at 1301 Maryland Ave., SW, Washington D.C. This ambitious project carries a price tag of $260 million and will feature 356 market-rate apartment units. The development marks a significant milestone as part of Republic Properties Corp.’s larger $2 billion Portals mixed-use development.

Final Phase of a Larger Vision

The construction of 1301 represents the final phase in what has been dubbed Portals IV, part of a grand vision for the Portals complex that, when completed, will span over 3 million square feet of mixed-use real estate. This development is strategically located, offering residents stunning views of the Tidal Basin and renowned Washington D.C. memorials.

Architectural Design and Amenities

The completed building will cover approximately 525,000 square feet and shares a similar design with its neighboring structure at 1331 Maryland Ave., SW. The architectural work for 1301 has been entrusted to WDG Architecture, while the interior spaces will be designed by Akseizer Design Group. Planned amenities aim to enhance high-quality living, including a rooftop terrace featuring an outdoor pool, grilling areas, fire pits, a fitness center, and even a dog spa.

Community Spaces and Shared Facilities

Community-oriented features are also integral to the design of 1301. The building will house clubroom areas, a piano lounge, and coworking spaces to foster community interaction and a work-life balance.

Investment and Financing

In terms of financing, Republic Properties has secured a substantial $195 million for the construction of 1301. This includes $137 million from Kennedy Wilson and $58 million from Pearlmark. Additionally, Republic Properties has contributed $65 million in sponsor equity to solidify the financial foundation for this high-profile project.

A Legacy of Development

The development of the Portals complex has deep historical roots. The District of Columbia Redevelopment Land Agency recognized the potential of the Portals site back in the 1980s. In a competitive selection process in 1987, Republic Properties, along with Eastcoast Development Corp., earned the right to master plan this extensive mixed-use development project.

Previous Developments and Future Plans

Republic Properties has continued to expand its footprint in the area. In 2020, the company completed the conversion of Portals V, adding the 1331 Maryland Ave. building as a multifamily residential neighbor. Recently, an additional $180 million financing agreement was made for the conversion of 1250 Maryland Ave. SW into a community featuring 428 units, with Balfour Beatty also involved in general contracting services for that project.

A Significant Public-Private Partnership

This development is viewed as a vital public-private partnership involving the District of Columbia. As Republic Properties continues to shape the urban landscape, the completion of the Portals complex will serve as a significant addition to Washington D.C.’s vibrant residential and commercial offerings.

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Additional Resources

• Engineering News-Record: Balfour Beatty Picked for $889M I-30 Rebuild in Dallas
• Wikipedia: Balfour Beatty
• Balfour Beatty: $889 Million Texas Interstate Contract
• Google Search: Balfour Beatty Texas Interstate 30
• Construction Dive: Balfour Beatty Texas Interstate 30
• Encyclopedia Britannica: Construction