City living is changing. The increased densification of urban cores in global gateway cities is leading to a rise in consumer spending on experiences, including food and beverage, entertainment, culture, education and travel. With this fresh perspective in mind, our Real Estate team recognized a compelling opportunity in the transformation of the Wharf in Washington, D.C., into a vibrant mixed-use development.
“We saw the potential as soon as we were presented the project,” said Kris Wojtecki, Managing Director, Real Estate Investments. “It would be the first site of its kind on a waterfront property in the US capital. After we reviewed the plans, getting to know the partner clinched the deal.”
Our team was also inspired to go ahead by the LEED Gold certified design. For city leaders, the project ticked three key boxes in urban development: affordable housing, high-quality jobs and a potential tax base increase.
PSP made it possible to convert the Wharf into a vibrant destination. The Wharf provides a unique living experience with condos, apartments, shopping, dining, entertainment, piers, boat slips and a boardwalk. It’s a place where diverse people can live, congregate and have fun.
“A project of this scale in a prestigious world capital was groundbreaking, not just for PSP but for the entire real estate world,” added Kris. “Mixed-use real estate development is on the rise. With this project under our belt, PSP can play a big part in shaping the future of the real estate industry.”
The grand opening of Phase 1 took place in the fall of 2017, with the support of Washington D.C.’s city council members and D.C.’s representative in Congress. Celebrations included fireworks, music and entertainment events, topped off by a Foo Fighters’ concert. Phase 2 is currently in pre-development.
US$2.5 billion investment
Total of 297,300 square metres
1,375 residences and 4 hotels (800 rooms)
87,800 square metres Class A office space
4 hectares of parks, open spaces and civic areas
400 trees planted on the site
4 public-use piers and 400 boat slips
From left to right George Fortin, Manager and Loren Shore, Director, Real Estate Investments