CHEVY CHASE, Md.--(BUSINESS WIRE)--
JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced that it has submitted plans to Arlington County for the redevelopment of approximately 2.6 million square feet of space across five multifamily buildings and one office building. The buildings include 2000 and 2001 South Bell Street (formerly 2001 Richmond Highway), 223 23rd Street, 2300 Crystal Drive, and 2525 Crystal Drive, which are all within a ½ mile of the Metro and Amazon’s new headquarters.
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The submissions are part of JBG SMITH’s ongoing collaboration with Arlington County and private sector partners to deliver a mix of new housing, retail, office, and public spaces to National Landing. These projects are anticipated to follow 1900 Crystal Drive and RiverHouse Apartments, which are already moving through the entitlement process. Taken together, these projects constitute over half of JBG SMITH’s 6.9 million square foot Future Development Pipeline in National Landing. Based on current plans, JBG SMITH expects the 6.9 million square feet to comprise approximately 2.2 million square feet of office and 4.7 million square feet of multifamily, totaling approximately 4,000 to 5,000 units, which will all have ground floor retail. This is an important step toward delivering additional housing units and retail amenities in National Landing, which will help meet anticipated new housing demand and mitigate upward pressure on rents.
In addition, JBG SMITH has broken ground on 1770 Crystal Drive and Central District Retail, which are both currently under construction. JBG SMITH is also serving as the fee developer for Amazon’s new headquarters and the master developer for the Virginia Tech Innovation Campus.
JBG SMITH’s submission includes a robust set of community benefits that will achieve several key Sector Plan objectives, including the dedication of open space, upgrades to the streetscape, and infrastructure enhancements. While the final benefits will be determined through a collaborative process with Arlington County, the package is anticipated to include the creation of new public open spaces, improved pedestrian circulation, and transportation upgrades.
“In reimagining this vital stretch along Crystal Drive and 23rd Street, we are focused on the goals of Arlington County’s Sector Plan, as well as our collective desire to foster a vibrant, architecturally distinct 18-hour environment throughout National Landing,” said Bryan Moll, Executive Vice President at JBG SMITH. “We look forward to working with the County to review and refine our proposals, which will significantly enhance the public’s experience at the street level and add a host of new housing and amenities for the community.”
JBG SMITH expects to commence construction on these developments after receipt of final entitlements, subject to preleasing and market conditions.
JBG SMITH and National Landing
National Landing is the newly defined interconnected and walkable neighborhood that encompasses Crystal City, the eastern portion of Pentagon City and the northern portion of Potomac Yard. Situated across the Potomac River from Washington, DC, National Landing is a well-located urban community known for its adjacency to Reagan National Airport and walkable environment featuring offices, apartments and hotels. JBG SMITH currently owns 6.2 million square feet of existing office space, 2,850 units of existing multifamily space, and controls 6.9 million square feet of additional development opportunities in National Landing, excluding Amazon’s land purchase.
In addition to the Amazon project, JBG SMITH has broken ground on Central District Retail, a 109,000 square foot entertainment and shopping destination that will serve as the retail heart of National Landing. JBG SMITH also expects to start construction on 1900 Crystal Drive next year, which currently comprises two residential towers with shops and green spaces at the base. The retail components of these two projects are expected to deliver almost 150,000 square feet of street-level retail featuring an Alamo Drafthouse Cinema, specialty grocer, restaurants, bars, and other experiential offerings.
About JBG SMITH
JBG SMITH is an S&P 400 company that owns, operates, invests in, and develops a dynamic portfolio of high-quality mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 20.6 million square feet of high-quality office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a robust future pipeline encompassing 18.7 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.
Certain statements contained herein may constitute “forward-looking statements” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximate”, “believes”, “expects”, “anticipates”, “intends”, “plans”, “would”, “may”, or similar expressions in this press release. We also note the following forward-looking statements: in the case of our construction and development assets, estimated square feet and construction commencement dates, and in the case of our future pipeline, estimated potential development density. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see “Risk Factors” and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof.