Dive Brief:
- Skanska began construction on Resa, a 12-story, 326-unit apartment building in Washington, DC. It is the first phase of the company's three-building Tyber Place project.
- Skanska is self-financing the project and is not waiting for office tenants. Resa, which is Swedish for journey, will have luxury apartment building amenities, including a pet spa, rooftop pool and lounge, outdoor grilling stations and a fitness center. Construction is expected to wrap up by the end of 2018.
- The company is the fifth developer to be active in construction in the same neighborhood.
Dive Insight:
Washington, D.C.'s NoMa (North of Massachusetts Avenue) neighborhood is the most active in the city for construction activity as developers turn the formerly light industrial area on the city's northeast side into a hive of mid-rise office towers, apartments and retail complexes — with more development on the way.
The city has seen supply growth in excess of 10,000 units for two of the last three years and a lowered vacancy trend, Multi-Housing News reported. Rents have risen, while job growth has accelerated. In NoMa, rentals dominate the housing market, according to the Washington Post, where residents are serviced by public transportation, bike paths and other amenities. Outdoor recreation retailer REI is at work on its 52,000 square foot flagship store there, led by Douglas Development Corp. and located in a reclaimed building that once hosted the Beatles’ first U.S. concert. A Whole Foods grocery store is also under construction nearby and will occupy the ground-floor level of a 431-unit apartment complex from Insight Property Group.
Skanska’s three-building Tyber Place project will eventually offer 581,000 square feet of office space, 326 apartments, 30,000 square feet of restaurants and retail and an open-air courtyard.
Tyber Place won't be Skanska's only project in the neighborhood for long. Along with three other developers — JBG, MRP Realty and AvalonBay — the company is collaborating on Meander, a four-block pedestrian promenade with green space, water elements and retail.
