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 Breaks Ground on $260 Million Luxury Apartment Building in Washington D.C.’s Portals Complex
Construction has officially begun on a luxurious new apartment building named 1301, located in the heart of Washington D.C.’s vibrant Portals Complex. Valued at an impressive $260 million, this project is set to transform the skyline and lifestyle offerings in the area.
The new building will house 356 market-rate apartment units, providing a mix of modern living spaces that aim to cater to the city’s diverse residents. The construction at 1301 Maryland Ave., SW, marks the last phase of the larger Portals mixed-use development project, spearheaded by Republic Properties Corp. This development is projected to be a significant addition to the local economy with its total investment of $2 billion.
Once fully realized, the Portals Complex will encompass over 3 million square feet of mixed-use space, making it one of the standout developments in the city. The new building, which will span 525,000 square feet, offers breathtaking views of the iconic Tidal Basin and the celebrated memorials that Washington D.C. is known for.
Designed to complement the adjacent structure at 1331 Maryland Ave., the architectural aesthetics of 1301 will resonate with the modern vibe and upscale offerings of the surrounding neighborhood. The entire Portals Complex will include three Class A office buildings, the luxurious Salamander Hotel, and the previously completed 1331 Maryland Ave. building, which was constructed for $230 million and consists of 373 units.
Financial backing for the project has been secured through a robust scheme, with Republic Properties obtaining $195 million in construction financing for 1301. This includes notable contributions of $137 million from Kennedy Wilson and $58 million from Pearlmark. Additionally, Republic is contributing $65 million in sponsor equity to facilitate the project’s progression.
The architectural vision for 1301 has been led by WDG Architecture, while Akseizer Design Group has been tasked with the interior designs, ensuring that the living spaces are as appealing inside as they are from the outside. Residents will benefit from a variety of planned amenities, including a rooftop terrace complete with an outdoor pool, grilling areas, and fire pits. A state-of-the-art fitness center and a specialized dog spa round out the offerings, catering to an active and contemporary urban lifestyle.
Community-centric features are a significant aspect of the 1301 project, including clubroom areas, a relaxing piano lounge, and coworking spaces designed to foster connectivity among residents. This initiative stands as a critical example of a public-private partnership with the District of Columbia, showcasing how collaborative efforts can lead to meaningful urban development.
The Portals site has a rich history dating back to the 1980s when the District of Columbia Redevelopment Land Agency first identified it as a key development opportunity. Winning a competitive award in 1987 allowed Republic Properties and Eastcoast Development Corp. to master plan what would eventually evolve into a vibrant mixed-use area.
Over the years, Republic Properties Corp. has solidified its place in the real estate industry, with notable transactions valued at over $8 billion. This momentum continued in 2020 with the completion of Portals V, which introduced 1331 Maryland Ave. as a new multifamily resident in the area. Recently, a $180 million construction financing deal was made for the conversion of 1250 Maryland Ave. SW into a 428-unit community, with Balfour Beatty also involved in the general contracting services for that expansion.
The construction of 1301 is not just another building in D.C. but a landmark project that signifies the ongoing transformation and growth of the Portals area, paving the way for future urban developments that combine luxury living with essential amenities.
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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
