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 Luxury Apartment Building in D.C.

Balfour Beatty has officially started construction on 1301, a new luxury apartment building located at 1301 Maryland Ave., SW, in Washington D.C.’s expansive Portals Complex. This significant project is valued at $260 million and will introduce 356 market-rate apartment units to the growing district.

The 1301 building is part of Republic Properties Corp.’s ambitious $2 billion Portals mixed-use development. When completed, the entire Portals complex will encompass over 3 million square feet of mixed-use space, dramatically altering the landscape of the area.

The Final Phase of Portals Development

This new construction marks the final phase of Republic Properties’ Portals development, known as Portals IV. The 1301 building will cover 525,000 square feet and will offer residents stunning views of the Tidal Basin and several of Washington D.C.’s iconic memorials. Designed to be similar in aesthetic to its sister building located at 1331 Maryland Ave., SW, 1301 is positioned to enhance the overall appeal of the Portals complex.

Upon completion, the Portals complex will feature three Class A office buildings, the luxurious Salamander Hotel, and the previously built 1331 Maryland Ave. building, which was constructed for $230 million and includes 373 units.

Financing and Architectural Design

Republic Properties has secured $195 million in construction financing for the 1301 project. This includes $137 million from Kennedy Wilson and $58 million from Pearlmark, alongside an additional $65 million in sponsor equity provided by Republic itself. The architectural design for the building comes from WDG Architecture, with interior designs curated by Akseizer Design Group.

Amenities and Community Spaces

Future residents of 1301 will enjoy a variety of planned amenities, including a rooftop terrace with an outdoor pool, grilling areas, fire pits, a modern fitness center, and a pet-friendly dog spa. The building will also feature community spaces designed for relaxation and interaction, such as clubroom areas, a piano lounge, and coworking spaces, encouraging a vibrant social atmosphere.

Significance of the Project

This project represents a noteworthy public-private partnership with the District of Columbia. The land designated for the Portals site was identified as a development opportunity by the District of Columbia Redevelopment Land Agency back in the 1980s. A competitive award in 1987 granted Republic and Eastcoast Development Corp. the rights to master plan the eventual 3 million-square-foot mixed-use development that is now nearing realization.

Operating as part of a larger family of companies, Republic Properties Corp. has been involved in real estate transactions totaling over $8 billion. The firm has a proven track record in the area, including the successful conversion of Portals V in 2020 when they added 1331 Maryland Ave. as a multifamily neighbor. Recently, a separate $180 million construction financing deal was forged for converting 1250 Maryland Ave. SW into a 428-unit community, with Balfour Beatty again playing a vital role as general contractor.

As Balfour Beatty and Republic Properties continue to push forward with the construction of 1301, the project stands as a testament to the area’s transformation and growth in Washington D.C., promising luxury living amid a thriving urban landscape.

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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