Paradigm

Issue Vol17 Iss4


Paradigm and MRP Realty join forces on a Capital Riverfront development in Washington, D.C.

It’s a partnership made in real estate heaven. Paradigm – a general contractor specializing in real estate development, construction and property management services in the greater Washington, D.C. area – has joined forces with MRP Realty to deliver a mixed-use development in D.C.’s Capitol Riverfront neighborhood.

MRP Realty – a well-known developer of commercial, residential, and mixed-use real estate across the Mid-Atlantic region – saw the potential in transforming an old concrete plant directly south of the Nationals baseball stadium into a thriving mixed-use community with unparalleled views and water access to the Anacostia River.

With Paradigm as its general contractor, MRP Realty is in the middle of phase two of its Capital Riverfront redevelopment project, which calls for a 264-unit apartment building with 12,000 square feet of lower-floor retail space that will become home to a variety of tenants and even possibly a waterfront restaurant.

“It’s an area that has done a total transformation within the past 10 years,” says Nate Dunn, MRP senior construction manager. “It’s highly up and coming.”

Once a neglected riverfront parcel of land that nobody really wanted to develop, the area is quickly becoming an attractive housing option for Millennials, empty nesters and all those between.

“We’re close to Capitol Hill and the Nationals stadium,” says Jim MacPherson, Paradigm’s project manager. “These are really high-end apartments with a lot of amenities like a rooftop pool, coffee bar and lounge.”

Scheduled for completion in April 2020, the 13-story multi-family building with an underground parking garage will also have a package concierge, dry cleaning service, bike storage rooms with repair stations and a dog washing room. To be called The Maren, it will also have a dog park, two volleyball courts, a Riverwalk and space for future boat docks.

“It has floor to ceiling windows in each unit which allows our residents to capture the full view of the river,” Dunn says. “And it has a better thermal window system that allows more natural light within the units. It’s one of the unique features of the building.”

This new state-of-the-art window system, manufactured by Quest Window Systems, is customizable for variables such as vision glass, metal panels, insulated metal panels and spandrel glazing. “It’s all one system which can be installed one floor per week,” MacPherson says. “Typical windows take two to three weeks per floor.”

Another unique feature of The Maren is its irregular-shaped balconies, which add to its overall appearance and allows each unit a view of the Anacostia River.

“It’s called a Saw Tooth shape,” MacPherson says. “They are winder on one end than the other. It think they’re very nice looking and unique.”

A Sister Building
The Maren is phase two of the Riverfront project which has become an enchanting piece of the redevelopment of the Capitol Riverfront community.

Phase one consisted of a similar mixed-use building to The Maren. The two buildings are parallel to each other with connecting garages.

A luxury residential complex at 79 Potomac Avenue, Dock 79 at Capitol Riverfront is a 9-story building with 305 residential units and about 20,000 square feet of ground-floor retail space oriented around a public plaza and riverfront promenade, which connects with Yards Park. The amenity-studded building has a rooftop infinity pool, 24-hour concierge service, dry cleaning, conference rooms, meeting space and a fitness center.

Aside from scenic views and floor-to-ceiling windows, Dock 79’s units offer sleek and modern features like engineered wood flooring, under cabinet lighting, barn shower doors, full length mirrors, choice of elegant fixtures, spacious closets, USB outlets, a smart thermostat and pull-out trash and recycle bins.

Dock 79 has proved to be very successful. Completed in 2016, roughly 98 percent of Dock 79’s apartments are occupied with renters paying between $2,000 and $4,800 per month – depending on unit size and features. Roughly 65 percent of the units have riverfront views. The building is located adjacent to Nationals baseball park and two blocks from the Metro.

The retail portion of the building has proved popular as well. It is occupied with a seafood spot called The Salt Line, an All Purpose Pizzeria and the Dacha Beer Garden.

Since opening, Dock 79 has also received a variety of awards that include the 2017 Best Real Estate Deal and Best Residential Development from the Washington Business Journal, 2017 PACE Distinguished Community award from the Property Management Association, Best of D.C. Apartments in 2018 and a platinum Residential Ambassador in 2018 and 2019.

Future Developments
The Maren and Dock 79 are only the beginning of the vibrant expansion planned for the Riverfront neighborhood. MRP Realty first pursued its 1.2 million-square-foot mixed-use development in Washington, D.C.’s Capitol Riverfront neighborhood in 2012. It has partnered Florida Rock Properties, which owns the site.

According to the MRP Realty website, the Docks at Capitol Riverfront on the Anacostia is a four-phase, master-planned mixed-use development. The entire plan has 40,000 square feet of open space surrounding the buildings and direct waterfront access. Phase three calls for a 325,000-square-foot Class A office building with ground floor retail. Phase four plans include a 270,000-square-foot hotel with ground floor retail.

But no matter what ends up being built, it will surely add to the transformation of D.C.’s last swaths of waterfront property into a thriving mixed-use district. In the past decade, the 500-acre neighborhood between I-395 and the Anacostia River has become the home of new restaurants, retail and residential units.

SIDEBAR – MRP Realty
Based in Washington, D.C. with additional offices in Philadelphia and New York City, MRP Realty is a leading owner, developer and operator of office, industrial, retail and residential real estate. The company focuses on strategic investment, development and management in high barrier-to-entry and strong growth gateway markets in the eastern United States.

According to the company’s website, MRP Realty has deployed roughly $4.6 billion in total capitalization since its inception in 2005 – which averages to more than $300 million per year. Furthermore, its combined development assets total more than 25 million square feet, with an additional 10 million-plus square feet under management.

“At MRP, our development team is always pushing the envelope on the design aspects of our buildings, not only in archiecture, but in operational efficiency to maximize value to our buildings. We are a forward-thinking team with our focus on setting trends in the multifamily marketplace with modern living and smart technology,” says Nate Dunn, MRP senior construction manager.

The company’s leadership team has worked together in the Mid-Atlantic region in various capacities for more than 25 years, with experience spanning all types of product in urban and suburban settings. It has been actively involved in more than 20 million square feet of development and investment.

MRP’s services include acquisition/disposition, development/construction management, property management, asset management and financial reporting services.

SIDEBAR – Paradigm
Specializing in real estate development, construction and management, Paradigm has been a staple in the greater Washington, D.C. area for more than 25 years.

It has helped transform the city and its suburbs with multi-family residential properties that focus on smart growth, public transit, community spirit and customer service.

The company is well known for its Meridian brand of luxury apartment communities at Metrorail stations as well as for-sale high-rise condominium towers and affordable housing units.

“We build and hold our own apartments,” says Jim MacPherson, Paradigm’s project manager. “We own more than 5,000 units in the Washington, D.C. area and Northern Virginia. Our management team has a good feel for this market and we provide what the market demands.

From the design and budgeting of a new property, through its construction, leasing, sales and on-going oversight, Paradigm prides itself on delivering maximum return on investment and maximum lifestyle.

“Our focus on producing quality housing in urban communities has evolved into a position of leadership in the industry,” states the company’s website. “Every Paradigm project incorporates efficient design, green building technology and affordable housing options in a variety of market-rate residential locations. We are committed to innovation and leadership for the benefit of the residents and communities in which we work.”

Paradigm has delivered a full range of exceptional real estate development, construction and property management services to residents, clients and investors in the Mid-Atlantic region since 1991.

Our focus on producing quality housing in urban communities has evolved into a position of leadership in the industry. Every Paradigm project incorporates efficient design, green building technology and affordable housing options in a variety of market-rate residential locations. We are committed to innovation and leadership for the benefit of the residents and communities in which we work.

Paradigm has delivered a full range of exceptional real estate development, construction and property management services to residents, clients and investors in the Mid-Atlantic region since 1991.

Our focus on producing quality housing in urban communities has evolved into a position of leadership in the industry. Every Paradigm project incorporates efficient design, green building technology and affordable housing options in a variety of market-rate residential locations. We are committed to innovation and leadership for the benefit of the residents and communities in which we work.

Paradigm has delivered a full range of exceptional real estate development, construction and property management services to residents, clients and investors in the Mid-Atlantic region since 1991.

 


Paradigm