JBG SMITH Commences Construction at 1900 Crystal Drive

Rhea-AI Summary

JBG SMITH (NYSE: JBGS) has announced the start of construction for two residential towers at 1900 Crystal Drive in National Landing, comprising 808 multifamily rental units and 40,000 square feet of retail space. The project includes a 27-story southern tower with 471 apartments and a 26-story northern tower with 337 apartments. The guaranteed maximum price contract secured is over 7.5% below pre-pandemic pricing. This development aims to enhance the community and increase the area's daytime population significantly, driven by Amazon's growing presence in the region.

Positive

• Commencement of construction for 808 multifamily rental units.
• Secured a contract more than 7.5% below pre-pandemic pricing.
• Project enhances neighborhood with improved streetscapes and public facilities.
• Significant increase in daytime population expected due to Amazon's presence.

Negative

• None.

JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, announced today the commencement of construction for two residential towers at 1900 Crystal Drive in National Landing.

Illustrative rendering of 1900 Crystal Drive (Photo: Business Wire)

The development at 1900 Crystal Drive is planned to encompass 808 multifamily rental units and approximately 40,000 square feet of street-level retail across two new mixed-use buildings. A 27-story southern tower will feature 471 apartments, while the 26-story northern tower will incorporate 337 apartments. JBG SMITH successfully bid and secured a guaranteed maximum price contract for the project that is more than 7.5% below pre-pandemic pricing.

At approximately 300 feet tall, the buildings, designed by renowned architect COOKFOX in collaboration with Torti Gallas + Partners, will be a striking addition to the National Landing skyline. In addition to a private rooftop and green spaces for residents, JBG SMITH has conceptualized a new retail-served pedestrian-friendly street, which will serve as an activated connection between 18th and 20th Streets.

JBG SMITH is also including a number of neighborhood-oriented improvements that will benefit the entire community. These improvements include enhanced streetscapes, a grand staircase connecting to public open space, public bike facilities, and more.

In 2018, National Landing was chosen for Amazon’s new headquarters, and JBG SMITH was named the developer, leasing agent, and property manager for the project. Amazon is expected to hire 38,000 or more employees in National Landing and is already occupying space at several JBG SMITH-owned commercial assets. Amazon’s growing presence in National Landing is expected to increase the daytime population in the submarket from approximately 50,000 people today to nearly 90,000 people in the future. This would represent a dramatic increase of more than 70%, based on data from the National Landing Business Improvement District.

“The start of construction on 1900 Crystal Drive marks yet another major milestone in National Landing’s ongoing transformation,” said Anthony Greenberg, Executive Vice President of Development at JBG SMITH. “The introduction of new residences, restaurants and shops at 1900 Crystal Drive, combined with our recently delivered retail and entertainment district just about a block away will more than double the concentration of street-facing retail amenities on Crystal Drive. The thriving, mixed-use environment will allow people to easily walk from their home or office to their favorite restaurants and amenities – cementing National Landing as a destination both day and night.”

About JBG SMITH

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth 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 serves as the exclusive developer for Amazon's new headquarters. JBG SMITH's portfolio currently comprises 16.7 million square feet of high-growth office, multifamily and retail assets at share, 98% at share of which are Metro-served. It also maintains a development pipeline encompassing 17.6 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements

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,” “proposed,” “would,” “may,” or similar expressions in this press release. We also note the following forward-looking statements: estimated square feet, number of apartments and construction commencement date for 1900 Crystal Drive, as well as expected number of jobs and daytime population in National Landing. Many of the factors that will determine the outcome of these and our other forward-looking statements and plans 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, 2020 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210326005081/en/

FAQ

What is the construction project announced by JBG SMITH on March 26, 2023?

JBG SMITH announced the construction of two residential towers at 1900 Crystal Drive, featuring 808 multifamily rental units and about 40,000 square feet of retail space.

How many residential units will the towers at 1900 Crystal Drive have?

The two towers will have a total of 808 multifamily rental units.

What is the expected impact of Amazon's presence in National Landing?

Amazon's presence is expected to increase the daytime population in National Landing from approximately 50,000 to nearly 90,000 people.

What architectural features will the new buildings have?

The buildings will be approximately 300 feet tall and include a private rooftop, green spaces, and a pedestrian-friendly street.

What is the stock symbol for JBG SMITH?

The stock symbol for JBG SMITH is JBGS.