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JBG SMITH Commences Construction at 2000 and 2001 South Bell Street
Rhea-AI Impact
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
JBG SMITH has commenced construction on two multifamily towers at 2000 and 2001 South Bell Street in National Landing, set to deliver 775 rental apartments and nearly 27,000 square feet of retail space. Designed by KPF and STUDIOS, the towers will feature modern amenities, including rooftop spaces, fitness centers, and electric vehicle charging stations. Targeting LEED Gold Certification, the project aims to enhance the local architecture and support growth in the area driven by Amazon and Virginia Tech. Over 1,583 units are currently under construction, reflecting ongoing demand in the Washington, DC market.
Positive
Construction began on two multifamily towers, adding 775 apartments and 27,000 sq ft of retail to National Landing.
Project designed by prestigious architecture firms, enhancing skyline and community aesthetics.
Both buildings targeting LEED Gold Certification, promoting sustainability.
Significant demand with 1,583 units currently under construction and 1,760 in the pipeline.
Negative
None.
Two-Building Development Will Bring 775 Apartments and New Retail to National Landing
BETHESDA, Md.--(BUSINESS WIRE)--
JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, announced today the start of construction on a pair of multifamily towers at 2000 and 2001 South Bell Street. The planned mixed-use development is expected to bring 775 rental apartments and nearly 27,000 square feet of retail to the heart of National Landing.
Two renowned architecture firms were retained to create two distinct towers utilizing varied heights, colors, materials, designs and finishes to further shape and enhance National Landing’s skyline. Global architecture firm KPF designed 2000 South Bell Street to be a modern, 25-story glass tower with 355 multifamily units situated above approximately 15,000 square feet of street-level retail. The adjacent 2001 South Bell Street was designed by international design practice STUDIOS to be a 420-unit, 19-story tower that emphasizes architectural verticality with a bold, green-glazed brick façade and approximately 10,000 square feet of street-level retail. SK+I will serve as the architect of record for both towers.
Plans for both buildings include stylish rooftop amenity spaces with unobstructed, panoramic views of National Landing and the Washington DC skyline, as well as pools, fitness centers, 24-hour concierges, large co-working spaces, community rooms and dog-grooming stations. The plans also call for in-garage bike parking and electric vehicle charging stations for residents. The projects are under fully-executed guaranteed maximum price (GMP) contracts with leading international construction group Balfour Beatty, who will serve as general contractor. Both buildings are targeting LEED Gold Certification.
“The start of construction at 2000 and 2001 South Bell Street is a major milestone in National Landing’s ongoing transformation and delivers on our pledge to build new housing in lockstep with Amazon and Virginia Tech’s growth in the neighborhood,” said Bryan Moll, Executive Vice President of Development at JBG SMITH. “These two unique towers are a testament to our efforts to create a more animated and diverse urban environment through an injection of creativity and in collaboration with established architectural design firms.”
2000 and 2001 South Bell Street are located just one block from JBG SMITH’s vibrant, new dining and retail development along Crystal Drive, the Crystal City Metro entrance, a planned regional rail (VRE) connection, and an upcoming pedestrian bridge linking downtown to Reagan National Airport. The buildings are also expected to benefit from the planned redesign of Route 1, which will bring portions of the roadway to grade and feature a pedestrian-friendly design with large sidewalks intended to improve and promote walkability.
Demolition and other site prep work began at 2000 and 2001 South Bell Street in early 2021, and the project received unanimous approval from the Arlington County Board in May 2021. The approved project contains a robust community benefits package including numerous site and adjacent infrastructure improvements, dedicated parks and open space funding, funding for a new library to be located in National Landing and dedicated affordable housing.
This project represents the second major ground-up multifamily development that JBG SMITH has commenced in the last year. In March of 2021, construction started at 1900 Crystal Drive, a planned 808-unit multifamily asset with more than 38,000 square feet of street-level retail across two 300-foot towers. JBG SMITH has 1,583 units currently under construction, and an additional 1,760 units in the Near-Term Development Pipeline in National Landing to meet the influx of demand anticipated from Amazon HQ2 and the Virginia Tech Innovation Campus. JBG SMITH continues to make progress throughout its National Landing developments, including the anticipated on-time delivery of the first phase of Amazon’s HQ2 in 2023 and the completion of Virginia Tech’s first permanent Innovation Campus facility in 2024.
About JBG SMITH
JBG SMITH owns, operates, invests in and develops a dynamic portfolio of mixed-use properties in the high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Over half of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, where it serves as the developer for Amazon’s new headquarters, and where Virginia Tech’s planned new $1 billion Innovation Campus is located. JBG SMITH's portfolio currently comprises 17.1 million square feet of high-growth office, multifamily and retail assets at share, 98% of which are Metro-served. It also maintains a development pipeline encompassing 16.6 million square feet of mixed-use development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. 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: specific design features of the planned buildings, estimated square feet, number of apartments and construction commencement date for 2000 and 2001 South Bell, and plans for infrastructure improvements 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.
