JBG SMITH Commences Construction on a Pair of Placemaking Destinations in National Landing

Rhea-AI Summary

JBG SMITH (NYSE: JBGS) announces the commencement of construction for Water Park and Dining in the Park in National Landing. The 1.6-acre redesigned Water Park will feature nine food kiosks, a full-service restaurant, and public art installations, promoting local businesses and community engagement. Dining in the Park, a collaboration with Chef Enrique Limardo, will incorporate a 5,587-square-foot dining destination amidst greenery. Expected to complete in 2023, these developments aim to enhance the area as a vibrant live-work-play destination, boosting community interaction and retail growth.

Positive

• Construction of Water Park and Dining in the Park expected to enhance community engagement.
• Emphasis on local, women- and minority-owned businesses in the dining options.
• Planned completion in 2023 aligns with broader placemaking efforts in National Landing.
• Collaboration with notable Chef Enrique Limardo for the Dining in the Park initiative.

Negative

• Construction delays could impact projected timelines for completion.
• Dependence on local economic conditions may affect project viability.

Water Park and Dining in the Park to Be Enlivened by Innovative Food & Beverage, Lush Landscaping, Public Art and Community-Oriented Open Spaces

BETHESDA, Md.--(BUSINESS WIRE)-- JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced the start of construction on Water Park and Dining in the Park, two new outdoor destinations in National Landing.

Water Park Kiosks (Photo: Business Wire)

JBG SMITH plans to reimagine Water Park at 1601 Crystal Drive as a 1.6-acre community gathering place animated by innovative dining with a focus on local, women- and minority-owned businesses and significant landscape improvements. Plans call for 4,875 square feet of new food & beverage, highlighted by nine 300-square-foot restaurant kiosks along the perimeter of the park, a 1,400-square-foot full-service restaurant set into the hillside and an iconic Water Bar and terrace perched atop a modernized fountain water wall. The kiosks will be surrounded by seating areas for the public to enjoy.

Additional elements of the redesigned Water Park include a live performance stage, an interactive water feature, public art installations and a trailhead building adjacent to the Mt. Vernon Trail equipped with public restrooms and bike facilities. JBG SMITH is also coordinating with Virginia Railway Express on a handicap accessible connection to the future entrance of the relocated VRE station.

Dining in the Park will similarly transform and reactivate the courtyard in front of 2121 Crystal Drive with a novel culinary experience set among more than an acre of greenery. As previously announced, JBG SMITH is collaborating with Chef Enrique Limardo and the Seven Restaurant Group team on Surreal, a 5,587-square-foot dining destination featuring year-round outdoor seating. Plans call for the complete renovation of the surrounding green space for a variety of flexible uses.

JBG SMITH is working with design architect Elkus Manfredi and landscape architect Hoerr Schaudt on Water Park and Dining in the Park, both of which are expected to deliver in 2023.

“Human connections, inclusive spaces, and ready access to quality outdoor dining and entertainment venues are more important today than ever before,” said Bryan Moll, Executive Vice President of JBG SMITH. “Our reinvention of Water Park and Dining in the Park are vital components of our ongoing drive to create the region’s most dynamic 18-hour environment within National Landing. We see these both as inviting public spaces where families will enjoy a sunny day and colleagues can gather after work for a drink, a bite to eat and live music.”

JBG SMITH Senior Vice President of Retail Leasing Amy Rice added, “As we continue building an urban community of vibrant culture and curated culinary experiences in National Landing, we’re looking for the right combination of local favorites and renowned names, all while continuing our mission to amplify minority and women-owned businesses throughout our portfolio. We are particularly excited about the Water Park kiosks, which will serve as incubator spaces where up-and-coming chefs and restauranteurs can experiment and grow.”

Last year, JBG SMITH received approval from the Virginia Alcoholic Beverage Control Authority to establish a consumption zone in National Landing, allowing patrons of Water Park’s licensed alcohol retailers and Dining in the Park’s Surreal to enjoy beverages within its boundaries. Through this new Commercial Lifestyle Center designation, visitors and residents will be able to “sip and stroll” throughout the parks.

Dining in the Park and Water Park are central to JBG SMITH’s ongoing placemaking efforts, which are transforming National Landing into the Capital region’s premier live-work-play destination. When combined with JBG SMITH’s and Amazon’s other planned retail deliveries in the next few years, the number of street-level retailers will approximately triple in National Landing.

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 17.4 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, construction completion dates, 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, 2021 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/20220307005968/en/

Bud Perrone

Rubenstein

Managing Director

(212) 843-8068

bperrone@rubenstein.com

Samantha Schmieder

JBG SMITH

Corporate Communications Manager

(240) 333-7706

sschmieder@jbgsmith.com

Source: JBG SMITH

FAQ

What is the purpose of the Water Park and Dining in the Park project by JBG SMITH?

The project aims to create community gathering spaces with innovative dining options, enhancing the vibrancy of National Landing.

When is the expected completion date for the Water Park and Dining in the Park?

Both developments are expected to be completed in 2023.

What types of businesses will be featured at Water Park and Dining in the Park?

The project will highlight local, women- and minority-owned businesses with various dining options, including restaurants and kiosks.

How will the Water Park and Dining in the Park contribute to National Landing?

These developments are intended to boost foot traffic and create a dynamic atmosphere for residents and visitors, supporting the area's growth as a live-work-play destination.