Peebles Corporation to Build Mixed Use Luxury DC Hotel
Peebles Corporation and Walker Group have been selected to redevelop the land parcel located at the intersection of 5th Street and I Street NW in Ward 6.
Peebles Corporation and Walker Group were chosen as the team’s Best and Final Offer (BAFO) provided the highest monetary value for the land and the most affordable housing units. The proposal also includes a hotel.
The parcel is situated in the heart of the Mount Vernon Triangle neighborhood, three blocks from the Walter E. Washington Convention Center, within walking distance to Metro lines, and nearby to public amenities such as Union Station and the Verizon Center.
The Request for Expressions of Interest (RFEI) was issued by the Office of the Deputy Mayor for Planning and Economic Development (DMPED) in April of 2013.
DMPED received 10 responses and identified four shortlisted teams in December of 2013. Each shortlisted team submitted their Best and Final Offers in February 2014.
As part of the first steps of the disposition process, the District will commence negotiations with the selected team over the next several weeks.
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Mayor Vincent C. Gray announced this week the selection of the team of Peebles Corporation and Walker Group to redevelop the land parcel located at the intersection of 5th Street and I Street NW in Ward 6. The proposal also includes a hotel.
“We are thankful for the tremendous interest we received in this parcel and are pleased to announce a selection as we close out the solicitation process,” said Mayor Gray. “The Peebles Corporation and Walker Group will transform this valuable site into a thriving and productive asset that will serve the District of Columbia and beyond.”
The parcel is situated in the heart of the Mount Vernon Triangle neighborhood, three blocks from the Walter E. Washington Convention Center, within walking distance to Metro lines, and nearby to public amenities such as Union Station and the Verizon Center.
Native Washingtonian, R. Donahue Peebles, is Founder, Chairman and Chief Executive Officer of the Peebles Corporation, the largest African-American real-estate development and ownership company in the US. The Peebles Corporation released the following statement on behalf of Peebles:
"I am proud to return to my hometown - the city that launched my career and served as the foundation for what is now the multi-billion dollar real estate portfolio of The Peebles Corporation - by bringing a transformational development project that will serve as an economic engine for permanent jobs and opportunities for the city's youth as well as minority and women owned businesses. We are humbled by all of the community support and look forward to bringing to district residents a culturally and economically transformative project - one that will bring tourism and revenue to the city."
The Peebles Corporation will be delivering a LEED Silver, luxury hotel and condominiums in a mixed-use development which will include 198 hotel rooms and 59 branded condominiums, as well as multiple spaces for events and commercial use.
Mr. Peebles is proud that this proposal was truly the best for the entire city. The development will generate over $8 million in new tax revenues annually for the city, and will contract with Certified Business Enterprises for the both the construction and the operation of the hotel. It will include a local DC hiring plan for the approximately 900 jobs created during construction and pre-opening, and the over 400 new full-time permanent jobs. The hotel will also include a partnership with the Hospitality High School, to provide real-life training.