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Back to All NewsGroundbreaking for Riverfront Park
Washington D.C. – Forest City Washington, Inc., developer of the major riverfront mixed-use project known as The Yards in the city’s Capitol Riverfront district, along with the District of Columbia, officially broke ground today on the development of the public park to be located on the riverfront at The Yards.
The Yards Park is expected to open in mid-2010.
The event took place within the new park grounds on the banks of the Anacostia River. On hand to participate were DC Mayor Adrian Fenty, Congresswoman Eleanor Holmes Norton and various project officials.
“We’ve invested a significant amount of resources in creating what will certainly be a world-class riverfront park at The Yards for all to enjoy for generations to come,” said Deborah Ratner Salzberg, president of Forest City Washington. “Through the use of PILOT funds and a wonderful public/private partnership, we expect this park to become a real asset for not only the Capitol Riverfront, but for all of the District of Columbia as well.”
The Yards Park is being constructed through the use of public sector funds involving the “Payment In Lieu Of Taxes” (PILOT) program for financing such projects. Upon completion, the project will be dedicated as a public park for the District of Columbia. It will be managed and programmed by the Capitol Riverfront Business Improvement District.
“The Yards Park will be a beacon of the District’s revitalization efforts along the Anacostia River,” said Mayor Fenty. “From day one, my Administration has made it a top priority to make sure this site becomes a great urban waterfront neighborhood that embraces its historic past and includes world-class public spaces for all residents and visitors alike. Forest City has been an excellent partner and they have what it takes to get the job done.”
The Yards Park is designed to be the centerpiece of Forest City’s 42-acre mixed-use project that will ultimately include 5.5 million SF of new development/redevelopment including approximately 2,800 residential units (both rental and for sale), 1.8 million SF of office space, 400,000 SF of retail/dining space.
In addition to new construction, several existing buildings at The Yards will be adaptive reuse projects utilizing historic former Navy Yard industrial buildings. The former Pattern & Joiner Shop, is being converted into 170 apartment loft apartment units to be known as Foundry Lofts and the nearby Boilermaker Shop will offer restaurants and retail. A third historic building known as the Lumber Shed will be transformed into dining and more as a retail pavilion located within the park.
Designed by M. Paul Friedberg and Partners of New York City, The Yards Park includes several significant components:
· A scenic riverfront esplanade and overlook that will provide a vital link for the Anacostia Riverwalk Trail, which passes through the site;
· Several well-landscaped outdoor rooms with seating areas;
· An iconic waterfront sculpture designed by renowned international artist Jamie Carpenter;
· A great lawn area for recreation, programming and/or relaxing;
· As a future phase of the park area, three retail pavilions enclosing a riverfront plaza will provide numerous dining, shopping and programming opportunities, will also be developed;
· Plans are also being developed for a marina at The Yards.
Forest City Washington, Inc. is a subsidiary of Forest City Enterprises, Inc. an $11.4 billion national real estate company. Forest City Enterprises is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate and land throughout the United States.