18 Apr, 2018

Event Recap: Lunch and Leads - Developers in the DMV

Beth Bryan

Event Recap  
Blog Types

Read time: 1 minute, 30 seconds

On Wednesday, April 4, SMPS DC members packed Clyde’s of Gallery Place to network and hear about what developers are doing in the DMV.

The speakers included Taylor Lawch, Vice President, Development for JBG Smith; Jeff Kayce, Senior Vice President, Managing Director for Bozzuto; and Erin Talkington, Principal and Director of Consulting for RCLCO .

Taylor kicked off the lunch with a discussion about the JBG Smith redevelopment at Crystal City, including how the development occurring there mirrors JBG Smith’s goal to create long-term, sustained growth through great, amenitized neighborhoods. The first phases of the redevelopment at Crystal City to repurpose the existing infrastructure and fill in the gaps is underway, but there is much still to be done in the area, so keep your eyes open for future opportunities, especially those in the mixed use realm.

Jeff followed by explaining the Bozzuto approach, including its evolution, which involves transitioning from thinking about purely residential buildings, to places to live that blur the lines between inside and outside and that create a destination/experience for residents and visitors alike. He talked about Bozzuto's desire to focus on health, fitness, and sustainability, while constantly experimenting with design to create an evolving product. He wrapped up his presentation with an overview of Bozzuto’s recently completed and upcoming projects, including:

  • The Fitzgerald at UB Midtown
  • Union Wharf
  • Anthem House (and Anthem House Phase 2)
  • Liberty Harbor East
  • College Park Quality Inn
  • Shady Grove
  • Swedesford Plaza
  • Chevy Chase Lake
  • North Quincy MBTA

Erin wrapped up the presentations with an overview summary of the development market in DC and where it might be headed. She reviewed the current state of the office, retail, and residential markets in DC and compared them to national trends. In the DC market, new supply is exceeding net demand, causing rent growth to stagnate. As with the nation, e-commerce is the only retail sector to see robust growth; retail vacancy is on the rise and retail is trending towards a service and an amenity versus a standalone product. On the residential side, as the millennial population ages, trends are moving away from multi-family rental and toward home ownership and single family rental.

The lunch and leads event concluded with a Q&A and more networking.