D.C. Mayor Fenty, District Leaders Break Ground for JPI's Third Luxury Apartment Building in Capitol Riverfront District JPI To Develop 1,300 Apartments with Capitol and Stadium Views

Washington, D.C. Mayor Adrian Fenty joined leading national and regional multifamily housing developer JPI in breaking ground on JPI's third building of its all-new Capitol Yards luxury rental apartment neighborhood just five blocks south of the U.S. Capitol and four blocks from the new Washington Nationals Ballpark. Two of JPI's four luxury high-rise apartment towers will deliver in the summer of 2008, shortly after the opening of the Nationals' first season in their new hometown stadium.

Washington, DC (PRWEB) June 14, 2007 -- Washington, D.C. Mayor Adrian Fenty joined leading national and regional multifamily housing developer JPI in breaking ground on JPI's third building of its all-new Capitol Yards luxury rental apartment neighborhood just five blocks south of the U.S. Capitol and four blocks from the new Washington Nationals Ballpark. Two of JPI's four luxury high-rise apartment towers will deliver in the summer of 2008, shortly after the opening of the Nationals' first season in their new hometown stadium.

JPI recently demolished a strip club and dilapidated rowhouses to make room for the 13-story tower at 909 New Jersey Ave., the third of four planned apartment buildings in the Capitol Yards development. In addition to 237 apartment homes, 909 New Jersey Ave. also will have 6,000 square feet of ground-level retail space, slated to host a restaurant and other retail amenities. It is scheduled to deliver in mid-2009.

The first two buildings, which will deliver in the third quarter of 2008, are already under construction. 70 Eye St. will have 448 apartments in two towers featuring an industrial warehouse look. 100 Eye St. will feature 246 residences in a sophisticated setting with an abundance of glass and white terrazzo marble. Next year, JPI plans to break ground for its final addition to the Capitol Yards neighborhood, 23 Eye St., with 421 units and up to 35,000 square feet of retail space. When completed, Capitol Yards will add over 1,325 new residences to the District's Capitol Riverfront neighborhood.

"The Capitol Riverfront and Capitol Yards offer a once-in-a-lifetime opportunity to create a new, walkable urban neighborhood with the U.S. Capitol a few blocks north and the Nationals Stadium just a few blocks south," said Aaron Liebert, Senior Vice President and Area Managing Partner of JPI. "With Metro access, the Department of Transportation, and many new projects on the river and M Street, we feel very confident that this is the place to be for the foreseeable future."

JPI will have invested nearly half a billion dollars in the Capitol Yards neighborhood by the end of the decade. The total development cost for the three buildings currently under construction is approximately $320 million. The fourth building planned at 23 Eye St. has an estimated development cost of $150 million. JPI also has invested millions of dollars in site environmental remediation based on prior uses (including a gas station, auto yards, and warehouses), street improvements, and wet utility infrastructure improvements for the area.

With most planned residences in the Ballpark District set to deliver in 2009 or beyond, Capitol Yards provides current and future Washingtonians with the very first opportunities to live within walking distance of the new Nationals Ballpark, the National Mall, the U.S. Capitol, and major downtown employment centers. The Navy Yard Metrorail stop, also just a couple of blocks from Capitol Yards, will provide residents quick and easy access to all parts of the Washington metropolitan area.

"Rather than slowly building one tower at a time and gradually changing a neighborhood, JPI believes that by designing and building multiple distinct projects we can create a critical mass making an almost immediate transformation possible," said Liebert. "By the time we open our doors in 2008, the entire area will be completed or well underway."

The Capitol Riverfront neighborhood of Washington, D.C. is redeveloping at a rapid pace; new development projects announced to date will add more than 6,600 residential units, over 800 new hotel rooms, almost five million square feet of new office space, and over a half million square feet of retail space.

Capitol Yards residents will have access to resort-style rooftop pools with sundecks and views of the Capitol and the Nationals Ballpark. They also will enjoy first-class fitness centers, pub rooms, business centers, conference rooms, movie theaters, and 24-hour concierge service.

70 Eye St., which will be one of the two buildings to deliver next summer, is designed to reflect the integration of the area's historical industrial architecture with modern design and materials. The building façade is reminiscent of old historical warehouse buildings, such as those found in the old Navy Yard, with large windows and brick veneers, providing the look of a renovated warehouse converted for modern living. This design concept is carried indoors with open ceilings, exposed ductwork, and other dynamic features that combine to provide a warm, casual, and comfortable living environment.

100 Eye St. takes a different design approach, making a bold statement with its dark-colored brick, metallic bay windows, detailed metal rail accents, and contemporary metal-framed bay caps. The impressive triple-height lobby will feature a dazzling glass staircase, gleaming white terrazzo marble flooring, and stylish décor. Apartments will have sleek frameless cabinets with stainless steel hardware, granite countertops, and other "edgy" design elements for the most discerning and image-conscious residents. WDG Architecture of Washington, D.C. is the project architect for both 70 and 100 Eye St.

In designing 909 New Jersey Ave., The Preston Partnership took its inspiration from the nearby waterfront. A glass tower will form a focal point that will anchor the intersection of K Street and New Jersey Avenue. The theme is reinforced throughout the project design, juxtaposing extensive use of glass and lighter elements with a traditional dark brick that recalls the area's warehouse/industrial past. The building's double-height lobby will have the look and appeal of a hip five-star hotel, with a "floating" concierge desk and floor-to-ceiling stainless steel fireplace. The lobby will lead to a pub with a curbed bar topped by a ninety-inch theater screen. The building's fitness center will offer a separate Asian-themed "spa" room with a water feature, bamboo, and black smooth stones to facilitate relaxation and meditation.

JPI is one of North America's leading multifamily housing developers. Since its 1989 founding in Irving, Texas, JPI has acquired, developed, managed or leased more than 202 conventional properties totaling 60,000 units and 52 student living properties totaling 30,000 beds. The company performs acquisition, development, construction, property and asset management services for private and public property owners, joint venture partners, and for its own portfolio. JPI maintains significant investment partnerships with many capital sources, including a long-term relationship with General Electric Corporation, Inc., which has made a $650 million capital commitment to position JPI for continued growth. For more information, see the Company Web site at www.jpi.com.

###