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Developers could be turning dirt on the former wax museum site by fall. Led by Lowe Enterprises, the team developing the site at Fifth and K streets has executed its land development and disposition agreement with RLA Revitalization Corp.
Along with Lowe, the team also includes Bundy Development, Neighborhood Development Co. and CIM Urban Real Estate Fund. A final settlement is expected by October, which means construction on the residential and retail project could begin soon after, says Marc Dubick, who is overseeing the project to completion, which is expected to take about three years.
Revitalization of the site has been a long time coming.
Horning Bros. was in Lowe's shoes in December 2001, but after more than a year of negotiations, the deal soured and the board of the National Capital Revitalization Corp. pulled the plug on it. Horning had edged out Lowe during the initial bidding, but instead of turning back to Lowe's runner-up proposal, NCRC rebid the Mount Vernon Triangle project. Almost a year later, Lowe prevailed.
The $200 million project -- now renamed CityVista -- calls for 250 apartments, 450 condos and a 57,000-square-foot Safeway grocery store that will include Starbucks, SunTrust bank and Bergmann's dry cleaners. The project also includes another 50,000 square feet of retail space.
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