The Yards
Narrative Description
The Yards is the single-largest economic development project under construction in the District and it is key piece of the city's 30-year effort to reclaim and rebuild the Anacostia Waterfront. When it is complete, the Yards will include 5.5 million square feet of retail, housing, office and civic uses on 42 acres of the former Southeast Federal Center site along the Anacostia River. Located between Nationals Park and the Navy Yard and served by Metrorail's Green Line, the Yards will offer Washingtonians an eclectic and authentic urban waterfront neighborhood featuring excellence in sustainable design.
The Yards is the only public-private partnership of its kind in the United States, in that the GSA is joint venturing with a private developer to redevelop land in an urban area. The District, as part of an innovative Payment-In-Lieu-of-Taxes (PILOT) program has committed more than $42 million to fund construction of a nearly six-acre world-class waterfront park and marina. The PILOT funds represent a portion of the future property taxes that will be generated at the site as it is transferred from federal control.
Development Partners
Forest City Washington, MacFarlane Partners, Office of the Deputy Mayor for Planning and Economic Development and the United States government
Location
Between Nationals Park and the Navy Yard, M Street SE
Next Steps
- Broke ground October 2007
- Phase I Complete 2011-2013
- Phase II and Phase III to follow
Development Program
- Market Rate Residential Units: 2,240
- Affordable Residential Units: 560
- Office (GSF): 1.8 million
- Retail (GSF): 400,000
- Parks/Open Space: 5.5 acres
- Development Cost: $ 1.5 billion
Community Benefits
Civic Investments
- Forest City will spend $1 million on pre-apprenticeship initiatives
- 20 percent of all rental units constructed at The Yards will be affordable to families earning up to 50 percent of Area Median Income
- World-class 5.5 acres waterfront park and marina
- Adaptive reuse of historic and unique industrial buildings
Economic Opportunities
- $ 1.6 billion of private sector reinvestment in Southeast Washington
- Over $800 million of net new tax revenues to the residents of the District
Environmental Sustainability
- The project will be built to the highest green design standards
