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CityCenterDC's Luxury Condominiums Reaches Milestone; More Than 51 Percent at 925 H Street, NW Under Contract

Designed by globally recognized architecture firm Foster + Partners, the condominiums create a signature residential experience

WASHINGTON, March 5, 2013 /PRNewswire/ -- Hines and the TFI US Real Estate Fund, sponsors of CityCenterDC, announced today that The Residences at CityCenter have reached a significant sales milestone, with over 51 percent of the homes at 925 H Street, NW under contract since pre-sales of the luxury condominium residences commenced in late fall 2012 and the Sales Gallery officially opened on January 2nd. CityCenterDC is a 10-acre parcel in the heart of downtown D.C. that is currently being transformed into a vibrant blend of residences, offices, shopping, restaurants, hotel and active parks.

(Photo:  http://photos.prnewswire.com/prnh/20130305/PH71517 )

"We are delighted to announce that The Residences at CityCenter have reached a monumental benchmark," said William B. Alsup, III, senior managing director at Hines. "This achievement is a testament to the superior quality and attention to detail of not only the residences, but also the design and delivery of the entire CityCenterDC development, which will serve as the signature destination for business, culture and community."

"The tremendous interest in The Residences at CityCenter further validates our vision of inspiring a lifestyle that can only be found in CityCenterDC," continued Alsup. "With our luxury condominiums, we have created a unique opportunity in the D.C. marketplace for those looking to live in an amenity-rich, exquisitely designed home with a true 24-hour lifestyle."

According to The Mayhood Company, exclusive marketing agent for CityCenterDC, there has been a tremendous amount of interest in the homes since the project was first announced, which precipitated the launch of an interactive sales gallery – at 901 New York Avenue, NW – with an impressive scale model of the entire development, a fully built-out model home and a striking view of the new neighborhood under construction that is quickly taking shape.

The Mayhood Company is currently accepting appointments for those interested in purchasing a condominium. Prices for the homes range from $500,000 to $3.5 million, and there are also a variety of options for combining multiple residences. Construction on the signature residences is well underway with an anticipated delivery in fall 2013.

Designed by London-based, globally recognized architecture firm Foster + Partners, the 216 condominiums provide homes with open layouts where natural light and outdoor spaces combine seamlessly to create a unique residential experience. The one- and two-bedroom residences have access to balconies and outdoor spaces of up to 900 square feet, and feature signature hallmarks of Foster + Partners' design, including light-filled modern interiors and natural-colored materials. Residences are crafted with high-quality, custom details and environmentally responsible materials that offer thoughtful living in a modern environment.

Open living rooms feature floor-to-ceiling windows that draw on different exposures to maximize natural light, while Foster + Partners' signature solar shades on the building facade provide light control. Northern European white oak flooring further enhances the open, natural feel of the space. All of the homes provide the ability for residents to extend their living quarters through outdoor spaces.

Amenities at the premier residences include a concierge; front desk coverage 24-hours per day; fitness center; yoga studio; bar lounge; two expansive roof parks, as well as a tranquil rooftop water feature; outdoor kitchens and dining room; fire pit; wine storage; indoor dining room; catering kitchen; executive board room; guest suite; landscaped terrace; and a spa treatment room. The residences will also provide their own exclusive property management team, which will coordinate with personnel servicing other aspects of the development.

"Located in the heart of D.C.'s historical and cultural epicenter, CityCenterDC's unique mix of office space, residences, hotel, retail and lifestyle offerings make it a preeminent urban destination," said Alsup. "We look forward to inspiring a vibrant community that redefines the D.C. Metro area."

About CityCenterDC
CityCenterDC (www.citycenterdc.com) is a unique, pedestrian-friendly, 10-acre mixed-use development, located in the heart of downtown Washington on a 4.5-block parcel bounded by New York Avenue, 9th, H and 11th Streets, NW. Foster + Partners of London and Washington D.C.'s Shalom Baranes Architects served as master-plan architects. Phases I and II of the project will contain more than 270,000 square feet of retail space situated at the base of seven buildings that encompass 520,000 square feet of office space, 458 rental apartment units, 216 condominium units a 370-room luxury hotel, a public park, a central plaza and pedestrian-oriented streets and alleyways.

Construction of Phase I of the project commenced in March 2011. As of year-end 2012, the structures associated with the two office buildings, two apartment buildings and two condominium buildings had reached the "topping out" milestone. It is further anticipated that these buildings will be able to accept initial occupants during the fourth quarter 2013. A joint venture between Clark Construction Group, Smoot Construction of Washington, D.C., and McKissack and McKissack is the general contractor.

Construction of Phase II of the project is expected to commence in the first half of 2014. It will consist of an approximately 370-room luxury hotel and 73,000 square feet of additional retail.

Setting a new standard for urban living, the CityCenterDC rental apartments will respond to the District's growing demand for well-appointed apartment homes in convenient locations. The apartment interiors will showcase thoughtful features and functional layouts, including substantial living rooms, open kitchens and bamboo flooring. Building amenities feature an outdoor swimming pool, two-story fitness center and rooftop dog walk. The 458 luxury apartments will be available for rent beginning in the fall 2013.

The CityCenterDC retail component will consist of over 60 stores, restaurants and cafes. CityCenterDC's retail will complement and enliven the existing downtown retail by providing one-of-a-kind shopping and dining destinations for the Washington, D.C. metropolitan area. The project will feature a unique mix of local, national and international brands that will feature quality retail space with extensive street frontage and dynamic storefronts and signage. Initial leases are being finalized, and it is expected that a critical mass of tenants will be committed by spring 2013, with a Grand Opening scheduled for spring 2014.

About Hines
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm's historical and current portfolio of projects that are underway, completed, acquired and managed includes 1,208 properties representing more than 488 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 379 properties totaling 137 million square feet, which includes 66 million square feet for third parties. With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualite Environnementale and DGNB green building rating systems.  Visit www.hines.com for more information.

About The First Investor (TFI)
TFI is a leading Shariah investment company in Qatar and is regulated by the Qatar Central Bank. A wholly owned subsidiary of Barwa Bank, TFI is emerging as one of the most respected investment banking firms within the region, combining Qatari leadership with both international and local expertise to provide dedicated services in Investment Banking, Asset Management and Real Estate Investment. Through its strong international network of relationships and deep technical expertise, TFI provides a global approach in helping clients formulate, deliver and manage effective corporate strategies. Visit www.tfi.com.qa for more information.

About Barwa Bank
Barwa Bank is a Shariah-compliant bank in the State of Qatar, established in Doha and licensed and regulated by the Qatar Central Bank. With an authorized capital of QAR 6 billion and paid up capital of QAR 3 billion, Barwa Bank provides a full range of Shariah-compliant banking services including retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments and asset management.

About Tanween
Tanween is a Qatari real estate development management and consultancy firm operating in GCC and MENA with a network of international consultants and partners. Tanween's current portfolio of projects under development amounts to around $22bn. Tanween assists land owners, developers, investment banks and investors to create commercially viable and sustainable world-class real estate communities in all asset classes. Tanween's experts provide various strategies for real estate developments and asset management and comprehensive project delivery services throughout the development lifecycle. Visit www.tanween.com.

About Qatari Diar
Qatari Diar Real Estate Investment Company, wholly owned by the Qatar Investment Authority, was established in December 2004 to support Qatar's growing economy and co-ordinate the country's real estate development and investment priorities. Qatari Diar is currently involved in more than 35 projects in more than 20 countries around the world. Visit www.qataridiar.com.

For more information, contact:

Hines – George Lancaster – 713-966-7676
Email

For CityCenterDC: Great Ink Communications – 212-741-2977 
Roxanne Donovan: Email 
Alyson Leiter: Email 
Tom Nolan: Email

This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.

SOURCE CityCenterDC

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