Case Studies

NoMA

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Following the opening of The MCI Center (now Verizon Center), Gallery Place, and D.C. Convention Center which sparked the beginning of a major renaissance in Washington D.C.’s downtown central business district in the 1990s, CIM identified NoMa (North of Massachusetts Avenue) as a prime location for investment. CIM began its involvement in the area when the District’s Redevelopment Land Agency selected CIM to develop CityVista, a prominent mixed-use project.

Situation

  • Late 1990s: The downtown CBD begins a major renaissance with the opening of The MCI Center (now Verizon Center, home to the Washington Capitals and Wizards), Gallery Place, and The D.C. Convention Center
  • Surrounding submarkets, especially NoMa in the Mount Vernon Triangle, offer the opportunity for the creation of a mixed-use neighborhood
  • During the past decade these submarkets were expected to deliver more than 10 million square feet of office and residential uses

CIM's Involvement

  • 2004: CIM selected by D.C.'s Redevelopment Land Agency to develop CityVista, a mixed-use project in the NoMa district
  • 2004: CIM plans for CityVista to include neighborhood amenities such as a Safeway supermarket, approximately 60,000 square feet of retail space, 244 apartments, 441 condos and 783 parking spaces
  • 2005: CIM purchases a 303,500 square foot Class A office building at 800 N. Capitol St., one block from Union Station, a transportation hub
  • 2006: CIM acquires a 236,700 square foot Class A office building at 830 1st St. NE, located five blocks from Union Station
  • 2007: CIM acquires Union Square, a 609,500 square foot property with two nine-story Class A office buildings separated by a central plaza near CityVista

Results

  • Now completed, CityVista is a successful mixed use project—in addition to selling all condominiums, the project also helped attract top retailers such as Safeway, Starbucks Coffee, Sun Trust Bank and Results, The Gym
  • CIM investments at 800 N. Capitol St. and 830 1st St. NE are currently 100 percent leased to various D.C. government agencies


In addition to the development of CityVista, CIM continued its investment in the area by acquiring prime office space located near Union Station, a transportation hub. Today, CityVista has made a noticeable transformation to the NoMa district which was once populated with warehouses, and now is filled with offices, residences, as well as shopping, dining, and entertainment venues.