Hines and Qatari Diar finalise CityCenterDC hotel and retail development
Hines and Qatari Diar have reached agreement with DC Mayor Vincent C Gray to proceed with the design and construction of a 370-room luxury hotel and 70,000 square feet of large-format retail space at CityCenterDC, the 10-acre, mixed-use development located in the heart of the US capital.
The hotel will be the Conrad Washington, DC, the newest property in the Conrad Hotels & Resorts luxury brand portfolio operated by Hilton Worldwide.
The Conrad Washington, DC project is being designed by Herzog & de Meuron Architekten, a design firm headquartered in Basel, Switzerland, and HKS Architects, a Dallas-based design firm with offices worldwide, as architect of record.
Herzog & de Meuron is known for the Walker Arts Center in Minneapolis, The Tate Modern in London and the 56 Leonard, a new condominium tower in New York's Tribeca neighbourhood.
Hines and Qatari Diar anticipate construction to commence in mid-2015, with initial occupancy of the retail space expected in late autumn 2017, and the hotel opening in early 2018.
"Adding a world-class luxury hotel caps the transformation CityCenterDC brings to the downtown area of the District of Columbia," says deputy mayor for planning and economic development Victor L Hoskins. "This addition will be instrumental in our efforts to attract visitors to the city and to continue to grow and strengthen the city's economy."
"We are pleased that Qatari Diar has agreed to make an additional investment in Washington, DC and are pleased to announce Hilton Worldwide as our hotel partner at CityCenterDC," says William B Alsup, III, senior managing director at Hines.
Khaled Mohammed Al Sayed, group chief executive officer of Qatari Diar, says: "Conrad Washington, DC is Qatari Diar's second significant investment in the US property market. As we move into the construction of the hotel, we remain committed to the execution of unique international real estate projects that demonstrate Qatari Diar's deep-rooted belief of upholding quality and sustainability within the global community."
CityCenterDC currently contains 188,000 square feet of retail space, 216 for-sale residential units, 458 apartment units 520,000 square feet of office space, public open space and was substantially complete in December 2013.
When completed, the retail component of CityCenterDC will consist of approximately 260,000 square feet of space in 50 stores, restaurants and cafés. The project will feature a mix of local, national and international retail brands and restaurants with extensive street frontage.
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