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2000 and 2001 South Bell Street Approved for 758 Units
JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, announced today the receipt of final entitlement approvals for 2000 and 2001 South Bell Street in National Landing. JBG SMITH began demolition and other enabling work on the vacant building currently on the site earlier this year and will be fully designed and ready to begin construction as soon as the beginning of 2022, subject to market conditions.
JBG SMITH’s 5.0 million square foot Near-Term Development Pipeline includes the most accretive and strategic development opportunities in its growth pipeline. As a result of the 2000 and 2001 South Bell Street approvals, JBG SMITH has secured entitlements for approximately 50% of its Near-Term Development Pipeline.
The approved plan calls for 758 apartments across two buildings with more than 22,000 square feet of ground floor retail, totaling approximately 723,000 square feet of new development. The plans include a 25-story building with 338 units and a 19-story building with 420 units.
2000 South Bell Street is planned to be a modern, glass tower with a robust rooftop amenity space, including a pool with panoramic views of National Landing and Washington monuments. 2001 South Bell Street will also include stylish rooftop amenity spaces and pool. Plans for both buildings include fitness centers, 24-hour concierges, large co-working spaces, community rooms, and dog-grooming stations. JBG SMITH is targeting a LEED Gold Certification for both buildings.
"We are thrilled to have received unanimous approval for 2000 and 2001 South Bell Street from the Arlington County Board; The Board’s support further validates our shared vision for a transformed National Landing," said Bryan Moll, Executive Vice President of JBG SMITH. "The development will add to the supply of residential units in the area as Virginia Tech expands its Innovation Campus, and Amazon continues to expand HQ2. We expect these additional apartments and new ground floor retail options to further establish National Landing as a 24/7 destination."
As part of a community benefits package, JBG SMITH has committed to providing affordable housing units at less than 60% of area median income. JBG SMITH will also make a $3.36 million base contribution to the Arlington County Affordable Housing Investment Fund.
The proposed buildings are located within the heart of National Landing, just one block from vibrant, new dining and retail amenities along Crystal Drive, the current Metro entrance, a planned new regional rail (VRE) station, and an upcoming pedestrian bridge to Reagan National Airport. 2000 and 2001 South Bell Street are expected to benefit from the planned lowering of Route 1 between 15th and 23rd Streets. This portion of the roadway, which is located immediately adjacent to the developments, is expected to feature a pedestrian-friendly design with large sidewalks intended to improve and promote walkability within the submarket.
About JBG SMITH
JBG SMITH owns, operates, invests in and develops a dynamic portfolio of mixed-use properties in the high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Over half of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, where it serves as the exclusive developer for Amazon’s new headquarters, and where Virginia Tech’s planned new $1 billion Innovation Campus is located. JBG SMITH's portfolio currently comprises 17.3 million square feet of high-growth office, multifamily and retail assets at share, 98% of which are Metro-served. It also maintains a development pipeline encompassing 16.8 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.
Certain statements contained herein may constitute "forward-looking statements" as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties ("JBG SMITH" or the "Company") may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximate", "believes," "expects," "anticipates," "intends," "plans," "proposed," "would," "may," or similar expressions in this press release. We also note the following forward-looking statements: estimated square feet, number of apartments and demolition and construction commencement dates for, and design features and amenities of, 2000 and 2001 South Bell Street; and certain planned infrastructure improvements in National Landing, including a new Metro entrance, a new VRE station, an upcoming pedestrian bridge to Reagan National Airport, and planned lowering of Route 1 between 15th and 23rd Streets. Many of the factors that will determine the outcome of these and our other forward-looking statements and plans are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see "Risk Factors" and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof.
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Corporate Communications Senior Analyst