The culmination of 16 years and $3.6 billion worth of work, The Wharf’s mile-long redevelopment of Washington, D.C.’s southwest waterfront has had an undeniable impact on the city and earned a CoStar Impact Award.
The second and final phase of The Wharf, developed by Hoffman & Associates and Madison Marquette, was completed in October, featuring half a million square feet of office space, a 131-room luxury hotel, 321 residential units and 95,000 square feet of retail. All that followed phase one, which was completed in 2017 and included an expansive concert hall and revamp of a historic fish market.
Located along the southwest waterfront of the Potomac River, The Wharf serves as a major attraction, bringing tourists and residents to a rapidly transforming part of the city. In the 12 months before its opening, The Wharf had brought in 7 million visitors, but is expected to bring as many as 10 million annually now that it’s in full operation.
At the time of its opening, office space at the development was around 85% leased and retail was 94% leased, both above average for downtown D.C. The project also created more than 7,000 permanent jobs and is projected to generate $75 million annually in tax revenue.
The Wharf is one in a line of major attractions developed in the past decade in south D.C., in addition to Audi Field, built in 2018, and The Yards, a 48-acre waterfront development that’s still underway. Hoffman & Associates has said The Wharf is not a finish line, and the firm has further investments a mile south in Buzzard Point.
About the property: The Wharf features designs from more than 20 architects to give the appearance of a diverse neighborhood, not a development that was constructed all together.
What the judges said: The Wharf is “a true placemaking development that continues to attract top tenants and has become 24/7 work, live and play environment that is highly sought after in D.C.,” said Elizabeth Cooper, vice chair at JLL.
“The Wharf redevelopment has been transformational at every level. It has reinvigorated Southwest D.C. and created a new center of gravity for the city economically and experientially,” said Mara Olguin, chief marketing officer at Dweck Properties.
They made it happen: Hoffman & Associates and Madison Marquette were the developers of this project. Perkins Eastman was the primary architecture firm. Balfour Beatty Construction, Clark Construction, Donohoe Construction, ER Bacon Development, City Partners, Paramount Development and Triden Development also worked on the project.
