Co-developers Douglas Development Corporation and PTM Partners Leaves its Mark on Buzzard Point

Today co-developers Douglas Development Corporation (DDC) and PTM Partners (PTM) announced that they have launched leasing at its new mixed-use development, Watermark, located at 1900 Half Street, SW. The 453-unit, 11-story development offers studios to three-bedroom homes and prospective tenants can schedule either virtual or in-person tours. With move-ins available in August, Watermark is the first new luxury waterfront development to open in Buzzard Point, marking another significant milestone in the overall development of the city’s Southwest Waterfront neighborhood.

“We had a goal of making Watermark’s waterfront living exemplary, by providing unparalleled access to D.C.’s expanding shoreline, as well as adjacent neighborhoods and the city’s downtown,” said Douglas Jemal, President of DDC. “A mere 30 feet from the shoreline, we’ve put residents at the water’s edge, where they’re able to walk or bike along the Riverwalk Promenade and utilize watersport equipment on the water itself. It’s a destination — and it has amenities for every resident, including a rooftop pool, elevated courtyards, dedicated dog park, modern coworking area and market. We’re excited to introduce this next piece in the puzzle for the up and coming Buzzard Point.”

In 2016 and following the construction of Audi Field, DDC first proposed the redevelopment of 1900 Half Street, an 11-story office building originally constructed for the General Services Administration, which had previously sat vacant. The 2.5-acre property with 250 linear feet of active waterfront is adjacent to the Matthew Henson Earth Conservation Center, 2 blocks from Audi Field, and a five-minute walk to Nationals Park.

Through a comprehensive adaptive reuse and full upgrade of the building, 1900 Half Street has been redeveloped into Watermark, a dynamic mixed-use residential and retail property, which includes:

• 453 luxury apartments, ranging from studios to three-bedroom units
• 290 on-site parking spaces
• 2 elevated waterfront amenity courtyards with lounge and outdoor activity spaces
• Tenant library and club/game room
• Lobby coworking and home office spaces
• Rooftop infinity pool and entertainment deck with large viewing screens and BBQ
• State-of-the-art fitness center with fitness and wellness training
• Livly-powered amenity spaces
• Recreation room outfitted with active outdoor activity equipment for use on both land and water
• Direct access to the Riverwalk Promenade, featuring walking and bike path
• 17,000 square feet of retail space leased to Eagle Academy

“By being able to combine PTM’s and DDC’s deep knowledge and expertise in multifamily development and adaptive reuse, we have been able to deliver a Class-A waterfront product to a rapidly growing market at a price point that is accessible to renters who have been priced out of many other recent new Class-A developments in D.C.,” stated Michael Tillman, CEO of PTM. “Moreover, we have layered-in novel amenity and technology offerings that are unlike others in the D.C. market and are excited to deliver a desirable home for our future residents.”

DDC and PTM utilized the architectural services of Antunovich Associates to complete the project. More information about the redevelopment of 1900 Half to Watermark can be found here.

Watermark is ideally positioned in the Southwest Waterfront neighborhood of Buzzard Point, adjacent to the Capitol Riverfront Neighborhood and located on the banks of the Potomac and Anacostia Rivers in Washington, D.C. Buzzard Point is a former industrial area that is transitioning into a business center, urban neighborhood, entertainment district and waterfront destination. Following the construction of Audi Field, Buzzard Point has since seen several new developments, redevelopments commence and the introduction of numerous commercial and residential tenants.

The location of Watermark offers unrivaled views of nearby Washington, D.C. landmarks and access to the D.C. shoreline and beyond:

• Views of the Anacostia and Potomac Rivers, Audi Field, the Capitol, Washington Monument
• Close proximity to downtown Washington, D.C.
• Direct access to the new Riverwalk Promenade
• Easy access to the new Frederick Douglass Memorial Bridge
• Easy access to destinations east of downtown

Prices for Watermark range from $1,500 per month up to the mid $5,000s, depending on size, number of bedrooms and view. Watermark is professionally managed by Greystar and powered by Livly. For more information about Watermark, or to schedule a virtual or in-person tour, visit the website at https://watermarkdc.com/.

ABOUT DOUGLAS DEVELOPMENT CORPORATION

Douglas Development Corporation has grown from its origin as the real estate holdings of a single retail entrepreneur into one of the most recognizable names in the Mid-Atlantic real estate market. With more than 250 properties spanning 12.6 million square feet of office, retail, multifamily, industrial, hospitality and educational space, the company has completed several challenging projects and continues to expand into new markets and product types. Known historically for revitalizing underdeveloped, emerging areas and preserving and rehabilitating historic properties, Douglas Development has focused on creating value for the long-term and improving not only its business operations, but also the various neighborhoods and cities it calls home. The company believes strongly in being a leader and pioneer in both the real estate industry and communities in which it operates and seeks to provide the best product and service to its tenants, visitors, partners and communities. For more information, please visit https://douglasdevelopment.com/.

ABOUT PTM PARTNERS

PTM Partners, is a real estate investment and development firm, with an initial focus exclusively on Qualified Opportunity Zones. PTM Partner’s Opportunity Zone Fund has already resulted in three development projects across multiple asset classes and a soon to-be-announced fourth project. Founded by Nicholas Pantuliano, Michael Tillman, and Scott Meyer, all former executives of the Lefrak Organization, PTM seeks community-oriented development opportunities that create substantial value for its residents, partners and investors. With an eye towards long-term value creation for all stakeholders, PTM focuses on making investment decisions that balance reputation and long-term profitability over short-term revenue maximization. The PTM team has collectively invested, developed, constructed, and managed more than $12 billion in real estate covering a broad range of mixed-use development projects in Florida, New Jersey, New York, and Washington, D.C. For more information, please visit www.ptmpartners.com.