Navy Yard | Capitol Riverfront
About Navy Yard | Capitol Riverfront
The Capitol Riverfront is bustling. U.S. Department of Transportation employees line up at food trucks that surround Canal Park, office workers fill the patio seating at Bluejacket Brewery, and residents carry yoga mats for their lunchtime classes. This is all very different from a few short years ago when this SE neighborhood was a near ghost town. But, due to long-planned projects come to fruition, parks, restaurants and retailers are drawing visitors from across the city, and the streets are dynamic.
Capitol Riverfront refers to 500-acre area roughly bounded by South Capitol Street, the Anacostia River and the Southeast Freeway. The name Capitol Riverfront emerged from the Capitol Riverfront Business Improvement District (BID) as the neighborhood was beginning to take shape in 2007, and the moniker stuck for business purposes. However, the growing population of residents seem to be choosing their own name. Many refer to it as Navy Yard, others place it “by the ballpark,” but relatively few use the BID-dubbed name.
In 2004, developer Forest City was awarded the right to develop a plot in Capitol Riverfront through a public-private partnership with the city and the General Services Administration (GSA). The result is The Yards, a 42-acre development project that includes Yards Park, The Boilermaker Shops, The Lumber Shed, several apartment buildings and other yet-to-be developed parcels.
Since 2010, Capitol Riverfront has only increased its population. The real estate market is dominated by rental buildings. Aimed at well-heeled millennials, leases are expensive. While the rental market is getting saturated, for-sale opportunities are few and far between. The DC’s scant condo market is magnified in Capitol Riverfront. While there are several buildings that host condos, the demand is much higher than the supply. The word is that a few developers are eying spots to put up boutique buildings.
Like the increase in population, this neighborhood of Washington is possibly the most active in development of not only living spaces but amenities. While there are several restaurants in the area, more and more are joining the crowd.