A 137-unit residential condominium development by PN Hoffman
In December 2015 Grosvenor provided a $20.6m loan commitment to PN Hoffman for construction of The Bower, 137 residential condominiums above 11,500 square feet of retail and two storeys of below-grade parking. Initial site work began in July 2016 and the building’s construction is scheduled to complete in early 2019.
The Bower is located in the Yards, a 42-acre redevelopment within Washington, D.C.’s Capitol Riverfront submarket. Recently described by Forbes Magazine as one of 'The 12 Coolest Neighbourhoods Around the World', the Yards is transforming a previously underutilised portion of the historic Washington Navy Yard into a vibrant mixed-use community.
Units at The Bower offer floor-to-ceiling glass windows, as well as modern finishes that include wide-plank hardwood floors, Bosch appliances and custom Italian cabinetry. Many units also feature their own private balconies. Community amenities include a rooftop terrace and clubroom, a fitness studio and a building concierge.
Presales began in late 2017 and more than 65% of units will be under contract when the building delivers in early 2019 – well above the presale amount typically seen in the Washington, D.C. market.
The Bower is located within Washington, D.C.’s burgeoning Capitol Riverfront submarket.