The Stacks Tops Out in Buzzard Point

WASHINGTON, Aug. 2, 2023 /PRNewswire/ -- Clark Construction, Akridge, and National Real Estate Development ("National Development") have topped out Phase One of The Stacks, a 2.7 million square foot mixed-use development in Capitol Riverfront's Buzzard Point neighborhood. This milestone marks the completion of structural concrete on Building B, the first of the three residential mixed-use towers on the project.

Since breaking ground, concrete crews have placed a combined 66,000 cubic yards of concrete to shape the three 14-story towers changing the skyline of Buzzard Point. With this milestone complete, the team will finish concrete operations on Building A and Building C and then shift its focus to completing the building envelope and interior work.

"This milestone would not be possible without the strong partnership between Clark, Akridge, National Development, and the talented design and trade partners on this project," said Molly Raglani, Vice President at Clark Construction. "The trust and support from these parties, coupled with the hard work and dedication of the project's talented craft workers, has enabled this landmark project to progress safely and successfully."

Phase One of The Stacks will include more than 1,100 rental apartment units, 35,000 square feet of retail, 300,000 square feet of below-grade parking and loading, and a 15,000-square-foot public park. A key element of the development will be a pedestrian-only path running through the heart of the project that will guide visitors from nearby Audi Field to the Anacostia waterfront. Dubbed 'The Corso,' this path will curve gently from north to south through the entire two-city-block length of The Stacks.

Akridge Senior Vice President Adam Gooch said, "I want to extend my deepest appreciation to our extraordinary tradesmen and builders as we achieve this exciting milestone. Their continued commitment to quality and progress is invaluable as we march forward and create something truly exceptional."   

Jointly owned by Akridge, Bridge Investment Group (Bridge), Blue Coast Capital (BCC), and institutional funds managed by National Real Estate Advisors (National) with Phase One construction financing by Bank OZK, The Stacks is scheduled for completion in 2025, promising a transformative addition to the Capitol Riverfront neighborhood.

"We are thrilled to witness the exceptional progress of The Stacks development in Buzzard Point," said Jeffrey Kanne, President and CEO of National Real Estate Advisors. "At National, we prioritize generating strong returns for our institutional clients through iconic landmark projects like The Stacks. This achievement is a testament to our successful partnerships and the dedication of our skilled workforce."

About Akridge

Akridge is a comprehensive real estate services company and a prominent investor and developer in the Washington metropolitan region and North Carolina. It provides acquisitions, design and construction management, development, finance and asset management, leasing, and property management services. For almost 50 years, the company has acquired, developed, or entitled more than 31.2 million square feet of office, industrial flex, multifamily, retail, and entertainment space. Akridge has another 9.7 million square feet in its active pipeline, currently manages approximately 4.28 million square feet, and has a portfolio with an estimated value of over $2.8 billion. Notable projects include the internationally recognized Homer Building, the 240,000-square-foot 555 Mangum Street, and the 3-million-square-foot Burnham Place air rights development project at Union Station. For more information please visit www.akridge.com.

About National Real Estate Development

National Real Estate Development, LLC (National Development), is a real estate development firm focused on developing complex, urban mixed-use projects throughout the country. Since 2013, the team has developed over four million square feet in major markets such as Philadelphia, Los Angeles, and San Francisco. National Development bases its rigorous development processes on the principles of integrity, community, collaboration, and sustainability, and aims to transform the neighborhoods which it develops. Regardless of location, National Development strives to consistently create value through complex project structures, delivering tailored projects that are specifically designed to meet the needs of a given market. In particular, National Development focuses on setting new standards for live-work-play environments developed in urban communities. Notable projects include East Market in Philadelphia, The BLOC in Los Angeles, and 100 Van Ness in San Francisco. National Development is the wholly owned, full-service development subsidiary of National Real Estate Advisors, LLC. To learn more, visit www.natrealestatedevelopment.com.

About National Real Estate Advisors

National Real Estate Advisors, LLC (National) is an investment manager developing, operating, and managing commercial real estate projects across the United States. National is focused on environmental sustainability, social responsibility, and strong governance practices which seek to create value for investors and benefit local communities. Founded in 2000, the firm constructs investment portfolios of diverse property assets—apartment, office, mixed-use, medical/healthcare, industrial (including data centers), and hospitality.

National is an independently operated subsidiary of the National Electrical Benefit Fund ("NEBF"), a pension trust with assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.

About Clark Construction Group

Clark Construction Group is one of the largest building and infrastructure companies in the United States. Our portfolio spans every major building market, from public to private, corporate to cultural, education to entertainment, and the infrastructure connecting it all – power, transit, water, and roadways. Since 1906, we've been delighting and delivering value to our clients and project partners, providing diverse opportunities for our team, and strengthening the communities where we live. With offices strategically located across the country, we pride ourselves on being a local builder with national reach. To learn more, visit www.clarkconstruction.com.

About Bridge Investment Group

Bridge Investment Group is a leading, alternative investment manager, diversified across specialized asset classes, with approximately $48.8 billion of assets under management as of March 31, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies.

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SOURCE Clark Construction Group