NoMa Development at Union Station
The real estate market surrounding Washington Union Station has been particularly strong over the past decade. Spurred in part by access to Union Station and investments in a new Metro station north of Union Station, a neighborhood named NoMa (north of Massachusetts Avenue) has emerged with extensive commercial and residential development, a portion of which has been within the half-mile catchment area of Union Station. In 2010, existing development in the catchment area was valued at $11.9 billion, with approximately 73 percent of that value in commercial development and 27 percent in residential.
The largest single remaining opportunity for additional development in the station area actually resides above the station itself. The proposed project to utilize that space, Burnham Place, is a 3+ million square foot development proposed byAkridge, a real estate corporation based in Washington, DC, for the air rights over Union Station. The project is a major component of the Union Station Master Plan, a 20+ year vision for redeveloping Union Station’s transportation facilities and rail yards. The project is currently in the planning stages but the initial proposal includes:
• 1.5 million square feet of office space
• More than 1,300 residential units
• More than 500 hotel rooms
• 100,000 square feet of retail
Rendering of Burnham Place, to be built over the rail yards at Union Station, Washington, DC.