July 22, 2005 Friday, July 22, 2005
By Barbra Murray

WASHINGTON, DC-CityVista, a $200-million mixed-use project consisting of
residences and retail, will emerge at the 3.2-acre site over the next
three years.

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LATEST NEWS
Washington Business Journal - 10:09 AM EDT Friday
Lowe Enterprises starts $200M project on former wax museum site
Eleni Kretikos, Senior Staff Reporter

Developers could be turning dirt on the former wax museum site by fall.
Led by Lowe Enterprises, the team developing the site at Fifth and K
streets has executed its land development and disposition agreement with
RLA Revitalization Corp.

Along with Lowe, the team also includes Bundy Development, Neighborhood
Development Co. and CIM Urban Real Estate Fund. A final settlement is
expected by October, which means construction on the residential and
retail project could begin soon after, says Marc Dubick, who is
overseeing the project to completion, which is expected to take about
three years.

Revitalization of the site has been a long time coming. Horning Bros.
was in Lowe's shoes in December 2001, but after more than a year of
negotiations, the deal soured and the board of the National Capital
Revitalization Corp. pulled the plug on it. Horning had edged out Lowe
during the initial bidding, but instead of turning back to Lowe's
runner-up proposal, NCRC rebid the Mount Vernon Triangle project. Almost
a year later, Lowe prevailed.

The $200 million project -- now renamed CityVista -- calls for 250
apartments, 450 condos and a 57,000-square-foot Safeway grocery store
that will include Starbucks, SunTrust bank and Bergmann's dry cleaners.
The project also includes another 50,000 square feet of retail space.