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Press Release

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JBG SMITH Submits Plans for Neighborhood-Oriented Residential Development at RiverHouse

Company Release - 10/17/2022
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JBG SMITH Seeks to Enhance the RiverHouse Neighborhood with a Diverse Range of Housing, Public Open Spaces, and Retail

BETHESDA, Md. (October 17, 2022) – JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, has filed plans to develop a diverse range of new rental and for-sale housing options, public parks, trails and other outdoor gathering places throughout the 36-acre RiverHouse Neighborhood in Arlington.

The plans preserve the three existing RiverHouse apartment buildings with the new development primarily concentrated on the existing surface parking lots, which are planned to be replaced by below-grade garages. 

Highlights of JBG SMITH’s proposed RiverHouse Neighborhood plan include: 

  • A range of new housing options that address the varied needs of Arlington’s diverse and growing residential population, including a 185-unit senior living community, 265 rental townhomes, three mid-rise buildings with approximately 1,000 rental apartments, and a 164-unit for-sale condominium building. 
  • Approximately 30,000 square feet of new street-level retail with a focus on neighborhood goods and services.
  • The preservation of previously committed affordable apartments located within RiverHouse’s existing residential buildings and the creation of additional committed affordable units as envisioned in the Pentagon City Sector Plan.
  • An expansive network of public outdoor spaces, highlighted by over 7 acres of public parks, forested areas, and other open spaces connected by over 1 mile of walking trails that will form a critical link in Arlington’s planned Green Ribbon network.
  • The preservation of over 200 existing trees and the planting of over 800 new trees to provide more than 300,000 square feet of conserved and restored tree canopy.
  • A new ¼ mile, two-way protected cycle track on Joyce Street and convenient on-site bike parking for residents and visitors.
  • A Transportation Management Plan including public transit incentives, priority carpool and vanpool parking, and annual contributions to Arlington County Commuter Services.
  • Public art installations designed to further enhance and enliven the RiverHouse Neighborhood.

For a comprehensive plan overview, visit riverhouseneighborhood.com.

Matt Ginivan, SVP, JBG SMITH said, “Following the County’s adoption of the Pentagon City Sector Plan, our team has had the opportunity to meet with local residents, neighbors, County Staff and other community stakeholders. We are grateful for their time, insight and input, which have helped shape our proposed plans for the RiverHouse Neighborhood. We look forward to continuing to collaborate in the coming months as we advance a shared vision for our neighborhood.”

Sharon Bradley, Landscape Architect, Principal, Bradley Site Design said, “Through our collaboration with JBG SMITH and other stakeholders, we have the incredible opportunity to enrich the neighborhood through a generous mix of new public open spaces.  By conserving and restoring tree canopy, adding native plantings, and creating new public spaces and walking paths, residents will be able to immerse themselves in nature as they stroll through the neighborhood.”

Janet Meyer, Principal, BCT Design Group said, “There is enormous unmet demand for senior housing that is integrated into the fabric of vibrant, accessible communities, and we are excited to bring this new lifestyle option to RiverHouse.  With a diverse range of open spaces, public transit, and retail options, residents will have access to everything they need within their neighborhood while receiving the support they may need to live life to the fullest.”

Gina Gage, Project Manager, Hybrid Architecture said, “The rental townhomes at RiverHouse will offer two-, three- and four-bedroom housing options with a mix of private and communal outdoor spaces.  We’re excited by the opportunity to add this new housing in a way that ties into the fabric of the existing neighborhood.”

Murphy Antoine, President, Torti Gallas + Partners said, “The new mid-rise, mixed-use apartments will replace asphalt parking lots and complement the surrounding community, existing high-rise apartments, and other proposed new housing options in the improved RiverHouse Neighborhood.  They will bring much needed new housing and neighborhood-serving retail.  The buildings have been designed around public walking paths to welcome and connect the neighborhood to nature, transit, and retail.” 

RiverHouse is located in National Landing, steps away from the restaurants and shops at Westpost (formerly Pentagon Row) and the Pentagon City Metro.

About JBG SMITH

JBG SMITH owns, operates, invests in and develops a dynamic portfolio of mixed-use properties in the high growth and high barrier-to-entry submarkets in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Over half of JBG SMITH’s holdings are in the National Landing submarket in Northern Virginia, where it serves as the developer for Amazon’s new headquarters, and where Virginia Tech’s $1 billion Innovation Campus is under construction. JBG SMITH's portfolio currently comprises 15.5 million square feet of high-growth office, multifamily and retail assets at share, 98% of which are metro-served. It also maintains a development pipeline encompassing 9.8 million square feet of mixed-use development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com.

Forward-Looking Statements

Certain statements contained herein may constitute “forward-looking statements” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Consequently, the future results of JBG SMITH Properties (“JBG SMITH” or the “Company”) may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximate”, “believes,” “expects,” “anticipates,” “intends,” “plans,” “proposed,” “would,” “may,” or similar expressions in this press release. We also note the following forward-looking statements: specific design features of the planned buildings and surrounding land, estimated square feet, number of apartments, housing type, and final public space plans. Many of the factors that will determine the outcome of these and our other forward-looking statements and plans are beyond our ability to control or predict. These factors include, among others: adverse economic conditions in the Washington, DC metropolitan area, the timing of and costs associated with development and property improvements, financing commitments, and general competitive factors. For further discussion of factors that could materially affect the outcome of our forward-looking statements and other risks and uncertainties, see “Risk Factors” and the Cautionary Statement Concerning Forward-Looking Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic reports the Company files with the Securities and Exchange Commission. For these statements, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements after the date hereof.

 

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4747 Bethesda Avenue, 2nd Floor

Bethesda, MD 20814

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Bethesda, MD 20814

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