750 apartments and coworking space planned for large parcel along I-695

Roughly 750 rental units and 42,000 square feet of coworking space spread across two 13-story buildings are slated for a 7.3-acre parcel abutting both sides of I-695, between South Capitol Street and New Jersey Avenue SE, developers revealed Wednesday. Toronto-based Oxford Properties Group, J.P. Morgan Asset Management, and Greystar are partnering on the mixed-use project, which will include some 615,000 square feet of space at completion.

The project, located on plots of land once owned by freight company CSX, will also include 70,000 square feet of amenity space and a two-story parking garage with 357 spaces, noted the development team. Construction is anticipated to start late this year. Oxford is already a partner with J.P. Morgan on Capitol Yards, a 931-unit development directly next to the site.

“This site was highly attractive because it sits at the center of several established D.C. neighborhoods and provides great access to other emerging areas, including National Landing,” Jeff Turkanis, a vice president at Oxford, said in a statement, referring to the section of Northern Virginia where Amazon’s second headquarters is being developed. (Amazon’s new hub is expected to employ at least 25,000 people over the next decade.)

The Navy Yard–Ballpark Metro station is about a five-minute walk from the development parcel, while the Capitol South Metro station is less than a 10-minute walk from it. Oxford, which first came to the U.S. market in 2010, is a major player in Toronto real estate and a partner in New York’s Hudson Yards project. This is its second D.C. residential investment.