2023 Winter Issue - 69

" Don't be afraid of embracing the community around you. Engage early on. . . . The
broader community is your customer's customer. "
-RICHARD LAKE, ROADSIDE DEVELOPMENT
Uruguay, created a virtual replica of the project that
became a cloud-based walkthrough.
" That turned into our best leasing tool, " Wolcheski
says. Over the next two years, while COVID surged,
the team pre-leased all the office space and 97
percent of the retail space, he says. Retail tenants
include a 30,000-square-foot (2,800 sq m) Equinox
gym, a daycare center, and a mix of local and
national restaurants. Celebrity chef Michael Mina will
run an Italian restaurant as well as the food program
at the Ridge Club, a rooftop pool and social club.
The same virtual walkthrough technology is being
used to market the apartments, which are being managed
by Bozzuto Group, another local firm.
Those apartments average 928 square feet (86
sq m), larger than those in many other city buildings.
Monthly rents range from $2,100 for a 500-squarefoot
(46 sq m) studio-in line for D.C. luxury buildings-up
to $11,000 for a three-bedroom penthouse.
Target tenants are empty nesters, high-net-worth
individuals looking for a second in-town place, international
finance or embassy employees, and even
young families.
City Living
Lake and Wolcheski emphasize what they see as key
to City Ridge's success fitting into the surrounding
city: " When you live here, it's important you know
you live in the broader city, " Lake says. The towers
of the nearby Washington National Cathedral are visible
from the roofs of all the buildings. The property
is about half a mile (0.8 km) from a Metro subway
station, numerous bus lines run past on Wisconsin
Avenue, and there is a 24-dock bike-sharing station.
The expansive lawn in front of the historic building-closed
for security reasons while Fannie Mae
occupied the site-is now open to the community.
Youth orchestras have performed there and watch
parties for the Citi Open tennis tournament were held
nearby. The Wegmans opened in July 2022 to lines of
enthusiastic shoppers. " For all the excitement, you'd
have thought the city was getting a Disneyland, " local
online news site DCist wrote.
Among the big lessons he would share with other
developers, Lake says: " Don't be afraid of embracing
the community around you. Engage early on. . . . The
broader community is your customer's customer. " UL
MARYANN HAGGERTY is a Washington, D.C.-based freelance
journalist who writes about business, economics, and finance.
WINTER 2023
URBAN LAND
67
The use of projections
and balconies enhances
units, directing occupant
views toward Glover
Archbold Park.
DAVID MADISON PHOTOGRAPHY

2023 Winter Issue

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