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September 26, 2006
ICG Properties Participates in D.C.'s Great Streets Initiative
Penn Branch Center Integral to Plans for Vibrant Retail Along Pennsylvania Avenue Corridor
WASHINGTON, DC-Penn Branch Center, an office/retail property located at the intersection of Pennsylvania Avenue and Branch Avenue in southeast Washington, D.C., has been identified as a focal point in the Great Streets Initiative, a citywide planning effort that seeks to revitalize six major corridors in the District of Columbia.
The 90,000-square-foot building, originally constructed in the mid-1960s, is among several key properties explored in recent charrettes and in a new report issued by Great Streets. Since acquiring Penn Branch Center in December 2005, ICG Properties has participated in two day-long charrettes, which focused in part on the revitalization of retail along the Pennsylvania Avenue SE corridor from the Sousa Bridge to Fort Davis.
Referring to the Pennsylvania Avenue-Branch Avenue intersection, the Great Streets report projects that "the demand for higher-quality retail will increase as the values and quality of the housing in the surrounding single-family neighborhoods improves," noting that "there is an opportunity to upgrade the scale and quality of this retail experience." Penn Branch Center is located in the Hillcrest neighborhood, recently rated one of the city's "Best Places to Live" by Washingtonian magazine.
ICG is currently exploring renovation and repositioning strategies for the building. Current tenants include several District of Columbia government agencies, Wachovia Bank, and CVS Pharmacy.
Established in March 2005, Great Streets aims to increase local neighborhood livability and economic development by improving major transportation corridors. The initiative is a multidisciplinary approach to corridor improvement, including public realm investments, strategic land use plans, public safety strategies, and economic development assistance. The program is a partnership of the District Department of Transportation, the Office of the Deputy Mayor for Planning and Economic Development, the Office of Planning, the Department of Parks and Recreation, and Neighborhood Services Coordinators, among many others.
ICG Properties currently owns more than 500,000 square feet of stabilized commercial assets, including the World Center Building at 1600 K Street, NW, 2115 and 2121 Wisconsin Avenue, NW, and Penn Branch Center. The firm also owns or controls another half-million square feet of developable commercial and residential density.