Waterfront Complex to Get $25M Makeover

WASHINGTON, DC-The Waterfront Complex, the 1.1 million-sf office and retail property most recently known as Waterside Mall, will be redeveloped by a joint venture involving Bresler & Reiner Inc. and K/FCE Management LLC, which is a partnership offshoot of The Kaempfer Company Inc. and Forest City Enterprises Inc. The initial investment by the JV, to be called K/FCE, will be in the amount of $25 million. The news comes on the heels of the completion of physical and economic studies on the property.

Bresler & Reiner CEO Sidney M. Bresler tells GlobeSt.com of the great advantages of being “associated with partners with such a history, track record and caliber as Kaempfer and Forest City–they have a great ability to develop and redevelop class A projects.” Upon completion, the property at 401 M Street will have an additional 900,000 sf of space and will include two 12-story office towers, retail buildings and a residential structure.

Currently the building is mostly vacant, predominantly due to the Environmental Protection Agency’s recent lease expiration on most of the space after three decades of occupancy.