Republic Properties Tops Out $260 Million Multifamily Tower at Southwest D.C.'s Portals Development

WASHINGTON, D.C. — Republic Properties Corporation celebrated the topping out of 1301 Maryland Avenue SW on Aug. 27, completing the vertical structure of a 356-unit, 14-story luxury residential tower that carries a total development cost of $260 million and is slated to begin leasing in spring 2027.

The milestone was marked by the final concrete pour at the top level of the building, known as 1301 and formerly called Portals IV. The ceremony brought together Republic Properties Corporation, general contractor Balfour Beatty, and members of the project's construction and design teams.

Capital Stack: Kennedy Wilson, Pearlmark and CBRE

Republic Properties Corporation broke ground on the project in June 2025, contributing $65 million in sponsor equity. CBRE's Mid-Atlantic Debt & Structured Finance team arranged $195 million in construction financing, comprising a $137 million loan from Kennedy Wilson and a $58 million tranche from Pearlmark.

The building spans approximately 525,000 square feet and is situated at 1301 Maryland Avenue SW in the Southwest D.C. submarket. At that scale, the total development cost implies a capitalization of roughly $490 per square foot, with the capital structure running approximately 25 percent equity and 75 percent debt.

Project Details and Amenity Program

Designed by WDG Architecture with interiors by Akseizer Design Group, 1301 will offer 356 market-rate residences across 14 stories. The building's amenity program includes an expansive rooftop with an outdoor pool, a sky terrace with grills and firepits, an indoor pool, a piano lounge, coworking spaces, a fitness and wellness center, a dog spa and dog park, and a game lounge featuring a sports simulator. The project also includes approximately 2,500 square feet of public-facing rooftop restaurant and bar space, along with 237 parking spaces.

Bozzuto will manage the property and lead leasing efforts. First resident move-ins are anticipated for summer 2027.

"Topping out 1301 represents an important milestone not only for this building, but for the vision Republic and the District began developing together nearly four decades ago," said Steve Grigg, president of Republic Properties Corporation. "We are grateful to Balfour Beatty, our construction and design partners, the District of Columbia and, especially, the men and women whose work has brought us to this moment. With its extraordinary location, thoughtfully designed residences and extensive amenities, 1301 Maryland Avenue will deliver a distinctive residential experience and complete the Portals as a vibrant mixed-use destination in Southwest Washington."

"This milestone reflects the strength of the partnerships that have driven this project forward from day one," said Art Malacarne, Balfour Beatty senior vice president of Mid-Atlantic operations. "We are grateful to Republic Properties, our trade partners and our project team whose hard work, expertise and commitment have made this achievement possible."

"Through Bozzuto's thoughtful approach to hospitality and property management, we look forward to delivering the exceptional service and experiences to this incredible new development," said JoLynn Scotch, managing director at Bozzuto. "Our team is excited to welcome residents and create a true sense of community."

Completing the Portals Mixed-Use Campus

1301 is the final residential component of the Portals, a mixed-use development that Republic Properties Corporation and its partner Eastcoast Development Corporation were awarded the right to master plan and develop in 1987 by the District of Columbia Redevelopment Land Agency. The campus encompasses approximately 3 million square feet and, upon completion of 1301, is expected to carry an aggregate market value exceeding $2 billion.

The Portals already includes Class A office buildings along Maryland Avenue SW, The Potomac Hotel, Autograph Collection, and 1331 Maryland Avenue SW — a 373-unit luxury residential building that neighbors 1301. Together, the two residential towers will establish a combined residential presence of 729 units within the campus. Republic Properties Corporation and the District of Columbia, through the Office of the Deputy Mayor for Planning and Economic Development, have continued to collaborate on the planning and development of the property throughout its nearly four-decade history.

The Portals development is described as one of the largest public-private real estate partnerships in the nation's capital. With the topping out complete, the project now moves toward its interior finish phase ahead of the anticipated 2027 delivery.

Sources

Republic Properties Corporation — Official Announcement