For over eight years, the ICP Group (“ICP”) has been an integral part of the Washington, D.C. real estate market, particularly the Lower 8th Street SE, Barracks Row District. By employing key strategies for commercial real estate assets that are located in recovery and expansion secondary markets such as Capitol Hill, our firm has been committed to growing and developing a solution for the middle market consumer in the area.
The ICP Group is interested in expanding its current successful portfolio in the Potomac Parc area of Washington D.C. Our intent is to transform a six-block area which includes Squares 929, 930, 906, 907, 976, and 952 into a mixed-use development project that will add great value to the area in terms of housing units, hotel rooms, office space, retail, job creation and economic development. Each square will contain multiple buildings and uses in order to maximize the development.
The ICP Group and its affiliates are local developers who want to increase and advance the local commercial real estate market by being excellent at management, finance, quality, community as well as marketing, vision, and branding.
Vision for Potomc Parc
The vision and mission for the Capitol Hill section of Washington, DC – particularly the Lower 8th SE Barracks Row District – is built around creating commercial, residential, and multi-family real estate supply that the community can consume at a reasonable rate.
Our plan and vision is to develop the community/area and transform it into a “green modern community” focused on hometown, agricultural look/feel while maintaining and preserving the rich history of the area.
There is a growing demand (e.g., the Marine Corps and Navy Yard need) for additional commercial development that would accommodate their growing requirements for retail, office, residential, hospitality, entertainment, and parking venues that serve its combined population of 30,000 day and night time residents and commercial users. Our vision for Capital Hill incorporates the Hill’s historic aspects and appeal while creating both direct and indirect jobs in the area.
Using Capitol Hill’s history, the Firm has created an environment where avenues for this type of community-oriented commercial real estate development and consumption can thrive. As such, the firm has been instrumental in the push by neighborhood stakeholders during recent years to develop appropriate zoning that will allow this type of commercial real estate development on Lower 8th SE Barracks Row. Also, based on the efforts of the ICP Group, the community as well as local and governmental stake holders created a blue-print for all current and future zoning within the Potomac Parc thus helping to maintain and dictate market pricing for all assets within Potomac Parc Project.
The Potomac Parc Project is comprised of a number of assets located in the historical district of Capitol Hill in Washington, DC, referred to as Lower 8th SE Barracks Row.
The 801 Virginia Avenue and 816/820 Potomac Ave. assets represent 10 developable lots with a combined land area that is currently available for real estate supply creation. The Sites sit on the City’s ‘Square 930’ across the street to the north from the Washington Navy Yard, between 8th and 9th Streets, and are bordered by L Street to the North and Potomac Avenue to the South. And, 801 Virginia is located at 8th Street & Virginia Avenue and cornered by L Street and 9th Street SE roads.
Our plan for the district calls for over 1.7 Million square feet of commercial and residential development across the six square blocks. The mixed-use plan calls for at least 300 hotel rooms, apartment units, condominiums, office space, parking and retail development.