Groundbreaking Ceremony Kicks Off Construction on Portals IV Project

FOR IMMEDIATE RELEASE

Republic Properties Corporation officially kicks off construction on its $260 Million Portals IV Project, the final phase of the multi-billion dollar Portals Development in Southwest DC, with a groundbreaking ceremony.

Portals IV will add a 356-unit luxury apartment building to the mixed-use Portals Complex, one of the largest public/private sector real estate partnerships in the nation’s capital, with construction scheduled to be completed in 2027.

Washington, DC (June 16, 2025) – Republic Properties Corporation today held an official groundbreaking ceremony for Portals IV (known as 1301), its residential building located at 1301 Maryland Avenue, SW. The construction of 1301 will be the concluding phase of the prestigious Portals Complex development overlooking the Tidal Basin and DC’s iconic monuments and memorials. To capitalize its $260M project, Republic contributed $65 million in sponsor-equity and worked with CBRE's Mid-Atlantic Debt & Structured Finance team to secure construction financing from Kennedy Wilson ($137M) and Pearlmark ($58M)—a major accomplishment in today’s challenging capital markets.

The Portals Complex, a landmark public-private partnership with the District of Columbia, represents a substantial real estate investment totaling approximately 3 million square feet upon completion of 1301. The complex already includes Class-A office buildings, the luxury Salamander Hotel, and will now feature two high-end residential buildings once 1301 (and its plaza) join neighbor 1331.

Mayor Muriel Bowser was in attendance at today’s groundbreaking ceremony. “This project represents a lot of what we hope to achieve with the Growth Agenda – building more homes in untapped parts of our city, creating vibrant mixed-use communities, and unlocking new connections across neighborhoods,” said Mayor Bowser. “We’re grateful for this public-private partnership and for Republic Properties’ commitment to this project and to DC.”

“This project speaks to our long-term partnership with the District of Columbia and demonstrates a true working relationship between government and private sector,” said Steve Grigg, President of Republic Properties Corporation. “We are greatly appreciative of the District’s support in working with us to achieve the completion of the last phase of the Portals, which has transformed this area of Southwest into a vibrant and growing community with housing and mixed-use development.”

1301 will be a 525,000-square-foot development with 356 market-rate residences and – similar to its sister building at 1331 Maryland Ave – the new trophy apartment building will feature an expansive rooftop with an outdoor pool and other top-tier amenities. The luxury project will include a sky terrace with grills and firepits, clubroom entertaining areas including a piano lounge, co-working spaces, dog spa and park, fitness center, and game lounge with sports simulator. 1301 is being built by Balfour Beatty Construction and was designed by WDG Architecture with interiors by Akseizer Design Group.

With an aggregate market value in excess of $2 billion, the full Portals Complex includes 1331 Maryland Avenue, SW, a luxury 373-unit residential building (550,000 square feet at a cost of $230 million), which sits prominently above the Tidal Basin with views of the Potomac River and National Mall. Construction on the 356-unit adjoining building at 1301 Maryland Avenue, SW will begin in 2025 with a projected cost of over $260 million.

The District of Columbia Redevelopment Land Agency (DCRLA) first identified the vacant Portals lot as a development site in the 1980s. In 1987, DCRLA competitively awarded Republic Properties Corporation and its partner, Eastcoast Development Corporation, the right to master plan and develop a 3 million square-foot mixed-used opportunity. Republic and the District, through the Office of the Deputy Mayor for Planning and Economic Development, have worked collaboratively on planning and development of the site.

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About Republic Properties Corporation

Republic Properties Corporation, a division of the Republic Family of Companies along with its affiliates Republic Land Development LLC and Republic Urban Properties LLC, represents a privately owned, full-service real estate investment, management and development enterprise based in Washington, D.C. For over 40 years, Republic and each of its principals have focused on institutional quality real estate, actively managing partnerships and other fiduciary relationships that result in successful real estate investments throughout the United States. Republic’s senior management team has over 150 years of combined experience and has successfully developed and invested in real estate transactions valued in excess of $8 billion. For more information, please visit: www.republicfamilyofcompanies.com.