Residences at Market Square is the result of a design competition held by the Pennsylvania Avenue Development Corporation (“PADC”) in 1985 on one of the last developable sites on Pennsylvania Avenue. PADC required that the project include 210 residential housing units on the top floors of each tower in a previously non-residential area, which added to the challenge of the project.
These upscale residential housing units perched atop the thirteen-story neoclassical towers, each with a balcony, are home to the most commanding views of the Mall. In addition to the 205,000 sf of residential development, 600,000 sf of office space and over 40,000 sf of retail space were built. Four stories of below-grade parking were constructed to accommodate the residential, office and retail uses.
The development delivered in 1990 on time and on budget, leased to 98% by 1992, with virtually all condominium units sold by 1994. It was awarded the Urban Land Institute 1992 Project of the Year for its financial performance, execution and architecture.
Market Square is home of the U.S. Navy Memorial, which provides visitors, Market Square residents and their guests, retail customers, combined with those on an “arts walk” from the Smithsonian museums to the National Portrait Gallery an urban energy along Pennsylvania Avenue.