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It's certainly rivaled only by NoMa when it comes to growth. Premier is a bit harder to define. Georgetown is more expensive/chic. The core NW neighborhood are probably trendier and certainly have more historic architecture.
Navy Yard is emerging as a very functional, active neighborhood. With the exception of some newish townhouses, the housing stock is almost entirely big modern class A multi-unit buildings. It has a growing restaurant scene with a nice mix of destination and everyday places. It has a growing collection of bars, but it isn't really a nightlife destination. The highlight of the neighborhood is the riverfront and yards park. The biggest complaint would be lack of retail.
Beyond the immediate area, you also have access to Barrack's Row and the Wharf within walking distance. It's an easy commute to DT via the metro and you have access to the Anacostia Riverwalk Trail for relaxing.
I lived in Navy Yard for 4 years and enjoyed it. I wouldn't classify it as premier such as Georgetown, The Wharf, etc. I say that because there aren't many options to purchase on the water in Navy Yard. It is mostly expensive rentals unless you want to go a little north away from the water. Even though the townhouses are expensive north of M, I wouldn't say Navy Yard proper is premier. It's a nice neighborhood for sure, but I feel they would need to add more condo options directly on the water at very high price points to get to the premier level.
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