Despite the mini-boom taking hold on the 14th Street corridor - View 14, Room & Board, JBG's large condo project, and a surfeit of new retail - not all projects are having an easy time of digging up money. In addition to UDR's iced over plans up the hill for the Nehemiah Center, the latest financing casualty is the redevelopment of the Anthony Bowen YMCA into a large apartment building. The planned mixed use development at 14th and W Streets has not disturbed any earth since the project "broke ground" in September 2008, nor does it look like it will make any progress soon. The 231-unit project was planned by Perseus Realty LLC in conjunction with Capmark Investments LP and the minority owned DC-based FLGA Real Estate Group. In 2008, the team optimistically estimated a 2010 finish date; now an optimistic view would be a 2010 start date.
Brian DeBose, spokesperson for Councilmember Jim Graham, whose ward the project sits in, told DCMud, "The project is stalled. There is no financing and there has not been a breakthrough." In short, DeBose surmised, "Nothing is going on."
DeBose added that the District does not have the money to provide a TIF or any seed money to help bolster the stalled development, even if the will was there. To be fair, the District has already done its share during more flush times, including the District Council's 2008 decision to grant a hefty 20 years of tax abatement and $1 million in forgone sales taxes on construction materials for the project's development.
Clark Construction is the general contractor, if it comes to that, for the planned 236,000-s.f. apartment building with 18 affordable units. The project is also supposed to include a new 46,000-s.f. YMCA and 12,200 s.f. of retail space. Designs for the project are by Davis Carter Scott and HOK. The Anthony Bowen YMCA was named for a Prince George’s County slave who relocated to Washington after purchasing his freedom. Bowen went on to co-found the nation’s first African-American YMCA in 1853. Developers for the project were either unwilling to comment or did not return phone calls requesting additional information.
Washington, DC real estate and development news