Now that Metropolitan Development has a zoning approval and a sweet $18 million tax abatement in hand for Addison Square/Kelsey Gardens, the developer is working with Ideal Realty Group (IRG) to either find an investment partner or sell the whole project outright. The Shaw project recently appeared on IRG's website, though no asking price is currently listed. The proposed eight-story, mixed-use project would have been (and could still be) Metropolitan Development's first DC project.
Craig London, VP of IRG, confirmed that his company was working with Metropolitan to find investment partners/a buyer. When reached by phone, London was surprised (scoff!) that DCMud knew about Kelsey Gardens' status. Our secret source was, alas, the internet; the information having been posted "on, umm, your website." IRG's relationship with Metropolitan started quite recently; London said his company has yet to officially release any investment materials for interested parties, but that the project should be "released to market "in the next couple days."
For now, IRG's site indicates investors interested in Kelsey Gardens have two different opportunities available: a JV/Equity Investment in which the investor would become a development partner or to acquire the fee simple interest on the property and then redevelop it, without Metropolitan. London described it as a fairly safe investment. IRG is setting up the package so that "the investor has no debt financing risk. The investor is not going to be asked to invest any money until the debt is secured," explained London.
Back in January, Metropolitan Construction Manager Jim Wurzel told DCMud, "our intent and our efforts are to get things going this summer," admitting that "in this climate who knows what's really going to happen next week, regardless of what we're trying to do." Touche.
Washington, DC real estate development news