Friday, July 09, 2010

Local Builder Starts Condo Project in Adams Morgan


A local developer will turn a pair of historic apartment buildings in Adams Morgan into 43 condominiums for delivery next year. Urban Investment Partners (UIP) acquired the properties at 1801 and 1811 Wyoming Street last year for $6.9m and has plans for a $4.5m upgrade expected to complete in late 2011.

Washington DC based architect David Haresign of Bonstra Haresign is the lead architect on the project, EHT Traceries is assisting with historic building conformance. The building dates from 1909 and was originally designed by architectural firm Hunter and Bell.

The apartment buildings were put up for sale by Marcus & Millichap in early 2009 and went under contract shortly thereafter, but the tenants exercised their rights under DC's Tenant Opportunity to Purchase Act (TOPA) and negotiated a contract with UIP in late 2009. UIP Principal Steve Schwat say tenants will be out in about 90 days and expects renovation work to commence immediately thereafter. Schwat says he expects about 16 of the tenants to purchase their units at "deeply discounted prices", but that the building will be extensively rebuilt - "a full gut renovation" - with finishes that rival "an Ian Schrager hotel." Finishes will include "extensive landscaping" between the buildings, large patio spaces on the garden level units, and interior finishes like two-tone cabinetry and Cesarstone counters, pocket doors, smart wiring, gas cooking, and a bike storage room. Schwat also has designs for often overlooked roof, including "huge" roofdecks with benches and water. "People will actually want to use them," he notes.

UIP has undertaken numerous TOPA re-trades recently, including the Policy in Kalorama, the Shelby in Dupont, and the Macklin in Cleveland Park, all within the past two years. "We haven't done a condominium in a couple of years, I'm excited to start that again" says Schwat. "We love the idea of working with tenants, there's alot of benefit to both parties. Whether tenants exercise their TOPA rights or not we're going to work with them to get a product that benefits everybody...many people are scared of TOPA, but for us its been a great experience."

The hardware store on 18th Street will be emptied and fully renovated during the reconstruction.

Washington DC real estate development news

3 comments:

IMGoph on Jul 9, 2010, 3:35:00 PM said...

it is always a nice thing to see a building lose its window HVAC units...

Anonymous said...

Total whore for media that Hairesign is.

Fred said...

Sounds nice, but the neighborhood is still controlled by rats . . . .

 

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