Wednesday, August 17, 2011

Northwest One's Site 2 on its Way Up


In less than one month, according to the office of Victor Hoskins, the Deputy Mayor for Planning and Economic Development, construction will "officially" begin on another piece of the District's $700-million-dollar Northwest One New Community at 2 M Street, NE, known as "Site 2 (of Phase 1)", where a 12-story, 314-unit residential-and-retail building will go up.

With all permits in place, and pre-construction activity having begun on site last month, the official groundbreaking, by general contractor WCS Construction, is slated for September 12th.

Construction was initially expected to be underway in March, and when questioned about stalled District developments at a WDCAR event in mid-July, Hoskins pointed to NW1 as an example of an active site. "We are currently bringing the community to that location," said Hoskins, of the project's footprint around North Capitol Street in Ward 6, both in and west of NoMa.

NW1, approved by Council in 2005, began gearing up in 2008 and the new Walker-Jones School was the first completed component, followed by the first residential component, the SeVerna, which broke ground last summer.

According to Jose Sousa at DMPED, the "slowing of debt markets" was the cause of the delay, which affected both the development team, led by William C. Smith + Co. along with The Warrenton Group, and the District. The group, Sousa explained, "adapted by securing FHA mortgage insurance from HUD." Final confirmation and approval of the HUD transaction is imminent, said Sousa.

With construction expected to last 28 months, the 314-unit apartment building, designed by Eric Colbert & Associates, should be complete at the end of 2013.

Of the 314 units, 221 will be rented at market rate, 59 units will be set aside for former Temple Court residents (30% of AMI), and 34 units will be available for those making 60% of AMI.

There will be 4,100 s.f. of ground floor retail and an 8,000 s.f. courtyard above two levels of underground parking, offering between 184 and 192 spots. The 290,000 s.f. building will be concrete, "clad with masonry, decorative metals and soaring full height windows," according to WCS.

2 M Street is estimated to be taking $82 million of the total $700 million needed for NW1, which includes in all: 1,600 units of mixed-income housing, 40,000 s.f. of retail, and 220,000 s.f. of commercial office space.

NW1 is one of five projects being realized by the New Communities Initiative, a public-private partnership that aims to develop areas that exhibit "high rates of poverty and unemployment, as well as blight and deterioration of the housing stock." The other four projects are Barry Farm (Ward 8), Lincoln Heights (Ward 7), Richardson Dwellings (Ward 7), and Park Morton (Ward 1).

Washington D.C. real estate development news

2 comments:

Anonymous said...

Eric Colbert continues his dominance of multifamily buildings. What gives?

Anonymous said...

My guess is that he low balls.

 

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