A couple of highly anticipated projects in Shaw - CityMarket at O, Addison Square (Kelsey Gardens redevelopment) - have been stalled due to a lack of financing, and a delay in receiving loans from the swamped U.S. Dept. of Housing and Urban Development (HUD), however, a break-off-piece of Addison Square will now go forward, with the land in control of a new owner/developer.
Twelve townhouses, formerly a part of Addison Square, will be built at 8th and P St, NW (751 P Street) by Capital City Real Estate (CCRE), which bought this part of the PUD from Metropolitan Development in March. The project consists of six 2-unit townhouses, for a total of 12- 2bed/2bath units, each around 1100 square feet.
Anthony Bozzi, of CCRE's brokerage company Stages Premier Realtors, confirmed that construction will be underway soon, and sales will begin next spring, with a price point aiming for $500,000 per unit. Bozzi added that the project will come across visually like a string of rowhouses, retained from the original Lessard Group design.
Though there is no parking designated at each unit, townhouse owners will have the option to buy a spot in a garage that will be built whenever the rest of the Kelsey Gardens redevelopment moves forward, but exactly when that will be is unknown. Metropolitan had hoped to sell the entire PUD back in March of 2010, however developers can now pick it up piecemeal, or investors can align with Metropolitan Development, who has the property listed with MAC Realty.
Washington D.C. real estate development news