Thursday, October 27, 2011

Kelsey Gardens Construction Could Start by Next Quarter


In yet another vote of confidence for Shaw, Kelsey Gardens has now been purchased by the Jefferson Apartment Group, setting up the pins for yet another sizable construction project across from the CityMarket at O that could be under construction as soon as next quarter. The subsidized housing project has been vacant for several years, since the low-income, architecturally disappointing projects were closed down years ago in a bid for redevelopment.

According to Bruce Levin of MAC Realty Advisors, which brokered the transaction, Jefferson paid $16,650,000 to purchase the entity that controls the site, keeping all entitlements in tact, meaning Jefferson can take over the PUD approval and existing demolition permits, allowing work to begin as early as Q1 of 2012. Metropolitan Development had purchased the austere collection of buildings in 2004 for $7m, and planned the project as Addison Square, wrangling $18 million from the city in tax abatements, as well as a zoning change to allow the density in the form of a Planned Unit Development - with the qualification that 54 of the 280 units be set aside for tenants making 60% of AMI. Jefferson settled on the purchase 2 weeks ago.


Kelsey Gardens is just a few blocks south of Progression Place, a large residential project now well into construction and the Wonder Bread building, plans for which are now being hashed out, as well as the Howard Theater. A small slice of the Kelsey Project was cleaved from the site this spring when Capital City Real Estate bought a strip of land along P Street to build six 2-unit townhouses, for a total of 12- 2bed/2bath units, each around 1100 square feet. The CityMarket at O is also in the early phase of its construction.

Lessard Architectural Group designed the project, which will include 14,700 s.f. of retail space along 7th. Jefferson Apartment Group also recently took over the lead role in developing the apartment project 14W, which is redeveloping the former Anthony Bowen YMCA.

Washington D.C. real estate development news

7 comments:

Anonymous said...

This will be great for Shaw. Nice looking infill buildings that are trying to harmonize rather than be in opposition with it's context.
Bravo!

Anonymous said...

Hopefully this is for real this time. I give a Q1 start little change of happening, but it would be great if something were actually going on by end of 2012.

JT said...

My guess is that housing and retail prices start surging in Shaw, there's too much going on for it not to start becoming a more high-profile retail area.

Mr. Q on Oct 27, 2011, 4:14:00 PM said...

Such good news! Please update when you get a more specific time frame on construction..can't wait to see the bulldozers at that site...

Anonymous said...

Fake old-timey architecture. Blech.

Anonymous said...

It's possible Jefferson may try to acquire the sliver of land Capital City purchased earlier. It only makes to do so. Building out the entire lot is immensely more preferable (and profitable).

Q-Street said...

I cannot wait for this thing to go under construction. I just looked at Jefferson Appartments web site, and their properties are very impressive.

Whatever it looks like, it will be a lot better than the stationed squad car and abandoned lot we have now!

My fingers are crossed for financing.

 

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