Thursday, November 03, 2011

The Buzz in Southwest


Early this year, Duane Deason was just beginning the Office of Zoning's review process for his Eric Colbert & Associates-designed residential building on a nearly 20,000-s.f piece of Anacostia riverfront property at 95 V Street in Southwest's Buzzard Point. Now, with Zoning approval secured in early August, seven years after the land investment was made by Deason, he is finally able to focus on the pursuit of "a variety of options including sale or joint venture."

The 8-story, 110,760-s.f. building known as "Marina Place" will offer 97 units, with 9 set aside at less than market rate. On the ground floor, on the corner of V and 1st Street, will be 1,788 s.f. of retail space. Below grade will be two levels of parking split up into 108 spaces.

In January, Deason said, "The views are phenomenal because its on a point, almost every unit in the building will have an outstanding view of the water."

Deason bought his plot of Buzzard Point with the inkling that waterfront property was bound to deliver a substantial return on investment eventually, but it's been slow going for development projects slated for Buzzard Point, with any kind of concrete news much anticipated.

Of interest to the area is the South Capitol Street Bridge project, to replace the Frederick Douglass Memorial Bridge, which is "finally proceeding forward," said Deason. The new bridge is part of the planned South Capitol Street revitalization effort to turn the thoroughfare into "a grand, urban boulevard... [with] elliptical traffic circle that will serve as open space for future monuments and memorials." The project, part of the larger Anacostia Waterfront Initiative, includes bringing the Anacostia Riverwalk around the Southwest bend.

A DDOT project manager for the South Capitol Street Bridge said, "The Final Environmental Impact Statement was approved this summer which provided a preferred alternative conceptual design. We are currently advancing the plans to proceed with the Land Acquisition phase of the project. Construction is currently unfunded." Although DDOT confirmed that the project is going forward, exactly when is vague, and depends greatly on funding.

Deason added that one improvement to the Anacostia waterfront area will involve the large Pepco substation located just north of his Marina Place residential building, "The generators are officially decommissioned in March of 2012 which will allow the removal of the large generators and petroleum storage tanks."

A healthy chunk of Buzzard Point currently waiting on development is privately owned by commanding D.C. developer Akridge: the 9-acre "100 V Street." The site is a game changer for the area, and of particular interest, to not just Buzzard Point but the entire District, as speculation continues that a new stadium for D.C. United on a portion of Akridge's three-block property between T and V Street is being hashed out; a deal that would keep the soccer team, now frustrated with its home at RFK stadium, in D.C. Akridge would not comment except to say that murmurs of a deal are "still just speculation."

Steven Goff's Washington Post column "Soccer Insider," has an ongoing poll soliciting reader opinion on D.C. United's future, with the last option being: the team will "remain at RFK until the final brick crumbles, pipe bursts, raccoon visits." Goff also grilled D.C. United's president Kevin Payne recently on the search for land and the pursuit of local investors.

For the time being, the sole project underway in Buzzard Point is Camden Property Trust's 276-unit apartment building "Camden South Capitol," to the west of the Nationals' Stadium on the corner of O and South Capitol Street.

Washington D.C. real estate development news

2 comments:

Anonymous said...

Who owns the property between the proposed building and the water?

Can it be built on?

IMGoph on Nov 8, 2011, 8:14:00 PM said...

Personal opinion here, but I'd cut the buzzard point map off at P Street on the northern end. North of that is just good-old "Southwest."

:)

 

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