Showing posts with label Lowe Enterprises. Show all posts
Showing posts with label Lowe Enterprises. Show all posts

Wednesday, March 28, 2012

Crystal City Office Project Gets Started Thursday Morning

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Lowe Enterprises will host a "groundbreaking ceremony" Thursday on a $70 million office redevelopment project at 1400 Crystal Drive in Crystal City. Fox Architects designed the new building.

The company will seek LEED Gold certification for the project to convert an existing 300,000 square-foot office building in Jefferson Plaza into "Class A" office space complete with a glass facade and roof top terrace. The lobby will be moved to Crystal Drive.

Demolition will bring the building back to its concrete frame before new construction begins, keeping a quick turnaround time and earning LEED points as a retrofit.

"When we acquired the building, we new knew it had good bones," said Harmar Thompson, Vice President of Lowe Enterprises Real Estate Group. "So we knew it had a good structure, that we could work with that structure, and not have to do ... ground-up development."

Thompson said the 30-by-30 column grid is solid and lends itself to flexible configuration of the new building, compared to the 20-by-20 grid common in the area that makes renovation more difficult.

Other elements incorporated to achieve LEED Gold certification include using high-efficiency glass the facade and upgrading HVAC to a dedicated outdoor air system that brings cold water to many units throughout the building instead of having it in a centralized basement location.

The new building is scheduled to open in early 2013, with 30,000 square feet more space than the old building, creating more corner offices and pushing it out into the view corridor. "The views out of this building are spectacular," Thompson said.

Lowe acquired the building in 2008. Thompson said the company had the opportunity to initiate the rebuilding project because the National Guard Bureau vacated, leaving it empty. Rebuilding on top of the existing frame allowed the company to create an essentially new building in a short period of time and open it to tenants earlier than other projects in the area. Lincoln Property Company will handle leasing.

The groundbreaking ceremony is set for 8:30 a.m. Thursday.

Arlington, VA real estate development news

Tuesday, March 13, 2012

Lowe Enterprises to Convert Wheaton Office Building to Residential High-Rise

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Continuing Wheaton's rapid transformation from a withering suburb to a residential development hotspot, California-based Lowe Enterprises submitted a sketch plan to Montgomery County planners at the end of January that would transform the 5-story Computer Building at 11411 Georgia Avenue in Wheaton from a modest five-story office building into a 14-story residential high-rise.

The site, which Lowe purchased last fall for just over $8.2 million, is nestled between the Archstone Wheaton Station Apartments and the Metro Point Apartments, and across Reedie from the already approved 17-story Safeway/residential project from Patriot Realty. Two blocks down, Washington Property Co. is building 221 units on the former site of the First Baptist Church of Wheaton. Up a block is the Wheaton Metro station, whose bus bays are to be converted by B.F. Saul into an office complex. B.F. Saul is also consulting with the county about converting Wheaton Triangle, right across Georgia, into a massive mixed-use development that would bring nearly a million square feet of office space, retail, a hotel, and a public plaza to the area.

Interestingly, developers plan to build onto the existing building 11411 Georgia, rather than demolish and start from scratch.

"The building has very good bones," says Mark Rivers, Senior Vice President at Lowe Enterprises, by way of explanation. "The concrete structure can easily support the additional floors. It would just be a waste of time, money, and landfill space to tear it down and rebuild. Also, this building is narrow for an office building - about 60 feet wide. Residential buildings are generally narrower than office buildings, so that was a nice bit of luck."

The sketch plan application promises to "substantially transform the building aesthetic through comprehensive facade changes," listing balconies, vertical bays, and a "strong vertical element" at the northwest corner of the building, to lend it a "distinguishable identity." Developers intend to convert the building from glazed brick and boxy to "a contemporary slender tower clad in composite panels, glass and masonry." The Bonstra Haresign-designed tower will include up to 200 studios and one-bedroom dwellings, as well as 60-plus parking spaces on-site (though zoning doesn't require any).

Developers haven't yet decided if they'll include retail space on the ground floor, though they have plenty of time to decide, as construction is targeted for the beginning of next year. Though another residential tower in the area might seem excessive, developers, following a familiar blueprint, are confident that the expanding housing market in Wheaton will organically lead to an increase in demand for retail. Since county planners adopted the new, updated Wheaton Sector Plan in 2010, which aimed to revitalize the moribund area, development in Wheaton has revved up to high gear, even leading local uberdeveloper Leonard Greenberg to compare the area to Adams Morgan.

Wheaton, Maryland real estate development news

Thursday, March 31, 2011

Ft. Totten: Hanging Tough, or Just Hanging?

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Art place at Ft. TottenBeing on top of a Metro station means that real estate development and rising property values are a given; or so goes the axiom. More so if that Metro line is vermilion and close to downtown. Ft. Totten is proving the exception, with neighborhood-transforming projects sidelined, and now a distressed apartment sale shows why developers have held off.
Clark Realty Capital
Despite Ft. Totten's 3 Metro lines (Green, Yellow, Red), its bike trail, its local parks, its juxtaposition at several major traffic arteries and ample developable land, developers have balked at building out what seems on paper to be a model of transit-oriented, mixed-use development.

Clark Realty Capital, the only developer to have built on the site, demonstrated the hazards of pioneering, having recently lost its 5.6 acre property in a distress sale to Greystar, which paid $55m for Fort Totten Station (Greystar also snapped up 909, Axiom, Jefferson at Capitol Yards, all near the ballpark, and Jefferson at Thomas Circle.) Clark had completed the project in late 2007 after obtaining a $47m financing loan in 2006 plus a ground lease from the Washington Metropolitan Area Transit Authority, but had gotten several foreclosure notices late last year. At the time, Clark called the project "the anchor for a comprehensive revitalization plan for the Fort Totten Metro site...the first of several developments planned for the Fort Totten neighborhood," but hedged its bets with little retail space and low budget architecture.

map of Ft. Totten DCClark's vision might still come true, but not soon. The few single family homes in the area sell (after a while) for around $200,000, and commerce is all but forgotten. The Morris and Gwendolyn Cafritz Foundation and Lowe Enterprises, the two biggest private landowners in the area, have both iced plans for development. Representatives of Cafritz refused to speak about their project, and a representative of Lowe would say only that the project has been "put to the back burner." An Urban Land Institute (ULI) study in 2009 (sponsored by WMATA) noted that the project is "a mere 3.5 miles from the U.S. Capitol" but that "the Fort Totten market will support calls for smaller, more affordable units, and basically allow only for wood-frame construction."

If anyone sees opportunity in Fort Totten, it is WMATA. The publicly chartered organization still owns 9.3 acres around the Metro station (on top of the 5.6 it leased to Clark), and can't afford the pessimism of a private developer. The transit agency has been pushing for the past several years for Ft. Totten to be a different kind of example, one that showcases revised concepts of transportation planning, and has been working to corral developers to integrate plans, so that the individual pieces are built in some semblance of an Art Place, ft. Totten, Cafritz Foundation, Washington DCorganized whole.

Foremost among those pieces are Cafritz's Art Place and Shops at Fort Totten, 2 million s.f. with a mixture of community-serving retail, residential (over 1200 units) and arts and cultural space to house arts promoters like The Washington National Opera. Cafritz expected to begin construction in the first half of 2010.

The Lowe team (with partners Jack Sophie Development and City Partners Development, and now JBG too) was to include 898 residential units on 9 acres of land (see rendering below right), and was to have preceded Cafritz. Together the projects would have added more than 200,000 s.f. of retail space. Washington DC commercial property listingsBut if its clear that projects need to be coordinated, its also clear that the area cannot yet support that much development, at least to its financiers.

Laura Cole, an executive with RCLCO and formerly head of ULI when it issued its Fort Totten study, says that there's a gap between what a financier would typically support and what might work for the area. Cole notes that a financial institution will require traditional parking-to-apartment ratios, a model that is simply too expensive for a neighborhood like Fort Totten, and sites the DC USA site as a model of overbuilt parking requirements.

WMATA is attempting to change that philosophy, and followed up with another study in 2010 with urban development planner Parsons Brinckerhoff. Nat Bottigheimer, Assistant General Manager for Planning at WMATA, seconds Cole's assessment of the financial inviability of traditional notions of housing development, but is also keen to change the way planners see parking in general. Bottigheimer's vision for the undeveloped site is a communal approach to parking, where evening uses (for residents) piggyback on daytime uses (office and retail). "We should experiment with a kind of residential building that doesn't reserve spaces for cars, the building might provide 50 or 75 shared spaces instead of 150 dedicated parking spaces...[y]ou don't want to be just doing standard models, you also want to push the envelope as a public agency to promote the achievement of these public goals that we're in business to support." Hence the ULI report.

"We don't want to find out that we've built adequate parking, and others have developed theirs, and together we all contribute more than the necessary amount of parking...but that requires alot of coordination with other property owners to come up with an overall development plan." Bottigheimer pleads the case for a concept he admits is an "untested product in this market," but points out that "it costs $40,000 per space to build...more than a vehicle. Most of these are just car storage spaces, there's got to be an efficiency to provide a better system than we have now."

While WMATA has no specific plans for its own property, and can't force other developers to abide, it still has an influential voice at the District's Office of Planning. "We will collaborate with the District to get the kind of development that makes sense for the area" says Bottigheimer...we need to do more research with the development community to see how this could work." Admirable as that may be, it still requires developers to invest in an area that now is 0 for 1. At least WMATA seems intent to keep trying. Says Bottigheimer, "all options are open."

Washington D.C. retail and commercial real estate news

Friday, November 19, 2010

Hilton Residential Addition Gets 2-Year Extension from HPRB

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After purchasing the iconic Hilton for $290 million in May of 2007, a pair of California dreamers (and developers), LA-based Lowe Enterprises Inc. and Beverly Hills-based Canyon-Johnson Urban Funds (CJUF), are still hoping to follow through on their intentions of adding an apartment tower to the 1,119-room hotel. Unfortunately the market has been rather uncooperative, to say the least, since their vision first started taking shape. With architectural drawings in hand, courtesy of Hany Hassan of Beyer Blinder Belle, developers earned the support of the Historic Preservation Office (HPO) in 2008. There has been little action since.

As Deputy State Historic Preservation Officer Steve Calcott explained to the Review Board (HPRB) earlier this week, like so many others development, "this project has been put on hold due to the depreciation in real estate values, increasingly stringent lending requirements for residential projects, and general economic downturn." This time represented by Architectural Historian Andi Adams of Goulston Storrs, developers successfully acquired a two-year extension on their nearly expired HPRB consent as per Calcott's recommendation. It was a more somber success than their 2008 victory.

The extension is precautionary, as their approved plans and stated course of action are far from set in stone. Project developers recently submitted construction plans and a permit application, and reviewers determined that the plans are inadequately detailed and proposed alterations that would require further HPO vetting and HPRB final approval. VP of Construction Managment Mike Mansager at the Lowe's Washington Hilton confirmed that the project was on hold, and that details like number of units and architectural specifics remain up in the air. "This is entirely market-driven," he explained, "everything is in flux and subject to change." Dansinger did admit that a two year extension doesn't mean two years of inaction, as the project could get moving again quickly if the market continues to improve.

Washington D.C. Real Estate Development News

Sunday, August 22, 2010

CityVista Apartments Sells to Gables

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Gables Residential has announced it has purchased The CityVista apartment building in Mt. Vernon Triangle from Lowe Enterprises. The 244-unit "V at CityVista" was completed in August of 2008 but had been on the market before its completion, with numerous suitors having come close to reaching an agreement to purchase from Lowe. The sales price of the building was undisclosed.

The CityVista complex, developed through a partnership with the DC government, which still owns the land with a long-term lease, was the most successful of the residential developments in Mt. Vernon Triangle. The 441-unit condominium is also selling its last few units this month, the retail section is now almost fully leased.

Atlanta-based Gables Residential owns numerous large apartment buildings throughout the greater Washington DC area, as well as nationally, with over 38,000 apartment units under management, according to its website.

Washington DC real estate development news

Wednesday, January 14, 2009

Knee Deep in New Development at Fort Totten

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DC Mayor Adrian Fenty was joined by representatives of Lowe Enterprises today to announce the sale of a city-owned parcel at Riggs Road and South Dakota Avenue, NE, in the Fort Totten neighborhood, that will soon be transformed in a million square foot mixed-use development. Although initially unveiled as "The Dakotas" way back in 2006, new details concerning the project are now being released. The project will be built in three phases and include 898 residential units, along with 94,000 square feet of retail space.

"If you've ever been to Riggs Road in the area of South Dakota Avenue, you know it is an area of boundless potential...We are at the point where we are going to maximize that potential,” said Fenty.

The first phase, to be entitled Ft. Totten Square, will occupy the site of a vacated strip mall on the intersection’s northwestern quadrant. The 4-story building will house 468 residential units – 94 of which have been earmarked for affordable housing - and 71,000 square feet of ground floor retail, which is to be anchored by a full-service grocery store. 500 parking spaces will also be included in the development. Construction on Ft. Totten Square is slated to begin later this year and will be followed shortly by a second phase, the so-called Dakota Pointe across the street, which will include 170 units of housing and the requisite parking.

The project’s third and final phase – the Dakota Flats – will include the triangular parcel relinquished by the District at the development's southern-most point. It will feature 260 apartments with 52 reserved as affordable, 23,000 square feet of retail. According to the Mayor, construction of the Flats will “be set to close in 2011.” In addition to Lowe, the development team also includes Jack Sophie Development, City Partners Development and mixed-use planners StreetSense. Hickok Cole Architects are designing the project. Ellis Denning will serve as general contractor. The total cost of the project is currently estimated to be roughly $80 million.

Both the City and development team were keen to highlight the infrastructural improvements they have in store for one of the city’s busiest intersections. “We are working on making this a safer intersection because traffic is fast,” said Ward 4 Councilwoman Muriel Bowser. “We have thousands of hardworking, taxpaying citizens in Riggs Park who take their lives into their hands to get the Fort Totten Metro. We’re going to change that.”

In doing so, the District plans to eliminate the highway-style on-off ramps that guide traffic onto Riggs Road and include improved pedestrian crossings – while serving as a gateway to nearby Prince George’s County. “There’s not many more thoroughfares with much more traffic than this one right here,” said Marc Weller of Ellis Denning. “People came across the line into DC and the first thing they’d see is just a sign and vacant parking lot. We’re trying to create something much different than that.”

That change, however, has been a long time coming. Weller told DCmud that over the course of two years “overall market conditions [have] repositioned the project so that it could work in today’s markets.” Neither party would disclose the terms of the LDA, but details will be revealed as the project moves closer to fruition.

Tuesday, January 13, 2009

District's Ft. Totten Land Agreement to be Announced

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JackSophie Development, Hickok Cole, City Partners, Washington DC real estate newsThe DC government will hold a press conference on January 14th at 10:30am to announce a land deal transferring title of land from the District of Columbia to Lowe Enterprises and JackSophie Development. The property, at the Ft. Totten Metro station, was initially announced two years ago, without JackSophie Development, Hickok Cole, City Partners, Washington DC real estate developmentfurther development. The Land Disposition Agreement (LDA) will bring up to 900 residential units and 100,000 square feet of retail in the first of three phases to the intersection of Riggs Road and South Dakota Avenue, NE. The city values the project at $80m.

Details of the LDA, which was to be held on the 5th but was abruptly canceled, are being withheld. The Fort Totten development team also includes Hickok Cole Architects, Ellis Denning, City Partners Development, and mixed-use planners, StreetSense.

Washington DC commercial real estate news

Friday, January 02, 2009

Agreement (Finally) Reached on Ft. Totten Project

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Nearly two and a half years after the project was initially announced, the District government and Lowe Enterprises will announce a Land Disposition Agreement (LDA) that will bring up to 900 residential units and 100,000 square feet of retail to the intersection of Riggs Road and South Dakota Avenue, NE in a bid to revitalize the Fort Totten neighborhood's main corridor, a project the city estimates to be worth $80m.

Lowe made their initial announcement concerning The Dakotas project during the summer of 2006 with a planned late-2007 start date that never came to fruition. Details are being withheld at this time, but Sean Madigan of the Office of the Deputy Mayor for Planning and Economic Development confirmed that a formal announcement of the LDA is tentatively scheduled for 10:30am Monday at the site.

Lowe’s last project in conjunction with the District was the Mount Vernon Triangle’s CityVista development and accompanying Safeway that opened their doors to much acclaim in 2007 and 2008, respectively. The Fort Totten development team also includes Hickok Cole Architects, JackSophie Development, Ellis Denning, City Partners Development, and mixed-use planners, StreetSense.

HPRB Approves Hinckley Hilton...Again

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Plans to expand one of Washington's newest landmarks, the Washington ("Hinckley") Hilton Hotel, have been authorized by the District's Historic Preservation Review Board (HPRB) for the second time in as many months. Apparently, after last month's approval, architects Beyer Blinder Belle tweaked their design - presumably, in order to appease local organizations, such as the Kalorama Citizens Association and Dupont ANC, that questioned the project's impact and design sense. Subsequently, hotel owners Lowe Enterprises Real Estate Group were forced back before the HPRB, which after approving the project, subsequently voted to be rid of the hotel once and for all by delegating approval of any further changes to their staff.

Washington DC real estate development news

Friday, November 07, 2008

The Washington Hilton Gets Nod to Expand

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Washington DC commercial real estate Washington's second most notorious hotel, the Washington Hilton, has sailed through the Historic Preservation and Review Board's (HPRB) approval process with their plans for an 11-story residential addition. Kalorama Citizens Association, Canyon Johnson fund to redevelop the Washington (Hinkley) HiltonWith a unanimous 6-0 decision in the bag, the hotel's current owners, Lowe Enterprises Real Estate Group, can move ahead with their intent to bring 160 new apartments or condos to the historically-registered landmark at 1919 Connecticut Avenue NW. The project received historic landmark status in July, triggering the HPRB review.

Beyer Blinder Belle Architects & Planners LLP have been tasked with designing the addition to what is consistently designated one of the Washington area's more aesthetically challenged edifices (up there with Dulles Airport's Jetsons-influenced terminal). Their design will “echo its curvilinear form” – although it will be comprised mostly of glass, in contrast to the Hilton’s concrete-on-concrete facade. According to documents submitted to the HPRB, there is no firm start date for construction, but work on the Hilton is described as “a multi-year project that will occur in phases so that the hotel can continue in operation as the work proceeds.” The cost is expected to total more than $100 million.

In addition to construction, several other elements of the hotel will be renovated. Landscape architects Rhodeside & Harwell will be redesigning the hotel pool, courtyard and residential terrace, while the hotel’s 110,000 square feet of meeting and conference will undergo a dramatic reconfiguration and possibly see the addition of a new restaurant and coffee bar. Parking will also undergo a shift as a new entrance/exit to the residential garage is installed along T Street NW. The residential addition is expected to be sold as condominium units.Washington Hilton Ronald Reagan, Dupont Circle

Prior to last week’s approval, the project – and the prospect of a massive construction project along Connecticut Avenue, blocks from Dupont Circle – was predictably quick to draw the ire of local citizens associations, including the Kalorama Citizens Association, the Dupont Circle Conservancy, and the Dupont and Adams Morgan ANC, all of which have cited almost-certain complications relating to the project’s bulk, design scheme and traffic.

“Apparently, under zoning law they’re allowed to have some additional amount of FAR [floor area ratio] – which we’re disputing,” said Matt Forman, Executive Vice President of the KCA, whose organization has filed an appeal with the zoning board to contest the addition. “It then comes down to a question of [changing the] design. I didn’t think it was ever going to be a question of HPRB denying the entire project.”

Built in 1965, the Washington Hilton was purchased by Lowe and the Canyon-Johnson Urban Fund in May of last year for $290 million. The renovation plans were announced almost immediately afterwards. Paris Hilton could not be reached for comment.

Washington DC commercial property news

Thursday, October 02, 2008

Fort Totten or Bust

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Northeast’s Fort Totten will be almost unrecognizable (a good thing) by 2012 if a group of local developers are able to get their proposals off the ground. In presentations made at yesterday's DC Economic Partnership Annual Meeting and Development Showcase, developers brought forth not one, but two major development proposals for the intersection of South Dakota Avenue and Riggs Road NE. Together, they plan to bring more than million square feet of retail and nearly 2000 units of housing to the area - essentially the same model of high-density shops, apartments and arts space that Montgomery County planners used to such great effect in Silver Spring.

First on the block is Lowe Enterprises Real Estate Group and JackSophie Development’s Fort Totten Square. Plans for which have been bandied for the past 2 years, but according to Lowe's staff and publicity literature, the project is now on track for a 2010 completion. Designed by Hickock Cole Architects, their 9-acre parcel will feature 900,000 square feet of residential and retail space, complimented by 100,000 square feet of “grocer-anchored” retail. Residential units will arrive in the guise of The Dakotas – an 875 unit development that will also sport on-site parking.

In a concurrent phase of development is the Fort Totten Arts Place – a 20-acre redevelopment project being funded by the Morris & Gwendolyn Cafritz Foundation. Standing right next door to Fort Totten Square project – and on top of the neighborhood enclave that currently stands at 4th and 5th Streets NE – the EEK/MV+A-designed stretch of storefronts and apartment buildings will almost be a neighborhood in and of itself. For starters, the development will include 1220 residential units (220 reserved for seniors) and 147,000 square feet of retail. The latter will be reserving 9,000 square feet for a brand new Safeway supermarket, 82,000 square feet for neighborhood businesses and 6,000 square feet for a major banking branch.

You might be thinking, “Where is all the art at Arts Place?” The Washington National Opera might be a good place to start – they’ll be getting 75,500 square feet of rehearsal space, costume shops and production and administrative offices. The Shakespeare Theatre Company will also join them on the block will their own 75, 500 square foot space of administrative offices, costume and prop shops, and, yes, rehearsal space.

It’s also been seen to that the local community will get their fair share of benefits out of all redevelopment hoopla. There will be a new 27,000 square foot DC Public Library, 15,000 square feet of public performance and meeting space, a 20,000 square foot senior center, a 10,000 square foot daycare center, a gym, a health facility geared towards seniors, a cyber café, and a renovated and reconfigured plaza in Morris Square. Altruistic organization Food & Friends, which delivers meals to the terminally ill and is already located in Fort Totten, will also receive an expansion of its existing facility.

These twin packages of development should serve as a fine compliment to the joint Clark Realty – Washington Area Transit Authority apartment complex at the Metro station that completed Phase I of its’ $58 million, 3-building development earlier this year. If the Lowe and Cafritz projects make it out of the planning stages, we're going to be looking at very different Fort Totten in the future.

Friday, September 12, 2008

Safeway Opening Brings Commerce to Mt. Vernon Triangle

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Mayor Adrian Fenty turned up with a pair of comically oversized scissors today to cut the ribbon on the brand new Safeway in Mt. Vernon Triangle, the company's first downtown location and 17th District store. The Washington DC retail space for leasegrand opening marked the completion of one of the cornerstones of the city's $200 million CityVista project that will see 685 units of residential housing, 138 affordable units, 130,000 square feet of retail space, 800 parking spaces and 150 new jobs created in Mount Vernon Triangle. The new Safeway, which also sports (yet another) Starbucks, despite that company's closure of 500 underperforming stores, marks the first major business to open at the K Street facility that also includes the recently opened CityVista condo complex. Mt. Vernon Triangle retail for lease“This is really about just more than Safeway,” said the Mayor before slicing the ceremonial sash. “It’s really about revitalizing Washington, DC, our nation’s capital.” Fenty was optimistic that progress was inevitable for the neighborhood. “If you know this area, this was an area that for a long time, not a lot was happening…and what we’ve seen over the years is an area come to life.” He went on to cite the initiative that led to the Verizon Center, Gallery Place and the transformation of Chinatown as steps that now have ramifications for the neighboring Mount Vernon Triangle. “We are continuing on what I think is the real realization that the District of Columbia is turning a corner and that there are great things happening in this city.” Mark Rivers, who spoke on the behalf of the developer behind the project, Lowe Enterprises, shared credit for those “great things” with several other parties who advanced the CityVista cause: the CIM Group, Bundy Development Corporation, Neighborhood Development Company and especially the Office of the Deputy Mayor for Planning and Economic Development. “This is about a $240 million development,” he said, “but $48 million went to small and disadvantaged local business enterprises here in the city.” He then heralded the other businesses that will soon join Safeway in the mixed-use K Street complex. “5th Street Hardware, Results Gym, Chevy Chase Bank and Busboys & Poets will be opening very soon and we’re very excited about that. I know the community is as well.”Following the remarks, the Safeway brass led Fenty (and a pack of photographers) on a tour of the new store’s amenities. Fenty played coy while perusing the facility’s full-service “nut bar” (“One of only 4 on the East Coast!") and ordering a “Fenty-sized” apple cider at the in-house Starbucks. Safeway’s first DC location opened in 1928, but the completion of the corporation’s 56,000 square foot CityVista site does not mark the end of their plans for the District. They have already revealed plans to renovate 8 of their DC locations over theSafeway - Washington DC commercial real estate for lease next three years to the tune of $45 million. Those stores targeted for remodeling include Tenleytown and Petworth, both of which could see the addition of 200+ plus housing units on (or on top of) their lots. A developer has yet to be sought for the projects.

Washington DC retail and commercial real estate news

Monday, July 28, 2008

DC's Development Pipeline

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Ever since the Fenty administration took over development of the District's publicly-owned property, merging agencies and placing them under his direct supervision, it seems development of blighted blocks has been given a new urgency, even compared to that of the Williams administration - itself a great improvement over its predecessor. But despite weekly announcements from the Mayor and the Office of Planning and Economic Development, many of the projects still have to proceed through the District's infamously thick bureaucracy. But if China can cleanse its murky atmosphere in a few short months, there is cause for optimism that change is in the air here in Washington. DCMud has prepared a rundown of the largest projects now underway, properties in need of developers, and solicitations to look for in the future.

The projects listed below are still being refined. The numbers and square footage assigned to each are conceptual and are subject to change.

Projects With Developers

Southwest Waterfront by Hoffman Streuver will offer 539 market-rate units and 231 affordable units. The $1.5 billion project will also include 350 hotel rooms, 700,000 s.f. of office space and 280,000 s.f. of retail space. On July 15th, the DC Council approved a $198 million TIF/PILOT package to finance park and infrastructure improvements. Groundbreaking is not expected any time soon, with construction lasting at least 6 years.

Waterfront, the erroneously named project at 401 M Street, SW, will deliver 800 market-rate and 200 affordable residential units as well as 1.3 million s.f. of office space and 110,00 s.f. of retail space. Mayor Fenty joined SW Waterfront Associates (Forest City Wasington, Charles E. Smith Vornado) in November to demolish the former Waterside Mall. The $800 million project will sit atop the Waterfront -SEU Metro station.

Clark Realty was selected in February as Master Developer for Poplar Point on the east side of the Anacostia. The number of residential and hotel units they will deliver has not yet been determined, however 30% of all residential units will be affordable. The District and the National Park Services held a public scoping meeting last month for the Environmental Impact Statement of the $2.5 billion project.

Center Leg Freeway on Massachusetts Ave, NW between 2nd and 3rd Streets is being developed by Louis Dreyfus Properties into 100 market- rate and 50 affordable residential units. The $1.1. billion project will cap the exposed section of I-395, and include 2,100,000 s.f. office space and 67,000 s.f. retail space.

The McMillan Sand Filtration Site on North Capital Street and Michigan Avenue will be developed into 820 market-rate units, 351 affordable units, and a 100-room hotel by EYA. The $1 billion project will also deliver 700,000 s.f. of office space and $110,000 s.f. of retail space. The project has long been worked over, but don't make plans for moving in any time soon.

In May the District reached a deal with Hines Archstone to develop a 400-room "high-end" hotel and 100,000 s.f. of additional retail space on "Parcel B", a 53,000 s.f. plot of land that is part of the larger CityCenter DC, the development taking up residence on the old convention center site. The entire $850 million project downtown will deliver 539 market-rate units, 135 affordable units, 476,000 s.f. of office space, and 266,000 s.f. of retail space.

On June 26th, Marriot International, Cooper Carry Architects and EHT Traceries presented plans for the Convention Center Headquarters Hotel to the Historic Preservation Review Board. Located on the Corner of 9th Street and Massachusetts Avenue, NW, the $550 million project will deliver 1125 hotel rooms and 25,00 s.f. of retail space. Having been scaled back from its original 1400 bed facility, the project is well past its early schedule, of construction in 2007.

O Street Market at 7th Street and Georgia Avenue will be transformed into a mixed-use development that will include 550 market-rate and 80 affordable residential units by Roadside Development. The $329 million development will replace a current Giant supermarket with a new 71,000 s.f. store and include a 200 unit hotel and 87,000 s.f. of retail space. The District reached an agreement with the developer late last month to kickstart financing. Of the dozens of projects promising to revitalize the Shaw neighborhood, this may be the first large project to actually get underway.

Skyland Shopping Center on Good Hope Road at Naylor and Alabama Avenue, SE will be developed by Rappaport Companies and William C. Smith Companies into a $261 million development with 155 market-rate units and 66 affordable units as well as 230,000 s.f. of retail space. When? Even an estimate will be fine.

City Vista, which began sales in late 2005, will bring 441 condos with 138 affordable residential units to, as well as a separate apartment building, to 5th and K Streets, NW. The project will also include 130,000 s.f. of retail space and will cost $191 million. The first condominium building completed last October, the remaining condominium and the apartment building are nearly ready for occupancy.

Early this year, Fenty signed a Land Disposition Agreement with Broadcast Center One Partners LLC, (Ellis Development and Four Points, LLC) that will bring African-American-owned Radio One to the district. The $144 million Broadcast Center One at 7th and S Streets, NW will be a mixed-use project with 135 market-rate and 45 affordable residential units as well as 96,000 s.f. of office space and 22,000 s.f. of retail space. According to Fenty's office, "the deal also sets in motion the $22 million redevelopment of the Howard Theater, a long-shuttered landmark that was the hub of black Broadway." If it gets built; the timeline remains uncertain.

Mt. Carmel (Parcel 51B) on 3rd Street, NW between K and H Streets is being developed by MQW LLC (Quadrangle and the Wilkes Companies) into $130 million mixed-use project with 267 market-rate units, 67 affordable units and 90,000 s.f. office space.

Forest City Washington is responsible for the $120 million O Street SE Redevelopment by the SE Federal Center. It will deliver 354 market-rate units, 89 affordable units and 47,000 s.f. of retail space.

The Village at Dakota Crossing in Fort Lincoln by Ft. Lincoln New Town Corporation will include 327 market-rate and 30 affordable units. It will cost $110 million.

Mid City Urban and A&R Development will bring 216 market-rate and 54 affordable residential units as well as 70,000 s.f. of retail space to the area around the Rhode Island Avenue Metro station with their $105 million Rhode Island Station project. First attempted as a condo project, developers have bowed to the market and substituted apartment buildings - at least in theory, as the project has yet to break ground.

The $100 million Shops at Dakota Crossing on New York and South Dakota Avenue, NE will be developed by Ft. Lincoln New Town Corporation into 29,000 s.f. of office space and 461,000 s.f. of retail space.

Lowe Enterprises and Jack Sophie Development have long had intentions to develop Riggs Road and South Dakota Avenue, NE (Triangle Parcel) into 208 market-rate units, 52 affordable units and 23,223 s.f. of retail to the tune of $75 million. The fate of the project is uncertain, as higher construction costs, shrinking condo prices, and more conservative lending practices - especially in low-income neighborhoods, make such projects harder to justify.

Park Place on Georgia Avenue in Petworth will be developed by Donatelli Development into 161 market-rate units, 32 affordable units and 16,000 s.f of retail space and will cost $60 million. Purchased by Donatelli, along with partners Gragg & Associates, Canyon Capital Realty Advisors and Earvin 'Magic' Johnson, will be one of the few developers delivering new condos in 2009.

In February, the District made a Term Sheet with Parcel 42 Partners to develop 95 affordable housing units and 8,000 s.f. of retail space on Parcel 42, in Shaw at 7th and Rhode Island Avenue, NW for $28 million.

In December 2007, the District selected William C. Smtih Companies and the Jair Lynch Companies to develop the $700 million Northwest One New Community that will deliver 1,600 units of housing on former NCRC parcels as well as adjacent DC-controlled and private properties in Ward 6. Located between North Capitol Street, New York Avenue, New Jersey Avenue, and K Street, the site is in an area that has "long been plagued by high crime and poverty", but is surrounded by the up-and-coming NoMa and Mt.Vernon Triangle neighborhoods. The development team, which also includes Banneker Ventures and CPDC (affordable housing provider), will create apartments, townhouses, and condos for all income levels as well as over 40,000 s.f. of retail and 220,000 s.f. of office space. The development will also offer a 21,000 s.f. clinic.

And further down the road...

The District issued a solicitation in early June for Parcel 69 at 4th, 6th, and E Streets, SW. The $130 million development will be an office and hotel project along the Southwest freeway. Proposals are due by September 15th.

In May, Fenty issued an RFEI for the Hill East Waterfront on Capitol Hill East. The District seeks a developer to create 2,100 market-rate and 900 affordable units with 2,000,000 s.f office space and 67,000 s.f. of retail space. The District anticipates a price tag of $1.1 billion for the development of the 50 acres surrounding the former DC General Hospital. Proposals are due by October 31st.

Proposals were due June 3rd for Minnesota and Benning Road, NE Phase II. The $107 million development will include 60 market rate, 392 affordable units and 40,000 s.f. of retail. No developer has been selected.

It is high time the District announced developer for Fifth and I Street, NW. After proposals were submitted in March, the District widdled the teams down to the final four including BG, Buccini/Pollin, Potomac Investment Properties, and a group comprised of Holland Development, Donohoe Development, Spectrum Management, and Harris Development. The winning team, whenever they are announced, will create somewhere around 170 market-rate units, 30 affordable units, 100 hotel rooms and 50,000 s.f. of retail space.

Upcoming Solicitations

The District would like to see 1,469 market-rate and 440 affordable units in Lincoln Heights in Ward 7 at an estimated cost of $576 million.

Barry Farm/Park Chester/Wade Road in Ward 8 will likely include 110 market and 330 affordable housing units and will cost around $550 million. The project is an effort to revitalize low-income properties in the historic Anacostia area.

The issuance of the Park Morton solicitation at Park Road and Georgia Avenue, NW is "imminent" according to the Mayor's office and will cost $136 million with 499 market-rate and 150 affordable units. Axis

Friday, October 19, 2007

CityVista Opens in Mt. Vernon Triangle

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The CityVista mixed-use project will go to settlement on the sale of its first condominium unit today now that the development team, lead by Lowe Enterprises, has received its final authorization from the city to transfer title. When complete, the Mt. Vernon project will have a large impact on the neighborhood, delivering 441 condominiums, a 9-story apartment building, and Mt. Vernon's first retail sector with an "urban Safeway", Results gym, and a second helping of U Street's popular Busboys and Poets.

Today's sale is in the "L," the first of two condo towers, where the developer reports 90% of the units are already under contract. The "K" is currently 40% sold and will begin settlements next spring. The last building to finish will be the "V", the apartment building now under construction, on which the developers have entertained offers to sell outright.

The first occupancy at CityVista follows a long wait for the city's approval; the development team received a Certificate of Occupancy for the property back in August, but had been stymied in its attempts to convey the properties for lack of tax identification numbers, a problem an individual involved with the project said resulted from DC's failure to officially recognize Lowe as the owner of record on the property. The city - a partner on the project - has now issued the credentials, allowing the project to begin occupancy.

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