Showing posts with label Trammell Crow Companies. Show all posts
Showing posts with label Trammell Crow Companies. Show all posts

Wednesday, July 11, 2012

Sentinel Square, Trammell Crow's Three Phase NoMa Project, Reaches Halfway Point

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Trammell Crow's massive three-phase NoMa development, Sentinel Square, is officially at its precise midpoint.

"We just hit the bottom of the hole for Phase 2," says Tom Finan, Managing Director at Trammell Crow.  "Now we're starting to work our way up.  We broke ground back in February and we're on track to deliver in October 2012."

The Phase Two office building, at 1050 First Street, is slated to offer approximately 280,000 square feet of office space over twelve stories.

The Smith Group/JJR-designed building may or may not feature ground floor retail space.  "That's something we're going to look at," says Finan.  "It's going to depend on the market.  That intersection is becoming a sort of crossroads for that area, so it might be a good idea.  But as of right now, it's still up in the air."

The first phase, a similar but larger 12-story 400,000-s.f. LEED Gold office tower, also designed by Smith Group/JJR, was delivered in June 2010.  The third and final phase, another office building, is still in pre-planning stages.

"We're not going to really get down to Phase Three until we have the second phase delivered and leased and stabilized," Finan said.

Sentinel Square II was financed on spec by European companies Helaba and Nord LB, which collectively put up $181 million towards completion.  Though financing a project of this scale on spec is somewhat unusual (but so were 1812 N. Moore and CityCenter), investors were reportedly reassured by the fact that Trammell Crow has already leased 85% of Sentinel Square I, to such tenants as the Department of Veteran Affairs, and other federal agencies.

Washington D.C. real estate development news

Tuesday, January 03, 2012

Celebrating NoMa

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The NoMa BID annual meeting tonight will bring together residents, decision makers and business leaders to celebrate progress and unveil new plans for the coming year including a new approach to parks.

So just how are things going? "Fabulously. Things are amazing," says NoMa BID President Robin-Eve Jasper.

According to the Broker Roadshow Book released this month, the BID has $4 billion in assessed value this year with another $1 billion under construction. There were 380,000 s.f. of private sector space leased in the last year. Twenty restaurants and shops opened in the last three years. New residents signed leases for 1,200 apartments, and another 2,200 units are under construction.
First + M

"I think we reached a point where people are feeling confident about the neighborhood," Jasper said. "It’s building on itself now."

NoMa BID reports a 17 percent increase in average household income since 2010. Jasper said that increase helps coax stores and restaurants to come into the area.

More residents soon will call NoMa home as Archstone's First + M apartments prepare to welcome tenants. The leasing office opened this week, and Jasper said the first residents are expected in June.

With all of those new residents, the neighborhood will need parks. Jasper said a "public realm vision" will be unveiled at the annual meeting. Without giving away all the secrets, she did say that the vision considers how people use parks to create the most useful spaces.

Construction also continues in NoMa. Two new projects are neck-and-neck in the race for being next in the ground: JBG Companies' Hyatt Place Hotel at the planned Capital Square site and MRP Realty's residential building at the planned Washington Gateway site.
Capital Square

JBG says it plans to break ground on the 200-room hotel this summer. It will be completed next year.







A spokeswoman for MRP said permits are still in progress, but the project is on track to start work this summer.

Several projects started construction in the past year, including Trammell Crow's Sentinel Square office project and Stonebridge's third building at Constitution Square.

And there still is more to come in the already booming area that exceeded initial expectations.

Jasper said that initial estimates were about $1 billion investment and 15,000 jobs, but says that today there are 45,000 jobs just in the NoMa BID. "All the right pieces were there, the right people to push to make things happen," she said, adding that the plans were not too restrictive or directive with planning and regulation. "And it enabled the private sector to come in and do what it does best."

"The vision that I have, for what it’s worth, is that in the next few years you start to feel this gravity and cohesion in the neighborhood generally where...there’s a vibrant commercial spine in the area of 1st street, and there’s a great feeling and sense of community in all of the adjacent neighborhoods," she said. "And if you go several streets out -- to all the row houses and apartment buildings --that people feel they’re all part of it. That this whole part of town becomes an area that has its own gravity."

Washington, D.C., real estate development news

Tuesday, December 13, 2011

Shops at Dakota Crossing and Costco to Start Now, Open Next Year

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It's official. The District and the developers of the Shops at Dakota Crossing - a forthcoming 42-acre big-box retail destination revolving around Costco - have struck a deal.

On Friday, the development team, facilitated by a $46.5-million construction loan, acquired the Fort Lincoln land from the District. In turn, the District pledged a final $17 million in tax increment financing (TIF) subsidies. The site is now ready for construction to begin on the 430,000-s.f. mall, capping a portion of the city's urban renewal retail redevelopment vision for Fort Lincoln that dates back to the '70s.

Joint developers Trammel Crow Companies, Fort Lincoln New Town Corporation (FLNTC), and CSG Urban Partners (a CBE partner) will commence site work immediately ("any day now" sources say) to prepare for a formal ground breaking - likely in January or February - under general contractor Harvey Cleary.

The approximately $60-million project, with urban planning/architecture by Bignell Watkins Hasser, was also on hold pending environmental approvals, secured about a month ago says Cel Bernardino, VP of Development and Construction for FLNTC. Bernadino adds that despite skeptical press of late, the project still has the interest of several big retailers, and that the loss of Target, which is halting expansion nationwide, is not fatal. In addition to Dakota Crossing, Target at one time was also considering - but abandoned - both Georgetown Park and Skyland.

All incoming retailers will benefit from the $17 million in TIF subsidies from the District, which has supported the development as a neighborhood improvement initiative. Developers expect Costco to be open for business in less than a year - next November - just in time for large-scale, back-your-truck-up holiday shopping.

As for the rest , the Washington City Paper pointed out earlier this fall that it appears that the development is moving forward essentially on spec, after Shoppers Food Warehouse (and pharmacy) and Target pulled out of the site. But Bernardino says that although that lease has not been signed, Shoppers, along with plenty of others, did not back away and continue to eye the site, but that Costco is driving the project. "Costco has always been the big dog."

In all, the plan allows for 26 tenants in 13 buildings at the Shops, but as of now, only 182,060 of the 430,000 s.f. has been claimed by tenants: 154,000 s.f. by Costco and 28,060 s.f. by Marshalls. After Costco's building is delivered late next year, the rest of the development will continue to rise and retailers are expected to be able to settle into spaces by mid-2013.

CBRE has been responsible for leasing retail space at the Shops' site, which the company is marketing as "a strategic location on New York Avenue/Route 50... [with] easy access to an impressive 100,000 vehicles per day." Of these vehicle passersby, 2,500 will be able to swoop into a parking spot at the Shops.

Bounded by New York Avenue NE, South Dakota Avenue and 33rd Place, the location was hotly debated because the site is currently a forested area with wetlands that filter waste and prevent flooding. In order to move forward, the developers agreed to incorporate a new wetland into the site, with the design reviewed and approved by the US Army Corps of Engineers, the EPA, and the District Dept. of the Environment.

Additionally, in April of 2010, the District committed $3 million toward an effort to construct stormwater management ponds that will support the entire 360-acre Fort Lincoln redevelopment area, which includes the $80-million residential portion, The Villages at Dakota Crossing, with 334 townhomes and condominiums. The first of three phases will be underway soon, development of the site (roads, etc.) has already begun. Ryan Homes expects the first phase - construction of 63 townhomes and 11 townhome condominums (2 condos contained in each, for a total of 22 condos) to begin to deliver in 2012. Sales have begun, and already 15 condos have sold.

In the decades since developers of the Shops have been trying to gain ground, players have come and gone, and then come back again. Before Trammel Crow was involved, it was The Peterson Companies, and before The Peterson Companies there was Federal Realty Investment Trust and Trammell Crow. When Peterson Companies bowed out in 2007, Trammell Crow Companies stepped back in.

Washington D.C. real estate development news

Thursday, December 01, 2011

New Joint Venture Development Team for Braddock Gateway's Phase One

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In a strategic move undisclosed early this
map: braddock gateway development in Alexandria by Trammell Crow
fall, Jaguar Development has sold Phase 1 of its Braddock Gateway development site in Alexandria, Va., to joint-venture partners Trammell Crow Company and Washington Real Estate Investment Trust. The land sale and development site closed on November 23rd, the partnership was announced by press release yesterday. The recently purchased one-acre development site of Phase 1, a 15-story, 270-unit apartment building, at 1219 First Street (First and Fayette Street), is only the first piece of a larger, 7-acre, five-phase Braddock development plan. 
Braddock Gateway Alexandria, VA, Rust Orling, real estate development

The residential and retail building, designed by Rust | Orling Architecture, consists of a mix of studios, 1-bedroom, and 2-bedroom apartment units, and will vary in height from 50' to 150' - from 6 to 15 stories - with the tallest section being the central tower (the focus), which is flanked by "two lower shoulders," the eastern 6-story wing with pool deck, and the western 13-story wing. Phase 1 is now undergoing final site plan approval with the City of Alexandria, after preliminary site plan approval was given by the City this past September. After final approval, likely to come in the next half year, two years of construction will then begin in the fourth quarter 2012, developers expect. If all continues to go smoothly, the project - developed through TCC’s wholly-owned subsidiary High Street Residential - will deliver in 2016. 

Alexandria, Virginia real estate development news

Tuesday, April 26, 2011

The Shops at Dakota Crossing to Break Ground in May

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May will mark the groundbreaking for the big box shopping center - The Shops at Dakota Crossing - on New York Avenue and South Dakota Avenue, NE. The $52 million dollar project on 42 acres is a joint project between Fort Lincoln New Town Corporation, CSG Urban Partners, and Trammel Crow Washington DC retail for lease, Dakota Crossing, restaurant for leaseCompany that will house 430,000 s.f. of buildings and include Costco, Target, Marshalls, and Shoppers Food Warehouse.

Costco is scheduled for an August 2012 opening, with the remainder of retailers to open in March 2013.

The pursuit of retailers at Dakota Crossing has been at least a decade in the making with Costco the lead in committing to the site. The plans had been hindered by two obstacles, the primary one being the controversy that ensued over paving the current wetland that filters waste and prevents flooding; Ft. Lincoln New Town Corp. has responded by creating new wetlands reviewed by the US Army Corp of Engineers, the EPA and DC DOE. The second hurdle had been the delay in inspiring additional retailers to sign on to the location.

CBRE retail for leaseThe shops at Dakota Crossing are part of an extensive development of the area that had started in the 70's under the city's Urban Renewal Plan. The development includes 1370 residential units, including condos and rentals that were built during the 1980’s and 1990’s; the 127-unit Wesley House senior apartments opened early last summer; and 209 town homes were completed in July 2010 that have sold out at an average listing price of $460,000Shops at Dakota Crossing, retail for lease, CSG Urban Partners, Trammell Crow.

Still in the works are the Villages at Dakota Crossing situated at Ft. Lincoln Drive and 33rd Street N.E., an $80 M, 334 town house and condo project for which the January ground breaking has been delayed, as well as the Ft. Lincoln multi-family development of 352 units on target to break ground in 2012. Townhouse construction on the 54 City Homes at Fort Lincoln started this past January.

Despite Fort Lincoln's stated commitment to the environment regarding the retail project in particular - with cisterns, green roofs, green walls, and other low-impact development measures - dismay over the 2000-plus surface parking spaces has fueleWashington DC retail for leased the ire of community groups and residents. On its website Anacostia Riverkeepers wrote, "The developer has proposed ways to mitigate storm water, but. . . [we do not] feel the proposed plan goes far enough. Anacostia Riverkeeper is not opposed to the project per se but believes strongly the proposal should be redesigned to protect the existing wetlands and control stormwater pollution in the Anacostia Watershed."Washington, DC Commercial Real Estate Development News

Thursday, February 17, 2011

Howard Town Center - Looking Toward 2015

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After years of postponed deadlines, the Howard Town Center is hobbled by more delays. "We're looking at 2013 at best, though it could be as late as 2015," says KLNB Associate Jennifer Price, who is working on leasing. Howard Town Center is a mixed use concept that would bring a grocer, retail, and condos to a underutilized corner of Georgia Avenue near Howard University. The hitch? Finding a grocery to anchor the space. "Everything is dependent on the grocer," said Price. "Until we secure one, we won't know how much square footage of retail space we'll have available for other businesses." Price says "quite a few" are vying for the space, but one thing is for certain: it won't be a Giant, since the O Street Market project knocks the store out of contention. Price projects that plans for Howard Town Center to firm up by May. Howard Town Center at 2100-2146 Georgia Avenue is the proposed development of CastleRock Partners and Howard University to take the place of the Bond Bread building and offer 70,000+ s.f. of commercial property, a 45,000 s.f. supermarket, 300 to 450 residential units, and parking. All of this, says, Price, is dependent on the grocer, how much square footage it would entail and its architectural plans. Perhaps one reason grocers are reticent to stake claim to the property is because of the new Safeway now planned for middle-Georgia Avenue and the Yes! Organic Market already up the street, in addition to the Giant slated for Shaw. Back in 2009, Philadelphia's Fresh Grocer was a top contender for the site; their corporate office confirms the location is still under consideration."The Fresh Grocer is very interested in and committed to new store development in the District of Columbia, especially at the Howard Town Center," said Patrick J. Burns, President and CEO of The Fresh Grocer. "We have been working with the investors and developers of Howard Town Center for years and are disappointed that the project has stalled. However, our interest in bringing a ground-up, state of the art Fresh Grocer supermarket to the Howard Town Center remains steadfast."
The script for Howard Town Center has a long and colorful backstory, which includes the 2006 land swap of the city-owned Bread building property for Howard's land at Florida and Sherman Avenue, for which the city will solicit bids for a mixed-use property that would include 300 residential units. Earlier in its illustrious life, the Bond Bread building was wedded to the People's Involvement Corporation (PIC), a 30-year tenant. The non-profit was promised ownership of the property in a verbal agreement with Mayor Washington in 1965. When it was not granted, PIC sued in 2003 and lost, naturally, with the court concluding that "a mayor's written promises cannot be relied upon." Trammell Crow Company was the initial developer in the projects early stages, but the university did not have control of the land until 2008, at which point the project was up for bid and Howard opted for CastleRock Partners' proposal in November of that year. Washington, DC Real Estate Development News

Tuesday, August 17, 2010

Costco Tantalizing DC's Gateway

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Twenty years in the making, and plans to develop Washington DC's first Costco at Dakota Crossing are still trudging along. The stage set is a remote patch of forested land in the Fort Lincoln neighborhood, better recognized as the land opposite the Washington Times on Route 50. The players are likely to be Costco and Target, potentially Shoppers Food Warehouse and Staples, even Walmart was once in the lineup. The director is Fort Lincoln New Town Corporation, which brought in Peterson Companies to develop retail as part of a mixed-use, suburban-style shopping center with housing, offices, retail and acres of parking lots. When Peterson bowed out in 2007, Trammell Crow Companies stepped in to oversee its stock and store - big box power centers. All that is missing is the financing and wetland remediation plan approval from the city. And, of course, final commitment from at least one of the big retailers.

The site seems a developer's dream: 42 empty, contiguous acres, flanking one of DC's main migratory routes. Because it is situated in the residential Fort Lincoln neighborhood and nearby industrial uses are mostly defunct, residents pine for a major retail center somewhere, anywhere, in their quadrant. The plan shows 430,000 s.f. of retail served by 2500 surface parking spaces, connected to a 362-acre housing development planned across the street - The Village at Dakota Crossing, with 537 townhouses, 30 affordable workforce units, 500 more parking spaces and a pedestrian-friendly layout with wide sidewalks, tot-lots and community spaces. The land is a stone's throw away from the National Arboretum and within a 5-minute walk of the Anacostia River But development has hit two main obstacles. The first is getting retailers to commit to a large project in a suburban setting, which tests current financing models, although Costco has signed a non-binding Letter of Intent to occupy the property. The other is the dated nature of the plans: 20 years ago, paving over a large, unused plot in the city to build a regional shopping center would have easily passed city government hurdles, whatever the environmental or historic implications. But the contentious, yet sought-after site is now entirely forested and home to wetlands, filtering nearby industrial waste and acting as a natural barrier against flooding. "Our plans call for creating new, high quality wetlands near the retail center as mitigation for taking away the existing wetlands, which have been documented as very low quality, marginally functioning wetlands. 

 These plans are currently being reviewed by the U.S. Army Corps of Engineers and the EPA, and will be reviewed by D.C. DOE once the federal regulators finish," said Cel Bernardino of Fort Lincoln New Town Corp. He also noted that the current plan "envisions a model 'green' shopping center with cisterns, green roofs, green walls, and other LID (Low Impact Development) measures." Costco has been eying this site for the past ten years. Target and Shoppers do not lag far behind in enthusiasm. They might all benefit from TIF (tax increment financing) subsidies from the District, which has supported the development as a neighborhood improvement initiative. Costco alone expects $15 million in TIF financing. But the District must mediate between the environment, small business owners who have fought the behemoth onslaught of all-in-one-for-a-portion-of-the-price big boxes, and competing revitalization projects throughout the city. "The Office of Planning has worked very closely with the development team to ensure the project is green and pedestrian friendly," reported Victoria Leonard, Director of Policy and Strategic Communications in the office of Ward 5 Councilmember Harry Thomas, Jr. The District likes it so much it plans on paying $3 million upfront to build retention ponds to offset the 3000 new parking spaces. The funding would come out of the D.C. libraries capital budget, an initiative spearheaded by Council Member Thomas, who noted that "the Shops at Dakota Crossing have been in the books for a decade" back in April of 2009. The funds are being transferred from a Ward 7 libraries project, which should begin to see repayment in 2011. Ward 5 library services will remain unaffected.

According to data on the Deputy Mayor's website, Dakota Crossing envisions that residents would walk to the shops from the Villages, suspending disbelief that shoppers at Costco and Target could buy anything that could be carried by hand. An additional wrinkle is that HUD approved an Urban Renewal version of the Fort Lincoln Redevelopment Plan in 1972; amended in 1990, the plan requires 3000 units of housing, 2463 units more than Fort Lincoln New Town's current proposal. Cel Bernardino recounted the various phases of housing that have already been built under the 1970s Urban Renewal Plan for the Dakota Crossing site. About 1370 residential units, including condos and rentals were built at Fort Lincoln New Town during the 1980’s and 1990’s, with most of the rental units built for senior citizens. The 127-unit Wesley House seniors apartments opened early last summer, and 209 "Dakota Crossing" town homes were completed last month. "We have two additional planned residential developments (town homes and condos) that construction hasn’t started on yet – the 334-unit 'Village at Dakota Crossing' across from the shopping center, and the 50-unit 'City Homes' development at the corner of Bladensburg Road and Eastern Ave." Robert King, Commissioner on ANC 5A12 (Advisory Neighborhood Commission), has been involved in planning Dakota Crossing since the 1970's. He's seen developers come and go, and has remained a reliable supporter of the plan, representing the leading voice of the commission he heads: "The project is finally on track. Some of the first residential units to break ground will be dedicated to firefighters and school teachers, and I am happy about that. The neighborhood is bracing itself for the development of Costco, which is expected to bring jobs, but also increase traffic." He believes the 1970's plan calling for 3000 units of housing was too ambitious and needed to be scaled back in a neighborhood of just 4000. "There is a significant retirement community in Fort Lincoln, and I am concerned about access to the retail site." Mr. King said he has been trying to organize a bus service to transport seniors across Fort Lincoln Dr. and 33rd Place. Although a contender for a Dakota Crossing spot a few years ago, Walmart is out. The city refuses to provide subsidies to the union-shunning employer. Nevertheless, word on the street is that Walmart may yet settle into the neighborhood, but now on triangular site bounded by New York Ave., Blandensburg Road and Montana Ave., the site of the Abdo project that fell apart earlier this year. From a traffic perspective, the development of two big box retail sites in such proximity could produce a tangle at what is already a busy thoroughfare. In an area that lacks Metrorail, the arrival of the big boxers and all the parking infrastructure that comes with them does not foreshadow a favorable future for TODs (transit oriented developments). The architects of the proposed retail development at Dakota Crossing, Bignell Watkins Hasser, with offices in Annapolis, MD and Vienna, VA, have built several local retail centers at both the neighborhood and regional scales. The big box retailers would create what is estimated at 800 new jobs by establishing what developers hope becomes a regional destination, capturing incoming and outgoing DC traffic at the entrance of the Baltimore-Washington corridor. "I want everybody to know from here to Timbuktu that Fort Lincoln is getting ready to complete plans for Costco. We want to make sure we can tap into every dollar for the city and create as many construction and other jobs as possible" said King, who echoed concerns about the wetlands and retention ponds on the new development site. Area residents seem enthused. "I think its hard to argue against development in one of the last development holdouts in DC" said Hans Posey, who moved to the neighborhood recently. "Its a very established neighborhood, but everybody, everybody, in the neighborhood is gunning for something bigger, something more than the kind of stores that are there now." Cel Bernardino estimates an August 2011 groundbreaking for the retail part of the development. "I’d say Spring 2011 would be the soonest we are likely to break ground on the shopping center. We have 'solid' commitments from our anchor tenants. No leases signed yet." The current site plan/design for the shopping center received concept design approval from NCPC on June 3, 2010. 

Washington DC real estate development news

Saturday, May 01, 2010

DC's Newest Office Building: Uniting NoMa?

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Another NoMa project has now delivered, this time at the corner of K and 1st Streets, NE. 90K, Trammell Crow Company's new office building, is the first of the (eventual) four-stage Sentinel Square development, which will take up several lots along L, First and K Streets, NW in NoMa. 90K offers 400,000 s.f. of green office space for the taking. To date, no announcements have been made about tenants, potential or otherwise, though the developers indicate "strong interest" from government agencies. Developers say the timeline for the next three stages is dependent on the market and financing.

Clark Construction Group began building in June 2008, which is noteworthy according Tom Finan, Managing Director at Trammell Crow, because the development was able to secure construction financing that June "while the rest of the world tumbled around us." Finan said the building was designed by architects SmithGroup to appeal to both public and private sector tenants, though the 12-story Class A office building includes ISC Level IV security features - 30 foot set-backs on all sides, blast-resistant window glazing and separate shuttle elevators from the parking garage to the security check point - not exactly necessary for your average law firm. Building design even assures progressive collapse avoidance, preventing the sudden loss of any column or beam from causing collapse for sufficient time to evacuate.


90K was designed to achieve LEED Silver certification, with aspirations for Gold; Finan indicated that the announcement on LEED is expected this summer. Three levels of below-grade parking provide 317 parking spaces, though the building is just a few blocks from Union Station. And since looks matter, 90K is surfaced with stainless steel and glass, with a skirt of black granite at street level and Jerusalem Gold marble from Israel.

Asked about the impact of a new building without secured tenants on occupancy rates in the NoMa neighborhood, Liz Price, President of the NoMa BID, said the project does not make a big impact considering the area is set to have 14-15 million s.f. of new or converted office space when and if all proposed projects come to fruition. But the Trammell Crow project is probably "one of the only spaces currently or near-term available for a large HQ," added Price. NoMa's remaining office space can only be leased piecemeal thanks to other large leases.

On the leasing front, Finan said his company has "chased a number of bigger government deals and some of the medium sized agencies," but nothing firm. Finan is hopeful that a deal could be "only months away" on leases that would take upward of one-third of the building. Though designs could permit ground floor retail, Finan said his company secures office tenants first and then determines whether or not there should be retail in the mix.

What does 90K, Sentinel Square's first phase, do for NoMa? Finan sees the project as an anchor that connects the "preexisting" NoMa up and down First Street near Union Station with the newer, "more pioneering elements" closer to New York Avenue. The project, which replaced a surface parking lot, serves to "unite" the area between metros into a clear NoMa market, added Finan.

Washington, DC real estate development news

Thursday, February 26, 2009

Three Teams Compete in SW Fire Sale

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Officials from the Office of the Deputy Mayor for Planning and Economic Development held a community forum at the now vacant H20 nightclub on the Southwest Waterfront last night to highlight proposals from three development teams vying to revitalize land currently occupied by Fire Engine Company 13 at 450 6th Street, SW and a neighboring parking lot. The three teams present at the meeting originally submitted their proposals last June. According to Mayor Fenty, a final selection is expected “late next month.”

Each of the three teams would relocate the fire station from its current 6th Street location to the 4th Street corner in order to provide for better access and response time. Team 1, Potomac Investment Properties (City Partners and Adams Investment Group, formerly submitted as E Street Development), intends to“animate E Street,” according to Jeff Griffiths of City Partners. Griffiths said that his vision is for the station to occupy the lower two floors of a 10-story, 191,000 square foot office tower with a prominent fire-engine red facade, in keeping with the building’s primary use. The Beyer Blinder Belle-designed edifice would also sport 3,000 square feet intended for community use by Kid Power and the DC Central Kitchen. The building would be topped off by a green roof and feature LEED silver certification.

Phase II of construction would see another 9-story, 301,000-s.f. office tower on top of the fire station’s present 6th Street location, with a ground floor retail base. Phase II, like its predecessor, would include a green roof and LEED silver certification. In between the two corner-to-corner projects, the team would “create synergy between the two parcels” with improved streetscape and landscaping.
Team 2 (JLH Partners, Chapman Development and CDC Companies) would place the station infrastructure on the bottom two floors of a new 103,000-s.f. office building. Bachelor number 2, however, noted its advanced scouting efforts for potential tenants, including the General Services Administration (hellooo stimulus). But the real centerpiece of their development scheme was their plans for 6th Street, where they propose a 208-unit, extended-stay hotel adjacent to an 11,000-s.f., publicly-accessible atrium that could be utilized for arts purposes, including performances by the Arena Stage and Washington Ballet.

Team 3 (Trammell Crow, CSG Urban Partners and Michele Hagans) highlighted their ability to unify the 4th Street intersection. CSG principal Charles King said CSG had submitted a proposal for the fire station three years ago, with the intention of transforming it into a DNC headquarters or hydrogen fuel station (insert hot air joke). Further, Trammell Crow is nearing completion on its million-s.f. Patriot Plaza project across the street. If accepted, the new buildings would be thematically consistent.

As if that wasn't enough to seal it, their Gensler-designed office building/fire station would top out at 190,000 s.f. and feature a number of upgrades for the firefighting staff, including additional truck bays. Meanwhile, their plans for a 306,000-s.f. office building on 6th Street would include 16,000 s.f. for a mixture of retail and community purposes. Team 3 plans to secure financing for the project by sharing parking with Patriot Plaza, and said that with initial funding secured, they could begin construction as early as 2010. “We don’t enter into partnerships we can’t finish or finance,” said King.

Tuesday, November 04, 2008

Then There Were Three at Howard Town Center

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Howard Town Center, Washington DC, Armada Hoffler, Trammell Crow company, Archstone, Lewis Geotz Architect, commercial real estateIt may be slightly less exciting than the McCain-Obama matchup (only slightly), but the contenders for the on-again, off-again Howard Town Center project have now been narrowed to just three: Archstone-Smith, Armada Hoffler and CastleRock Partners. A Howard University representative yesterday confirmed that twoHoward Town Center, Washington DC, Armada Hoffler, Trammell Crow company, Archstone, Lewis Geotz Architect other bidders associated with the $30 million project - Monument Realty and the Trammell Crow Company - have been ruled out by the University as potential developers.

This marks Trammell Crow's second loss of the HTC project. When the HTC was first proposed in 2003, the development company walked away with a $56 million contract - only to watch it fall through when the Duke Plan, a new zoning overlay for the area, was introduced, and some have suggested that Trammell Crow may still have an actionable claim against the university.

Development on the 2.2 acre parcel is said to include a 300-unit apartment complex, parking and 70,000 square feet of retail, which must include a grocer under the terms of the RFP. The Howard Town Center project will be built at the current site of several Howard-owned properties at 2100 Georgia Avenue that have fallen into disuse. A recent Howard acquisition at Georgia and W Street, the Bond Bread Building, is also to be utilized in the redevelopment efforts. Howard acquired the building from the District of Columbia this spring in a land swap long opposed by the tenants of Bond Bread, which had sued the city over their rights to the building. Howard issued an RFP for the project (again) last May. Group Goetz Architects will be designing the project for the winning developer, a design that is strongly encouraged to be LEED certified.

Howard’s Communications Department would not discuss a date for the selection of a development team, but construction is planned to begin in August 2009.

Washington DC commercial real estate news

Monday, November 03, 2008

District Announces 4 Hill East Bids

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Washington DC Real Estate news - Mayor signs Hill East plansThe government of the District of Columbia announced today that four real estate developers have submitted bids to develop the Hill East Waterfront, a 50-acre, District-owned property that surrounds the former DC General Hospital.

Mayor Fenty issued an RFEI for the land on May 14th, announcing it was seeking 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 - a total of 5 million square feet of development. At the time, the District anticipated a price tag of $1.1 billion for the development, and required bids in by October 31st.Washington DC real estate news - Hill East plans proceed

The four teams announced today are:

New Hill East Joint Venture
, led by Urban Atlantic. The team includes Vornado/Charles E. Smith; Trammell Crow; Elm Street Development; Blue Skye Development; Brickstone Development; Eagle Vision Ventures; Dynamis Advisors; Sun Edison and Ellis Denning Development.

Hill East Development
, led by the Franklin L. Haney Co. The team includes Donatelli Hill East, LLC; Chapman Development; Combined Properties; Banneker Ventures; and Tudor Holdings.

HDG Waterfront Partners
, led by Hunt Development and Mosaic Urban Partners. The team includes Abdo Development, the William C. Smith Cos.; EYA Development; and Jair Lynch Development Partners.
East Banc

Hill East is one of three major redevelopment sites that make up the Anacostia Waterfront Initiative, an ambitious 20 year plan to turn the Anacostia River banks into a more developed mixed-use neighborhood. At the time of the RFEI, the Mayor predicted that major District-developer planning would start in early 2009, although today's announcement was more cautious, stating only that a developer "could be selected" by early next year. Issuing the RFEI in May, Fenty stated that the District sought a developer that “takes advantage of the opportunities of the river. We want the development to serve as a gateway between Capitol Hill and the Waterfront so people can walk down to the Anacostia River, which is hard to do now."

The Hill East site is intended to be a low-impact, LEED certified, mixed-use development. The project will include residential, retail, and office components and will extend Massachusetts Avenue and other streets within the site to tie the new neighborhood into the existing community; including, apparently, the correctional facility, which will remain. The District government has vowed to better integrate the Hill East project into the surrounding neighborhoods and the District at large, citing its measures to connect the parcel by bike path to the Capitol Riverfront, and by cleaning up the Anacostia River to finally make it a place for (legal) recreation.

The site is bounded by 19th street, Independence Avenue, the Anacostia River, and the Historic Congressional Cemetery. The entire site consists of 67 acres, but development will take place on only 50 of those. The land, also known as Reservation 13, is owned by the General Service Administration, but was given to the District under the 2006 Federal and District of Columbia Government Real Hill East - Washington DC real estate development newsProperty Act of 2006, a “Transfer Act”. As DCmud reported in April of last year, 12 acres of the property were to be given back to the Federal government for a congressional mail facility.

As the only developer going solo on the project, Eastbanc's strategy seems like a chancy way to approach the DC government's selection process, but Joe Sternlieb, Eastbanc's Vice President for Acquisitions, thinks it gives the company an edge. "We put in an unconventional proposal for a development approach...We're not proposing specific development, but rather an approach for the city to work in partnership with us to redevelop the site. Because of that, it doesn't preclude the city from selecting additional developers." Eastbanc developed the Ritz Carlton residences in the West End and Georgetown, 3303 Water Street in Georgetown, and large scale commercial spaces throughout Georgetown, and is now building 22 West, in DC's West End.

Washington D.C. retail and real estate development news

Monday, October 13, 2008

3 Teams Bid for SW Firehouse Site

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If you've ever dreamed of living out your childhood fire fighter fantasy by sliding down a brass pole to get to your office, the Office of the Deputy Mayor for Planning and Economic Development (DMPED) has good news for you. DMPED recently received three responses from local development teams concerning the District's redevelopment proposal for two sites at 4th & E Streets SW - including turning the current home of Fire Engine Company 13 at 450 6th Street SW -- into a mixed-use development.

The proposals come from three differing alliances of local developers. JLH Partners, Chapman Development, and CDC Companies comprise the first team; Trammell Crow, CSG Urban Partners, and Michele Hagans as the second; and Potomac Investment Properties, City Partners, and Adams Investment Group (together calling themselves E Street Development Partners LLC) the third.

The proposals for the site include plans for rebuilding the 34,000-s.f. Engine 13 station (either on site or within a two block radius), up to 465,000 square feet of office space, a 130-208 room hotel, and the inclusion of ground level retail. According to a statement released by the OMPED, two of the submissions include “proposed community space,” while one set out plans for “an 11,000 square foot atrium-covered public indoor park.” This jives with the District’s insistence on seeing a community center incorporated into any prospective design. The proposals presumably align with the initial RFP’s insistence that at least 35 percent of any contracts go to certified local, small or disadvantaged businesses, and that at least 51 percent of the new jobs created by the project go to District residents.

The projected construction would also envelop the second site included in the District’s RFP – a 19,000 square foot vacant lot bounded by 4th Street, E Street and the Southwest/Southeast Freeway. Deputy Mayor Neil Albert's choice should be known by December, the District's deadline for selecting the best team. Groundbreaking could take place as early as summer 2010.

Located behind the Metropolitan Police Department’s (MPD) First District headquarters, this marks the second such construction project the District has planned for the block. After their last location proved too expensive, the MPD building at 415 4th Street SW will undergo demolition in order to make way for a new, 240,000 square foot Consolidated Forensics Lab (CFL) - construction of which is expected to begin in December. BIDs for that project are due to the District’s Office of Property Management by November 7th.

Axis

Monday, September 22, 2008

Trammell Crow Brings a Big Budget to Arlington

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Arlington Virginia commercial real estate brokerageThe residential arm of Dallas-based developer Trammell Crow Residential (TCR) today announced imminent groundbreaking for its latest "luxury rental apartment community" in south Arlington. The project, entitled Alexan Twenty-Four, was first announced last summer, and is being billed as joint partnership Prudential commercial real estatewith Prudential Real Estate Investors (PREI), a division of Prudential Insurance Company of America that commands over $20 billion in net assets.

The 217-unit development will include 20 units reserved for affordable-housing and will come in at five stories once completed. The developer is promising "resort-style amenities" for future residents, including "a pool, clubhouse, fitness facility, game room and business center."

The uniquely titled project gets its name from its location at 2400 24th Road South, the former site of an Econolodge motel, following its "Alexan" brand. Despite the parcel’s pedigree, the Bank of America will be supplying $70 million in construction. The site stands roughly a quarter mile from the bustling intersection of Glebe Road and I-395.

A press release from the developer hypes the site as "a natural extension of the famous Rosslyn-Ballston corridor," one that also includes the boutique “urban village” of Shirlington, Columbia Pike and the historic community of Nauck.

Alexan 24 is expected to commence work shortly with a scheduled delivery date somewhere in the third quarter of 2010. TCR broke ground on its last project, the Alexan Carlyle, last January.

Arlington Virginia retail and commercial real estate news

Thursday, May 08, 2008

Howard Town Center to Finally Take Place of Bond Bread Building

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One of the District's oldest property struggles may soon see resolution, ending a dispute that began with a promise by Mayor Walter Washington, DC's first elected mayor. Last week, current Mayor Adrian Fenty signed an agreement saying the District will at long last swap land with Howard University, a deal that will give Howard the property it has eyed since beginning its LeDroit Park Initiative for redevelopment more than a decade ago.

This exchange means Howard will receive the former Bond Bread Building at 2146 Georgia Avenue, NW. The lot provides redevelopment space for the long-planned Howard Town Center: 300+ residence units, 70,000+ s.f. of commercial property, a supermarket, and parking. The District will receive in exchange, the site at Florida and Sherman Avenues, and will solicit bids for a mixed-use project to include at least 300 housing units (30 percent affordable). Both Howard University and the District have wanted to complete this seemingly simple exchange but had been foiled by a legal conundrum dating back to Mayor Washington's promise to the Peoples Involvement Corporation (PIC), a 30-year tenant in the Bond Bread Building.

PIC, a federally funded nonprofit focused on community development, was founded in 1968, the year after DC Mayor-Commissioner Walter Washington took office. Washington, who became the first Mayor of the District under home rule, supported PIC, and verbally promised the organization that if it retained tenancy for two decades and made improvements to the property, the District would turn over its ownership of the Bond Bread Building. But, as any first year law student will attest, exchanges of lands do not meet the Statute of Frauds if not in writing.

In relying on the District's promise, PIC renovated the crusty digs, somewhat, and occupied the building for the requisite term. When the District announced its intention to swap the Bond Bread Building with a property belonging to Howard University, the PIC learned that it risked losing what it had seen as a multi-decade investment. The organization sought and received from Mayor Washington a written statement from the former mayor confirming his verbal promise to give away the site. In 2003, to protect its interests, PIC filed a lawsuit with the D.C. Superior Court against the District.

If PIC won its suit, Howard University stood to lose its planned project. The university had already hired Trammell Crow Company’s subsidiary, High Street Residential, and alumna Michelle Hagans to develop the property. The Howard Town Center project had received press coverage from the Washington Business Journal and other local publications as part of its plan to transform the neighborhoods surrounding the university. But Hagans, High Street, the architects, the construction firm, and planned lessees such as Fresh Grocer were now all put on indefinite (or potentially permanent) hold as they waited for the Bread Building dispute to rise.

And rise it did, doubling in size; the District decide to instigate its own suit, and it sued PIC to establish itself as the rightful owner of the property. Legally, Washington’s verbal property promise did not pass muster with the courts. In what would make a picture-perfect law school exam over tenancy rights and verbal promises for land subsequently written, PIC lost both cases, concluding that a Mayor's verbal promises could not be relied upon (duh).

In 2006, the D.C. Council considered the issue, first in a bill sponsored by Councilmember Jack Evans that would have halted the swap, but finally approving the exchange of the Bond Bread Building with Howard University’s 63,400-s.f. property at Sherman and Florida Avenues.

As DCMud reported in June 2007, legislation sponsored by D.C. Councilmember Jim Graham was supposed to get Town Center construction moving that year, with possible completion projected for 2010. Now, almost halfway through 2008, it looks like Howard Town Center may soon get out of its jam and into the Bread Building. The Mayor has said he intends to issue the solicitation for a development partner later this year.

Sunday, January 13, 2008

Alexandria Approves Madison Development

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Trammell Crow Company (TCC) had a good week in Alexandria last week. Special Use Permits for The Madison were approved by the Alexandria Planning Commisssion, and on Saturday the City Council reviewed and unanimously approved the permits to build.

The next step for TCC is to finalize the site plan design, which is being headed up by
civil engineering firm Christopher Consultants and architect Cooper Carry. Once complete, both the Zoning and Planning departments in Alexandria will take a final look at the technical details, which is more demanding than the general concept designs. Jeff Miller, Senior Vice President at TCC, predicts a ground breaking date in the first quarter of 2009, anticipating that this stage will take anywhere between eight and twelve months.

The Madison's two buildings have been planned to hold about 344 residential units, determined last August to go rental. The concept plan includes the construction of a new street to dissect the block connecting Fayette and N. Henry streets, splitting the site into northern and southern halves. The northern half will house 206 units and a roughly 9,000-s.f. courtyard for residents. The southern half will house a 138-unit structure and an 8,000-s.f. park open to the public.
TCC will also provide about 521 parking spaces available for retail and residential uses.

The Madison is located at 800 North Henry Street: it will house 23,000 s.f. of ground level retail and passive open space at the intersection of North Henry and Madison Streets. Recent delays in approval had resulted from the project's falling under the jurisdiction of the upcoming Braddock Road Metro Area Plan.

Monday, July 30, 2007

Trammell Crow Readies Work on Alexan Project in South Arlington

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No longer will you be able to glimpse the familiar site of the old EconoLodge Motel alongside the western side of Interstate 395 at 2485 South Glebe Road while driving south, as developer Trammell Crow Residential has finished demolition work on this site in preparation for the early 2008 construction start for its $50 million Alexan at South Glebe project. The Alexan, located less that a mile from Shirlington’s restaurants and shops, is expected to be a 217-unit apartment building skewing toward young professionals. Twenty units will be set aside as affordable housing. Plans also call for about 330 below-grade parking spaces. The Alexan is expected to be completed in 2010.

Thursday, June 14, 2007

Howard Town Center to Move Forward Slowly, but Surely

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Redeveloping almost an entire city block at Georgia and V streets, Dallas-based High Street Residential, a wholly owned subsidiary of Trammell Crow Company, is planning Howard Town Center, a mixed-use project that will include 70,000 s.f. first-floor retail that may include a Fresh Grocer, 322 market-rate apartments, and a parking garage that will hold approximately 500 spaces at its completion. Designed by Michael Marshall and Gensler and co-developed by Michele Hagans, the $75 million project was announced by developers in April 2003, but has been on hold ever since.

According to Ed Morgan, a Principal at Trammell Crow, developers have been awaiting a final land swap of the city’s Bond Bread Building for the university’s land at Sherman and Florida Avenues. The end may, however, be in sight. Morgan said applications for permits are expected to be submitted in the spring of next year.

While Morgan did not comment on the lawsuit, the Washington Business Journal’s coverage of the suit reported that People’s Involvement Corp., a community development company filed a lawsuit against the city stating that the Bond Bread Building had been promised to the company in the 70’s. That same building was a key component of the aforementioned land swap. A D.C. Superior Court judge ruled in favor of the city in September of 2005, PIC responded with an appeal. In December 2006, D.C. Councilmember Jim Graham introduced legislation to finally begin the construction of the Howard Town Center in 2007.

If permits are obtained in a timely matter, Morgan said the project could be completed as early as 2010.
 

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