Now that Metropolitan Development has a zoning approval and a sweet $18 million tax abatement in hand for Addison Square/Kelsey Gardens, the developer is working with Ideal Realty Group (IRG) to either find an investment partner or sell the whole project outright. The Shaw project recently appeared on IRG's website, though no asking price is currently listed. The proposed eight-story, mixed-use project would have been (and could still be) Metropolitan Development's first DC project.
Craig London, VP of IRG, confirmed that his company was working with Metropolitan to find investment partners/a buyer. When reached by phone, London was surprised (scoff!) that DCMud knew about Kelsey Gardens' status. Our secret source was, alas, the internet; the information having been posted "on, umm, your website." IRG's relationship with Metropolitan started quite recently; London said his company has yet to officially release any investment materials for interested parties, but that the project should be "released to market "in the next couple days."For now, IRG's site indicates investors interested in Kelsey Gardens have two different opportunities available: a JV/Equity Investment in which the investor would become a development partner or to acquire the fee simple interest on the property and then redevelop it, without Metropolitan. London described it as a fairly safe investment. IRG is setting up the package so that "the investor has no debt financing risk. The investor is not going to be asked to invest any money until the debt is secured," explained London.
Back in January, Metropolitan Construction Manager Jim Wurzel told DCMud, "our intent and our efforts are to get things going this summer," admitting that "in this climate who knows what's really going to happen next week, regardless of what we're trying to do." Touche.
Washington, DC real estate development news
6 comments:
It would be really helpful for all blog posts on this site to include an address, map or intersection. I don't know where a lot of the developments you talk about are.
Click on the DC map icon on the top left of the post and it will show you exactly where the project is located.
Why doesn't Metropolitan bulldoze the existing structure there? I know it costs money (a lot?) but if they're looking for investors/buyers it seems like it would be much more marketable if you could see the actual footprint w/out a dilapidated shell sitting on it...not to mention they'd be doing an enormous service to the neighborhood...
It is ashamed to see empty buildings all over Shaw that are waiting to be torn down and the property redeveloped. People could be living in these apts. The Anthony Bowen YMCA at 14th and W NW could be used by kids until the developer gets financing. At least JBG is letting a non profit use their property at 14th & S NW until they get the financing arranged.,
anon: you would have a point if the apartments in question weren't in such bad shape that you wouldn't wish your worst enemies to have to live in there. they're too far gone now to make it worth the money. time to raze.
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