Sunday, August 15, 2010

JBG Announces Partner, Groundbreaking on 14th Street

JBG announced on Friday that it will partner with Grosvenor, an international real estate firm, to develop its condominium project in the Logan Circle neighborhood of DC, with site work to start as early as next month. It was unclear what role London-based Grosvenor would play in the joint venture on a site JBG has controlled since 2008, but JBG described Grosvenor as a "capital partner." The project will offer 125 condominium units available in early 2012 and a full level of retail.

The 14th Street site, home to the Whitman-Walker Clinic, is among DC's more vibrant retail scenes, but has not scored the start of a new residential project in four years since Citta 50 was built, which only recently sold out. JBG will incorporate the century-old, 4-story clinic into the 7 story building, but had previously been only tentative that construction would be underway this year. It now says demolition will begin "within the next month," with construction to follow in October. DC-based Shalom Baranes is the architect, and JBG announced earlier this year that Toronto-based Cecconi Simone would design the interiors (a revised rendering just released is above).

Developers described the new building as a "five-story projecting glazed bays on a terra cotta and brick fa├žade" and have promised a "highly-amenitized" condominium.

This is the first project in the area for Grosvenor, unlike JBG, which is based out of Chevy Chase and has extensive residential development experience. "We wanted to bring our expertise and vision for vibrant mixed-use urban development to Washington, D.C., part of Grosvenor’s focus for future development projects," said Mark Darley, Senior Vice President and General Manager of Grosvenor. Local developers have shied away from starting projects in the neighborhood; developer Scott Pannick of Metropolis Development backed out of the Whitman-Walker site in 2007 over concerns of a market gone south, and others projects like UDR's Nehemiah Center project and Georgetown Strategic Capital's apartment building one block north have been stalled indeterminately.

Update: In response to a request for comment on this article, JBG submitted the following statement:
JBG has a breadth of experience developing projects in the DC area, including other luxury residential projects. However, the 14th & S project will be somewhat unique for JBG in that it will be more of a boutique building with a more modern European design aesthetic and smaller, more efficient units. The project is now fully entitled and designed, but JBG believes it can still learn a great deal from Grosvenor’s extensive worldwide experience investing in and designing similar urban luxury projects.
Washington DC real estate development news


Anonymous said...

Seems like the new rendering looks a little bettering than the old renderings. Seems a great distance since 14th Street was the main hooker hang out.

Anonymous said...

I think it's the red brick. Much better.

Anonymous said...

I disagree. I think the original design was infinitely better. This one is mostly boring, with a few notably awkward moments (like that clunky cornice at the top).

Anonymous said...

I love how the article stated that Scott Pannick (Metropolis) backed out as he fel the market was going South. He backed out as he had no liquid assets and was drowning in massive debt that led to Metropolis losing the Metropole (which is still unsold years later). Metropolis other projects were ripe with shortcuts, code violations, and the communities were left with the brunt of having to pay to remedy the failures of Metropolis. Thank God he didn't get his hands on the site. There is a place in hell for Pannick and the others at Metropolis.

Anonymous said...

We welcome this project with open arms, since it will keep up and coming 14th street busy with new neighbors and probably more trendy it will add value to my property on Church St...

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