AvalonBay, a Ballston based corporation that as been augmenting its apartment portfolio throughout the greater Washington DC area, is under contract to purchase and develop nearly a full block just off the H Street corridor. Jonathan B. Cox, Senior Vice President of Development of AvalonBay, confirms that 318 I Street, NE, is currently under contract with the plan of building 140 rental apartments, with ambitions to break ground by the year's end. The site is just one block north of the spot where Steuart Investment Co. has announced plans to build a Giant grocery store and 215 apartments.
Although the size is modest, paired with Steuart's building the added density could help develop viable retail for H Street's western end, which has been stagnant compared to the Atlast District at the opposite end. "We really like the H Street Market," said Cox. "We are investing in it because we think its unique enough to separate from NoMa." The space will only house residential space. "We don't believe retail is viable in this location on I Street," said Cox.
The developer has chosen an architect but remains mum about the plans for now. What we do know: "It's not a typical D.C. architect," said Cox. "I think it'll be more contemporary and a more unique architectural style than what's now on the market." AvalonBay has also been buying and building, including the Avalon Park Crest, a 354-unit building planned for Tysons with construction to start later this year.
318 I Street NE, which AvalonBay will acquire by a lender sale, had been owned by Broadway Development, but had gone into foreclosure in 2009, around the same time Broadway lost Senate Square next door. The lender acquired the property in July of 2009 for $1.69 million. The space currently houses the vacant site of Uptown Baker, eight underground gasoline storage tanks were removed from the property in 2005.
Washington, D.C. real estate development news
12 comments:
This is good news, though a corner market would be good for the neighborhood, even with the supermarket coming.
There is a corner market on every other corner already. Unfortunately, they will likely be boarded sooner than later now that HT has opened. The price of quart of milk is nearly 50% less expensive at HT, outweighing the convenience of walking one block.
Definitely an exciting project for the neighborhood, but the Washington Post had more accurate details when they wrote about this last week. There is also a currently approved PUD for this site for approximately 160 units, but AvalonBay is planning to drop that to pursue a matter-of-right development instead.
This is about a 1/4 block, not "nearly a full block." And it is not owned by the original lender... the lender took it a couple years ago (from Broadway), but it was purchased by a firm in Ohio that is now selling it to AvalonBay.
Excellent. A high-quality contemporary modest building there will do a lot for that end of H.
Agree there is no need for retail at that spot. It's a block from H and there are other corner stores a few blocks in several directions.
The last renders I have were by Esocoff and Associates. Are they no longer designing the building?
Can someone explain matter-of-right development to me? Matthew Le Grant ignored me when I asked for a clarification regarding the letter of determination filed by Avalon's lawyers...
This is good news, though a corner market would be good for the neighborhood, even with the supermarket coming.
Other than ushering in another family of enterprising Koreans, how would it be good for the neighborhood?
There is a corner market on every other corner already.
Not really.
@parker
Matter of right development just means that the owner is going to build to the maximum allowed by the zoning. If there are only minor modifications needed in the zoning, then the developer goes after a variance, which is a fairly simple process. If they want to build something hugely different than the existing zoning allows, then they go for a Planned Unit Development (PUD). In this case, the previous owner went through the process for a PUD, which is currently approved. The new owner is planning on building just what the zoning allows.
In this case, it won't make much of a difference in the size of the building (the PUD was for just a slightly larger building), but it does mean that the ANC and ZC don't get to weigh in on the actual look of the building, and there are no opportunities for negotiation on additional community benefits like money for the local school or a small public park.
I would prefer less proffers for the community and more affordable housing units.
Small business employees need a convenient and cheap place to live.
@9:15
You're right that affordable housing is also often an element of the community benefits package, and the original PUD included this. In this case, it's matter-of-right, but DC's new Inclusionary Zoning rules require that some of the units be affordable.
QR code on the banner around construction brought me to this...
http://www.facebook.com/pages/AVA-H-St/159451944134647
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