Wednesday, June 15, 2011

14th Street Revs Up Development

Signs of construction abound on 14th Street, as several projects take wing on one of the city's most dynamic commercial corridors. Construction of a 30-unit condo on 14th Street got underway this week as developer Habte Sequar began construction at the corner of 14th and R Streets. Sequar began initial site work on the project just last week, and reported that the digging was just "testing dirt", but confirms that he has now obtained all permits for the project and is proceeding with full construction. At the U Street intersection, several retailers have been ordered out of their 14th Street storefronts, signaling that the much larger Utopia project is also getting close to construction.

The condo project also now has a name - the Aston - with a stated starting price of "in the $300's." Sequar purchased the land for $3.8m in November of 2009, with a goal of a beginning construction this time last year. But with financing more difficult than expected, the site in the middle of the 14th Street corridor has remained vacant since, pending adequate financial backing. Utopia has been in the works for several years, but had also stalled due to financing issues, and is now scheduled for a late 2011 groundbreaking.

Bonstra | Haresign designed the Aston, Ellisdale is managing construction. The project is estimated to take 14 to 16 months build out. The 14th Street corridor has no shortage of projects in the pipeline, with District Condos underway, and PN Hoffman's condo project now in the planning stages, for nearly 300 condos combined. Restaurants are queuing up to serve the expected population surge, with Matchbox planning their next store at 14th and T Streets, Steven Starr considering taking the old Italian Shirt Laundry building (though no contract has yet been signed), and a new burger venue slated for 14th at U Street.

Washington D.C. Real Estate development news


Ace in DC said...

Any news on commercial tenants for the 14W and the UDR project at the old Nemiah center further north on 14th? I thought UDR was going to post some more details on their project after their quarterly earnings report several months ago.

Anonymous said...

This area is going to be saturated with condo projects. I assume prices will be slashed, developers will go under...again.

Anonymous said...

I believe, combined, these 3 projects will deliver around 190 units. In the grand scheme of things, that's still a very limited supply of new condos (most of the newer condo buildings in the area are 200+ units).

Field of Dreams said...

More condo buildings = more gentrification = better neighborhood and quality of life.

djdc said...

I miss my old neighborhood. I was 'gentrified out' I guess and am now up in Petworth, which the previous post would lead you to believe is scarysville.

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