Adams Morgan will get another condominium project - likely within the next two years - on the now vacant lot at 2337 Champlain Street. Federal Capital Partners (FCP) purchased the property yesterday and plans to build up to 40 units on the site.The fully-entitled residential development site, adjacent to the adaptive reuse project (at 2329, 2335) (currently seeking a new owner) will be developed by FCP in conjunction with Altus Realty Partners. Of the sale, Altus principal Charlie Kehler said, "[w]e’re really excited, it’s one of the last infill sites on Champlain Street."
"We’re going to try to bring this to market as soon as we can,” stated Kehler, of the project which aims to begin construction in the spring of 2012. "We're interviewing architects [currently]." Once selected, the chosen architecture firm will design a complex offering "somewhere between 36 and 40 units, that will range from 500 to 900 square feet."
Of the location, Kehler added, "It's proven to be a strong market." He expects the condos to command "$550 to $600 per square foot." The $3.55 million sale was brokered by Scott Frankel of CBRE and Bruce Levin of MAC Realty Advisors. According to DCRA, WWYP LLC had purchased the property in June of 2005 for $1.9 million.
FCP is a local real estate investment company with over $2 billion in assets acquired since 2003. Altus operates out of Arlington and invests primarily in the greater-D.C. area.
Washington D.C. real estate development news
8 comments:
That neighborhood is coming along slowly. Every new condo project makes me think it will move in the right direction, but it still has a long way to go. Retail on 18th seems to be getting better, but it can still be a little ghetto on the back streets, and really ghetto late Saturday night.
Why has that neighborhood between 16th and 18th in adams morgan remained so sketchy? It's surrounded by some of the best neighborhoods that seem much safer. What is it that makes those back streets so bad?
One reason for the sketchy development between 16th & 18th Street May be Jubilee Housing, which operates several low-income apartment buildings in that area.
It absolutely has to do with the low-income housing speckled throughout those back streets. It is hard to stomach purchasing a brand new condo when their is low-income housing next door, such as the condominium development on Champlain. It won't be long before highest and best use takes over...developers will start picking up those lots as financing and spec development become a bit more viable, and more high-rise apartment and condo units will pop up...give it another 10 years. As for Saturday nights...there are always going to be issues with the bar/club scene in the neighborhood as people flock to this hotspot. As long as the cops continue to contain the problems to 18th street it should be alright.
I think most would agree that FCP is a local real estate investment company with over $2 billion in assets acquired since 2003. Thanks for sharing!
To Anonymous posting 07.25 at 2:35 p.m. -- can the city seize that property and relocate to the residents to other parts of the city? It seems that removing these criminals away from prime real estate would solve a lot of the city's budget issues in two ways: 1) the city makes a windfall selling prime real estate to a private developer and 2) police budgets won't be compromised by having to babysit the residents.
It is not low income people who commit crimes it is criminals. If DC had the policing that NYC did it would not have such a high level of street crime. In NYC luxury condos co-exist very near high-rise public housing operated by the NYC Housing Authority. This works because New Yorkers and their Police Dept. have pushed violent crime down to record lows.
Yes, it's time for MPD and the DC court system to get tough on crime.
When will we get a mayor that can get this going? Why is DC so timid about going after crime at all levels?
I'll be the first to vote for the individual who commits to doing this.
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