Friday, August 05, 2011

Part of Kelsey Gardens Redevelopment Moves Forward

Commercial real estate news - Addison Square in Shaw by Metropolitan Development
A couple of highly anticipated commercial developments in Shaw - CityMarket at O, Addison Square (Kelsey Gardens redevelopment) - have been stalled due to a lack of financing, caused by a delay in receiving loans from the swamped U.S. Dept. of Housing and Urban Development (HUD).  But a break-off-piece of Addison Square will now go forward, with the land in control of a new owner/developer. 

Twelve townhouses, formerly a part of Addison Square, will be built at 8th and P St, NW (751 P Street) by Capital City Real Estate (CCRE), which bought this part of the PUD from Metropolitan Development in March. The project consists of six 2-unit townhouses, for a total of 12- 2bed/2bath units, each around 1100 square feet. Anthony Bozzi, of CCRE's brokerage company Stages Premier Realtors, confirmed that construction will be underway soon, and sales will begin next spring, with a price point aiming for $500,000 per unit. Bozzi added that the project will come across visually like a string of rowhouses, retained from the original Lessard Group design. Though there is no parking designated at each unit, townhouse owners will have the option to buy a spot in a garage that will be built whenever the rest of the Kelsey Gardens redevelopment moves forward, but exactly when that will be is unknown. Metropolitan had hoped to sell the entire PUD back in March of 2010, however developers can now pick it up piecemeal, or investors can align with Metropolitan Development, who has the property listed for sale.

Washington D.C. real estate development news


IMGoph on Aug 5, 2011, 4:46:00 PM said...

awesome! here's hoping they're really careful with the architectural detail.

Shaw Rez on Aug 5, 2011, 5:49:00 PM said...

I think your image does not show correctly what CCRE bought/is imminently developing. Your red rectangle is arround the old Kelsey Gardens complex itself. CCRE bought the portion of the Kelsey Gardens assemblage above that on the left -- currently the site of a surface parking lot at 8th and P.

Ken on Aug 5, 2011, 7:24:00 PM said...

Correct, CCRE did not buy the parcel in red, that's the whole project site, they bought a small lot within.

RW said...

I concur with Shaw Rez that the site must be the parking lot visible in the photo at the corner of 8th and P, but outside the red rectangle. I have seen some work going on at that location in the last month or so.

For those not familiar with the location, in the picture 8th St is horizontal and slightly above the red rectangle, while P St is the vertical street directly to the left of the rectangle. There is a crosswalk on P St where the two streets meet.

Shaw Rez on Aug 8, 2011, 9:44:00 AM said...

actually they bought a small lot outside the red rectangle... the small surface parking lot at 8th and P.

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