Wednesday, July 21, 2010
Archstone Breaks Ground in NoMa
Labels: Archstone, Davis Carter Scott, NoMa
The District has been pushing for developers and investors to offer more rental options to residents in strategic high density, high traffic areas, and NoMa is certainly ripe for that kind of improvement. The first phase of the new Archstone will deliver 469 Class A apartment homes by mid to late 2012, along with a plentiful list of amenities and 421 below-grade parking spots. Aside from a corner of retail on the first floor of the building, and a small portion of rental offices, the 500,000 s.f. building will be wholly residential. The lofty and expansive bottom floors will be home to a two-story resident library, movie theater and entertainment center, sound-proof activity room, state-of-the-art fitness center, spacious wi-fi equipped cafe, gourmet test kitchen where cooking classes can be held, and a 1,600 s.f. indoor courtyard prettified with real trees and a reflective pool. When residents tire of luxury at low altitudes, they can take the elevator to the top floor for some pampering at the spa, or just lounge next to the heated, rooftop infinity pool, complete with a waterfall and large jacuzzi.
The architects at Davis Carter Scott worked hard to design a building that wasn't a boring, monolithic void in the landscape. They didn't want a big plain square box; they wanted a building that was interesting and progressive. The varying shapes, colors, rhythms, and articulations of different subsections of the building help to develop a more complex and textured aesthetic. The use of horizontal masonry and large glass columns to accent the corners of the building is intended to keep the eyes of residents and bystanders busy and intrigued, drawing onlookers to stop, stare, and appreciate. The developers are pleased that the quality of the exterior design is on par with the impressive comforts being offered inside.
After a bit of uncertainty, Archstone has found some people willing to pay for all this. CWCapital, a subsidiary of CW Financial Services, will provide the the $151 million, 40 year, fully amortized loan through their FHA structuring. In March, Archstone announced they would be breaking ground in April, but a hiccup in financing left the site empty a little longer than intended. This is the largest finance packages ever insured through the HUD Section 220 program, and will help Archstone generate local employment and involve local businesses in the project. Archstone is confident that they will deliver the residential space needed to house the flood of employees that have followed the recent commercial real estate in the area. Construction will be finished within 30 months, and the first rentals could be available as early as the summer of 2012.
Washington Real Estate Development News
Friday, June 25, 2010
CityCenter: On Track for Early 2011 Groundbreaking
Labels: Archstone, Clark Construction, Convention Center, Foster and Partners, Hines, Shalom Baranes Architects, Smoot Construction
Thursday, June 17, 2010
Archstone Pushes Back NoMa Start Date
Labels: Archstone, Davis Carter Scott, Forrester Construction, NoMa
Seldin said he hopes to have a "firm loan closing and start date" in the next few weeks. Archstone's 469 rental residential units will replace a surface parking as the first of two phases; the total project will bring 1.5 million s.f.: 500,000 of which will be in the Davis Carter Scott- designed residential building (with a nugget of ground floor retail at the corner of M and First). A parking garage will provide 421 spots on three levels below grade. The new building will increase residential space in NoMa by over 50 percent. Phase 2 is also planned as a residential building. Forrester Construction is the general contractor for the project.
Washington, DC real estate development news
Monday, March 29, 2010
Camp Springs Eternal
Labels: Archstone, Branch Avenue Metro Station, Prince George's County
In 2008, Archstone secured approval for a massive 19-acre mixed-use development, the Town Center at Camp Springs. The Town Center plans called for 801 rental apartments and 65,359 s.f. of retail to attract young professionals and employees of several nearby federal facilities. Though groundbreaking was supposed to begin this past fall, like so many projects, the Town Center remains another undeveloped Metro site, another victim of the times.
Peter Jakel, a Communications Manager for Archstone, told DCMud, "the project is planned for a future construction start, but we have not yet established a definite start date." An all-too-familiar chorus for a promising metro-oriented development.
In 2008, Archstone Senior Vice President Rob Seldin described his project as a sort of tipping point for the County, that drawing in young professionals and their entrepreneurial spirit would mean jobs and a new tax base. Seldin explained that, historically, "in PG County, it is typically very difficult to have housing approved, so really, what's been happening is these highly educated, highly skilled, highly compensated workers have been systematically disenfranchised, so they go to Arlington." The horror. Camp Springs would, according to Seldin, offer the same Arlington appeal to the young professional demographic and draw them into Prince George's County. But now that many college-educated, potential-homebuying, young professionals are unemployed and living at home, the Town Center at Camp Springs target market has dwindled.
The project, when begun, will deliver in three phases. Ideally, the first phase will offer 416 units, a 7,000 s.f. private club house with pool, followed by the second phase with similar amenities and 385 units. Phase three will be the retail space, all designed by The Preston Partnership, LLC. What year this will happen, no one seems willing to guess.
Other nearby metro-centric projects have fared better. Metropolitan Development's Metroplace at Town Center, situated between Auth Way and Suitland Parkway, began leasing its 397 rental units in 2006, and report being 92% leased. Across from Metroplace are two more residential projects, Chelsea Way and Tribeca, both developed by Wood Partners. Without the added value of retail from Town Center, however, Camp Springs will continue to be relegated to the category of sprawl rather than high-density metro-oriented development.
Prince George's County real estate and development news
Wednesday, March 10, 2010
Archstone Pushes the Envelope with NoMa Residential
Labels: Archstone, Davis Carter Scott, Forrester Construction, NoMa
When Archstone Senior Vice President Rob Seldin began working with his architects at Davis Carter Scott, the team realized they had a blank slate and could make a statement that would set the tone for the area with their design. As Doug Carter, a founding Principal at Davis Carter Scott, said about Seldin, "he has a record of trying to push the envelope and this building is no different."
Carter said the challenge of a large, phased project is to make something that is "interesting all the way around" and to avoid making the structure look "entirely long and boring." So his team changed the massing and the color and texture of the materials by detailing the masonry horizontally, using the precast concrete to create a wavy element in the facade and designing striking glass corner towers. Carter added that the design is meant to draw people in to want to live there and to be a "fixture of the urban landscape" that never bores passersby. Rather than design a traditional, conservative "plain Jane" building often found in DC, said Carter, his team strove to make Archstone's NoMa building "a little more forward looking" with a design that is "exciting and stimulating."
The 500,000 s.f. building will be almost entirely residential save one small ground-floor retail area at the corner of M and First Streets, NE. A parking garage, not included in the s.f. calculation, will provide 421 spots on three levels below grade. The ground floor will include 20,000 s.f. of amenities for residents, including a library, meeting rooms, kitchen, movie theater and even an outside movie area for up to 20 people. Then there's the rooftop pool, a hot commodity to be certain.
The new building will deliver in time for residents to take advantage of what will then be a fully operational Harris Teeter across the street. Liz Price, President of the NoMa BID, said the new residential is "key to the next wave" of commercial development and will help NoMa "continue to attract new retail and restaurants."
Archstone's Seldin said he has been "encouraged by the continuing construction and leasing" in other properties in NoMa. "Ours will be an outstanding addition to a great area." The general contractor for the project is Forrester Construction.
Washington, DC real estate development news
Wednesday, November 18, 2009
Whole Foods - Gentrification Comes Belatedly to Chevy Chase
Labels: Archstone, Boston Properties, chevy chase, Friendship Heights, SK and I Architects, supermarkets, Whole Foods, Wisconsin Avenue
New England Development (NED), Archstone and Boston Properties are jointly developing the Wisconsin Place shopping center at the Chevy Chase-DC border. The entire development took five years to complete. Today, the shopping center features 432, SK&I-designed, upscale apartments, 295,000 s.f. of office space, and 305,000 s.f. of swanky shopping destinations including Cole Haan, White House/Black Market, and Bloomingdales—a.k.a. "Wisconsin Place Anchor Number One."
Thursday, October 01, 2009
Shaw Main Streets Development Woes
Labels: Archstone, Banneker Ventures, Douglas Development, Ellis Development, Hines, Metropolitan Development, Quadrangle Development, Roadside Development, Shaw
Thursday, June 18, 2009
Shovel-Ready for 2010: CityCenter?
"We are within a year of breaking ground," said Miller. "We are continuously meeting and speaking with retailers that expressed interest."
And yet the project has missed several projected groundbreakings since the developers' first estimate of a groundbreaking by last January, and despite numerous assurances that the delay isn't affecting retail interest in CityCenter, no major retailers have been announced. The multi-phase, mixed-use development will commandeer 10-acres of vacant downtown property to eventually realize 400,000 square feet of retail space, more than a million square feet of office space, 670 residential units and a 400-room “high-end” hotel with its own 100,000 square foot retail plaza, under a 99 year lease from the city. It may sound a little on the ambitious side, but Archstone claims they have more than enough time – and resources – to see it through.
"At this point in time, we still have months to complete our construction documents and get our final permits and entitlements. We’re busy meeting with potential investors and banks that have expressed interest,” said Miller. “By year’s end, even though we’re in a challenging state with capital markets, we’ll be able to get the financing lined up and be able to break ground.”
The last time DCmud reported on the status of CityCenter last September, a Hines representative relayed that the project was “85% ready to go” and that the development team would seek a general contractor “in the next few weeks.” Though neither has yet transpired, there was recently one sign that wheels are again turning after a dour Spring; on April 28th, the development team met with potential contractors at a pre-bid "requirement conference."
The District Government swapped land in 2007 with Kingdon Gould, who gave up land on the site of the future Convention Center Marriott to get the northeast parcel of CityCenter from the District government (labeled 'District Parcel' in the rendering). Gould will be developing his land separately, but has also not committed in time or in scope, nor has the much discussed Convention Center Marriott broken ground yet.
Monday, February 09, 2009
Rockville Condo Auction: The Fitz Calls it Quits
Friday, November 28, 2008
A Threequel for the Arlington's Crystal House
Labels: Archstone, Archstone-Smith, Arlington, Crystal City, Torti Gallas
Located at 2000 South Eads Street, the developer is adding to their extensive portfolio in the Crystal City area. Once completed, the 270,000-square foot addition will neighbor the other two so-named buildings on South Eads Street, built 40 years ago as the first apartment-condo highrises in the neighborhood and the first to use the name "Crystal", generating a trend the other developers followed and that eventually lent its name to the area.
Though Archstone Vice President Daryl South tells DCMud that the developer “expects to have building permits within two months,” he declined to comment on when the project might begin construction. Torti Gallas will design the project. Archstone is one of the largest investors in apartment buildings nationwide.
Arlington, Virginia real estate development news
Wednesday, September 24, 2008
The Shaw Redemption
Labels: Archstone, Cooper Carry, Douglas Development, GTM Architects, Marriott, Quadrangle Development, Roadside Development, Shalom Baranes Architects, Shaw, TBS Architects
Douglas Development
The keynote of Douglas' presentation was the long-gestating revitalization of the former Wonder Bread Factory at 641 S Street NW. Contrary to initial plans, the building will not be razed. The developer has obtained the original plans for the facade and will, to the best of their ability, restore the building to its original 1922 appearance. An additional story will be added to bring the building up to 5-stories and 150,000 square feet. The project has been summarily approved by the Historic Preservation Review Board (HPRB) and is aiming for groundbreaking in approximately 7 months, following permit approval. The developer expects construction on the GTM-designed facility to take no more than a year. Once completed, the former Wonder Bread facility will neighbor the proposed Radio One development (the outline of which can be seen in the accompanying renderings).
Several other Douglas projects underway in Shaw were also briefly touched upon. The developer’s proposed development at 600 New York Avenue NW is on hold due to the current economic situation and "lack of synergy," as is their proposed redevelopment of the Howard CVS.
Other projects, however, have had much more luck getting off the ground. The former site of Popeye’s at Florida & N Streets NW will complete its expansion and renovation in the next 3-4 months and will house a Fatburger chain restaurant, a cell phone retailer and office space. Another Douglas mixed-use development at 9th & N Streets, NW will include ground floor retail, office space and apartments. Although poised to begin construction in the coming weeks, leases for the site will not be sought until the project is completed.
Marriott HotelsThe long-proposed (circa 2001) Washington Marriott Marquis Hotel at 9th Street & Massachusetts Avenue, NW, long envisioned as an anchor servicing the Washington Convention Center across the street, is now slated to break ground in the first quarter of 2009. Overseen by the Quadrangle Development Corporation and designed as joint venture between TBS Architects and Cooper Carry Architecture, the building comes in at over 1 million square feet. The 13-story project will feature 1250 rooms, 2-3 restaurants, a ballroom and meeting space and a 400 space underground parking garage – all enclosed under an all-glass atrium. Additionally, the Pepco power station and AFL building currently on the site will also be incorporated into the hotel’s footprint, with the latter being converted to hold 42 hotel rooms. The Marriott representative on hand described it as “one of the most complex projects we’ve ever worked on.” The project is hoping to achieve an LEED silver certification.
Roadside Development
The City Market at O is shaping up to bring big changes to the current site of Giant Food on O Street NW. The mixed-use development will feature a new Giant store that will retain the old façade of the O Street Market and was hailed, as least by the pitchmen, as outclassing the new CityVista Safeway in both style and function. Additionally, the site will give way to a new 200 room, limited-use hotel, a large-scale fitness center, a 6000 square foot independent restaurant featuring a local chef, and 600 apartments and condominiums targeted towards “young professionals.” 8th Street will also reopen for pedestrian use between the two buildings on the site, parking for the facilities will be moved underground. Roadside showcased some interesting architectural features on the buildings, including a 2-story projection on the residential building – currently referred to as “the diving board.” The developers are currently in negotiations with the Deputy Mayor’s Office for Planning and Economic Development (DMPED) to receive Tax Increment Financing for the project and are hoping for a September 2009 groundbreaking.
Metropolitan DevelopmentThough Metropolitan’s Kelsey Gardens has been recently covered by DCMud, the developer still had a few surprises on hand for their presentation. Architects will employ the increasingly common urban technique of breaking the 14,800-square foot, 297-unit building into five distinct facades, in order to affect the appearance of being constructed during different time periods by different architects. Roofs of the “buildings” will be 50% green and feature both private and public terraces. The development will be complimented by 2 levels of underground parking that will feature preferred parking spaces for “energy efficient vehicles” (i.e., hybrids). The project is shooting for 2011 completion.
Hines Interests
The final presentation of the evening concerned the redevelopment of the site of the old convention center, Hines Interests and Archstone’s CityCenter DC project. Designed by Foster + Partners and Shalom Baranes Architects, the 10-acre site is being envisioned as “a new neighborhood for downtown.” Comprised of 4 separate parcels centered around the now-closed (and eventually to be reopened) intersection of 10th and I Streets NW, the ambitious project is to include 400,000 square feet of retail space, 1,074 residential and hotel units, 1,064,000 square feet of office space, more than 2000 parking spaces and a public park. The hotel on the site is envisioned as a 4 or 4 ½ star facility, while the developer is aiming to lure home furnishing and fashion retailers (possibly a department store) as well – in order to serve the needs of downtown residents and not specifically tourists. The Hines representative on hand posited that the project was 85% ready to go and would be seeking general contractor in the next few weeks.
Monday, July 28, 2008
DC's Development Pipeline
Labels: Archstone, Clark Realty, DMPED, Ellis Development, Fenty, Hines, Louis Dreyfus Properties, Lowe Enterprises, Neil Albert, Roadside Development, Southwest
The projects listed below are still being refined. The numbers and square footage assigned to each are conceptual and are subject to change.
Projects With Developers
Clark Realty was selected in February as Master Developer for Poplar Point on the east side of the Anacostia. The number of residential and hotel units they will deliver has not yet been determined, however 30% of all residential units will be affordable. The District and the National Park Services held a public scoping meeting last month for the Environmental Impact Statement of the $2.5 billion project.
Center Leg Freeway on Massachusetts Ave, NW between 2nd and 3rd Streets is being developed by Louis Dreyfus Properties into 100 market- rate and 50 affordable residential units. The $1.1. billion project will cap the exposed section of I-395, and include 2,100,000 s.f. office space and 67,000 s.f. retail space.
The McMillan Sand Filtration Site on North Capital Street and Michigan Avenue will be developed into 820 market-rate units, 351 affordable units, and a 100-room hotel by EYA. The $1 billion project will also deliver 700,000 s.f. of office space and $110,000 s.f. of retail space. The project has long been worked over, but don't make plans for moving in any time soon.
In May the District reached a deal with Hines Archstone to develop a 400-room "high-end" hotel and 100,000 s.f. of additional retail space on "Parcel B", a 53,000 s.f. plot of land that is part of the larger CityCenter DC, the development taking up residence on the old convention center site. The entire $850 million project downtown will deliver 539 market-rate units, 135 affordable units, 476,000 s.f. of office space, and 266,000 s.f. of retail space.
On June 26th, Marriot International, Cooper Carry Architects and EHT Traceries presented plans for the Convention Center Headquarters Hotel to the Historic Preservation Review Board. Located on the Corner of 9th Street and Massachusetts Avenue, NW, the $550 million project will deliver 1125 hotel rooms and 25,00 s.f. of retail space. Having been scaled back from its original 1400 bed facility, the project is well past its early schedule, of construction in 2007.
O Street Market at 7th Street and Georgia Avenue will be transformed into a mixed-use development that will include 550 market-rate and 80 affordable residential units by Roadside Development. The $329 million development will replace a current Giant supermarket with a new 71,000 s.f. store and include a 200 unit hotel and 87,000 s.f. of retail space. The District reached an agreement with the developer late last month to kickstart financing. Of the dozens of projects promising to revitalize the Shaw neighborhood, this may be the first large project to actually get underway.
Skyland Shopping Center on Good Hope Road at Naylor and Alabama Avenue, SE will be developed by Rappaport Companies and William C. Smith Companies into a $261 million development with 155 market-rate units and 66 affordable units as well as 230,000 s.f. of retail space. When? Even an estimate will be fine.
City Vista, which began sales in late 2005, will bring 441 condos with 138 affordable residential units to, as well as a separate apartment building, to 5th and K Streets, NW. The project will also include 130,000 s.f. of retail space and will cost $191 million. The first condominium building completed last October, the remaining condominium and the apartment building are nearly ready for occupancy.
Early this year, Fenty signed a Land Disposition Agreement with Broadcast Center One Partners LLC, (Ellis Development and Four Points, LLC) that will bring African-American-owned Radio One to the district. The $144 million Broadcast Center One at 7th and S Streets, NW will be a mixed-use project with 135 market-rate and 45 affordable residential units as well as 96,000 s.f. of office space and 22,000 s.f. of retail space. According to Fenty's office, "the deal also sets in motion the $22 million redevelopment of the Howard Theater, a long-shuttered landmark that was the hub of black Broadway." If it gets built; the timeline remains uncertain.
Mt. Carmel (Parcel 51B) on 3rd Street, NW between K and H Streets is being developed by MQW LLC (Quadrangle and the Wilkes Companies) into $130 million mixed-use project with 267 market-rate units, 67 affordable units and 90,000 s.f. office space.
Forest City Washington is responsible for the $120 million O Street SE Redevelopment by the SE Federal Center. It will deliver 354 market-rate units, 89 affordable units and 47,000 s.f. of retail space.
The Village at Dakota Crossing in Fort Lincoln by Ft. Lincoln New Town Corporation will include 327 market-rate and 30 affordable units. It will cost $110 million.
Mid City Urban and A&R Development will bring 216 market-rate and 54 affordable residential units as well as 70,000 s.f. of retail space to the area around the Rhode Island Avenue Metro station with their $105 million Rhode Island Station project. First attempted as a condo project, developers have bowed to the market and substituted apartment buildings - at least in theory, as the project has yet to break ground.
The $100 million Shops at Dakota Crossing on New York and South Dakota Avenue, NE will be developed by Ft. Lincoln New Town Corporation into 29,000 s.f. of office space and 461,000 s.f. of retail space.
Lowe Enterprises and Jack Sophie Development have long had intentions to develop Riggs Road and South Dakota Avenue, NE (Triangle Parcel) into 208 market-rate units, 52 affordable units and 23,223 s.f. of retail to the tune of $75 million. The fate of the project is uncertain, as higher construction costs, shrinking condo prices, and more conservative lending practices - especially in low-income neighborhoods, make such projects harder to justify.
Park Place on Georgia Avenue in Petworth will be developed by Donatelli Development into 161 market-rate units, 32 affordable units and 16,000 s.f of retail space and will cost $60 million. Purchased by Donatelli, along with partners Gragg & Associates, Canyon Capital Realty Advisors and Earvin 'Magic' Johnson, will be one of the few developers delivering new condos in 2009.
In February, the District made a Term Sheet with Parcel 42 Partners to develop 95 affordable housing units and 8,000 s.f. of retail space on Parcel 42, in Shaw at 7th and Rhode Island Avenue, NW for $28 million.
In December 2007, the District selected William C. Smtih Companies and the Jair Lynch Companies to develop the $700 million Northwest One New Community that will deliver 1,600 units of housing on former NCRC parcels as well as adjacent DC-controlled and private properties in Ward 6. Located between North Capitol Street, New York Avenue, New Jersey Avenue, and K Street, the site is in an area that has "long been plagued by high crime and poverty", but is surrounded by the up-and-coming NoMa and Mt.Vernon Triangle neighborhoods. The development team, which also includes Banneker Ventures and CPDC (affordable housing provider), will create apartments, townhouses, and condos for all income levels as well as over 40,000 s.f. of retail and 220,000 s.f. of office space. The development will also offer a 21,000 s.f. clinic.
And further down the road...
The District issued a solicitation in early June for Parcel 69 at 4th, 6th, and E Streets, SW. The $130 million development will be an office and hotel project along the Southwest freeway. Proposals are due by September 15th.
In May, Fenty issued an RFEI for the Hill East Waterfront on Capitol Hill East. The District seeks a developer to create 2,100 market-rate and 900 affordable units with 2,000,000 s.f office space and 67,000 s.f. of retail space. The District anticipates a price tag of $1.1 billion for the development of the 50 acres surrounding the former DC General Hospital. Proposals are due by October 31st.
Proposals were due June 3rd for Minnesota and Benning Road, NE Phase II. The $107 million development will include 60 market rate, 392 affordable units and 40,000 s.f. of retail. No developer has been selected.
It is high time the District announced developer for Fifth and I Street, NW. After proposals were submitted in March, the District widdled the teams down to the final four including BG, Buccini/Pollin, Potomac Investment Properties, and a group comprised of Holland Development, Donohoe Development, Spectrum Management, and Harris Development. The winning team, whenever they are announced, will create somewhere around 170 market-rate units, 30 affordable units, 100 hotel rooms and 50,000 s.f. of retail space.
Upcoming Solicitations
The District would like to see 1,469 market-rate and 440 affordable units in Lincoln Heights in Ward 7 at an estimated cost of $576 million.
Barry Farm/Park Chester/Wade Road in Ward 8 will likely include 110 market and 330 affordable housing units and will cost around $550 million. The project is an effort to revitalize low-income properties in the historic Anacostia area.
The issuance of the Park Morton solicitation at Park Road and Georgia Avenue, NW is "imminent" according to the Mayor's office and will cost $136 million with 499 market-rate and 150 affordable units. Axis