Apartments Just a Fly Ball Away

With construction of the new Nationals ballpark moving full speed ahead in Southeast along South Capitol Street, a number of new apartment buildings within spitting distance of the field have recently been announced. First up is Camden Property Trust's 1325 Capitol SW project (pictured), located right across the street from the National's stadium between N and O Streets. The $99 million, 210,000-sf apartment project will be nine stories tall and contain 244 units, mostly one bedrooms with an average apartment size of 860 sf. Construction is expected to start Summer 2007. Camden (the owner) has yet to select a developer. Next up are two apartment projects from residential developer JPI: 70 and 100 I Street, a $210 million project with two towers containing nearly 700 units (completion is scheduled for late 2008); and 901 New Jersey Avenue, a $75 million, 238-unit apartment building set for the block now housing the Nexus Gold Club, a "gentlemen's" club (so, uh, I was told...). 901 New Jersey is set to being construction in 2007 with a late 2008 completion date. Finally, there is Faison's planned residential tower at 1st and L Streets SE. This will be a 14-story, 266-unit tower. Construction started last month, and the tower is expected to be done in late 2008. Make sure to glance to your left when driving down South Capitol – you can tell your kids you remember it when it was all empty lots and run-down warehouses....

Last Piece of Ballpark District Puzzle Bought

Big things come in small packages, at least if you're a major developer with dreams for the new Southeast DC Ballpark District. Last week, after a year of negotiations, Monument Realty purchased a tiny, 1,344-sqaure foot lot holding a dilapidated house for the seemingly lofty price of $1.1 million. But its value far exceeds the purchase price for Monument, as this parcel – located at the corner of N and Half Streets, SE and at the north entrance of the new ballpark location – is the last piece the developer needed for its planned 2 million square feet of office, residential and retail space. Having already spent $50 million over the past year buying up this land, not having this final lot would have spelled trouble. Monument Realty plans to start building this project next spring, and have it completed in 2009.

Build It and They Will Come...and Park

A major piece of the new Washington Nationals stadium puzzle slowly moved into place this week, as DC Mayor Anthony Williams confirmed Tuesday that plans are in development to build a mix of both above and underground parking next to the ballpark. The parking structure will be part of a stadium complex that will also contain retail stores and 660 new condominium units (140 units will be priced below market value for lower-income residents). Also expected for this development is the arrival of a 180-room boutique hotel at the corner of 1^st and N Street SE, with early word indicating it could be a local outpost of the New York-based W Hotel chain. The parking plans – which call for 900 spaces on one level below ground, and another 925 spaces spread above two new structures in the complex (which will contain the condos and retail outlets) - are the end result of negotiations between developers, the city, and new Nationals ownership. Whether this plan provides enough parking for both the opening of the stadium in April 2008 as well as for the condo dwellers and visitors to the entertainment area is now up for debate....

Ballpark District Comes Alive

In an otherwise bleak and desolate neighborhood, the first new residences near DC’s new ballpark are expected to be occupied this week. Capitol Hill Tower, the first large residential project to commence near the site of the future home of the Nationals, where nearly 2000 condominium units are currently in development, is set to settle on the first of its 334 coops this week, according to the sales office for the project. Bucking the trend of condo development, developer Valhal Corporation of New York - where coops are far more common - chose cooperative ownership, one of only 2 large projects in the DC area to go coop. CHT will offer an indoor year-round pool and fitness center. With few buildings yet completed in the area, views from any floor are likely to be impressive. For now.