60 L Street NE: Fashionably Late

While many NoMa developments have begun construction, some are even built and signing leases, Camden Property Trust's planned project is going to sit on the sidelines a little longer. Camden will go before the Zoning Commission next week to seek an extension of the February 2008 approval for a 14-story mixed-use building at 60 L Street, N.E. The two-phase project could ultimately bring 682,000 s.f. of residential and retail space - more than 700 units of housing - to the NoMa neighborhood. In March 2008, DCMud wrote about the "imminent groundbreaking" at Camden USA's site, with work on the first phase scheduled to be completed in late 2010 and the second phase to follow shortly thereafter. Or not. Camden will build the WDG Architecture-designed development in two phases, breaking ground first on the south side of the block to construct a 319-unit apartment building with ground floor retail. Phase two will add roughly 407 residential units to the mix, and roughly double the amount of retail space. Camden will also build more than 450 parking spaces in a three-level underground garage. When built, the project will squeeze in between NPR's yet-to-be-built new headquarters at 1111 N. Capitol Street to the west and Tishman Speyer's dual phase office projects at 1100 and 1150 First Street to the east. 1100 First is the only one of the neighboring projects to deliver so far. The project will also sit close to Archstone's buildings across Pierce Street to the north and Trammell Crow's Sentinel Square II-V to the south. The site was a hot commodity in 2007, switching hands three times in as many months. First 60 L Street belonged to J Street Development and was called “First Place”; it was then sold to Tishman Real Estate Services, which then quickly sold it to Camden USA in February 2007. Since purchasing the site for almost $44 million, Camden has sat on the NoMa lot, biding time. Next week the developers will seek an extension on the approved zoning changes, so that when the time is right the project can move quickly. Mark Bucci, VP of Construction at Camden, said that "based on the economy, you know no real boost has occurred...we're looking at first quarter of 2011." Bucci said of the NoMa area "we're just very excited about all the activity that is going on there. That's what keeps our interests." As neighboring projects move forward, it looks like Camden will show up for the party fashionably late. 

Washington, DC real estate development news

Half Street Digs Itself Out of a Hole

After weeks of speculation, construction is underway at Monument Realty's Half Street residential project. The prime real estate sits directly across from the Nationals' ballpark, was dug in the first months of 2007, with Monument's 275,000-s.f. office project rising on the northern portion of the crater. But when the remaining 2-acre hole sat vacant as the market was free-falling and funding of residential projects evaporated, speculation ensued about its demise. The hole became metaphorical as well as literal once it was revealed that Lehman Brothers, in a hole of its own, had an equity stake in the project.

But after 18 months without activity, construction is now underway on the site. Workers now seem to be assembling a subterranean parking garage at Half and N Streets SE - presumably a component of the hotel and 340-unit residential buildings planned for the site. And while the developer will not be able to hit their original target of a 2009 completion date, it does seem that rumors of the project's death have been greatly exaggerated.

"Monument is pursuing financing for the residential projects at the corner of N and Half Streets, SE. Clearly the changes in the market have made that task more difficult, but we have not made any plans to refill the excavated hole," says Monument Executive Vice President Russel Hines. "In addition to the office building [55 M Street SE], which will finish up in January, we are also building a portion of the garage that extends under the residential buildings – so, yes, there is some construction underway at this time."

In a related item, some portions of the Half Street project could be getting a new address, if a measure before the DC City Council goes through. According to the Washington Examiner, a vote next week will determine if a three-block portion of South Capitol Street (that also happens to border locale célèbre, Nationals Ballpark) will be renamed “Taxation without Representation Street.” Among those most directly affected by the switch would be Camden USA – which just happens to have a $105 million mixed-use project in the planning stages that fronts the avenue in question. We can see the signs now: Taxation without Representation Street Lofts now available! Have fun with that one, marketeers.

Washington DC commercial real estate news

NoMa Torch Passes to Camden

Another NoMa site is getting ready for an imminent groundbreaking: Camden USA's site at 60 L Street, NE, is nearing construction, with Clark Residential Group now seeking contractors, with bids due March 27th. Camden purchased the lot only in February of last year - the third developer to take ownership of the property within the year's first few months. Now, just over a year later, Camden is bringing that project to fruition. According to sources at Clark, the plan is to be in the ground by the the second quarter.

The project, augmenting NoMa's square footage count by about 682,000 s.f., will squeeze in between NPR's new headquarters at 1111 N. Capitol Street to the west, and Tishman Speyer's dual phase project at 1100 and 1150 First Street to the east. The project will sit close to Archstone's residential and retail building across Pierce Street to the north and Bristol Group's NoMa Station just across 1st street.

Camden will build in two phases, breaking ground first on the south side of the block to construct a 300,000-s.f., 319-unit apartment building with ground floor retail befitting a full-service restaurant and a fast food restaurant. Phase two will add 400,000 s.f. more of residential space, adding roughly 407 residential units to the mix, and roughly doubling the amount of retail space. Camden will also build more than 450 parking spaces in a three-level underground garage.

John Albright, principal at WDG Architecture, described the project: "We decided to design a modern apartment building which would contribute to the emerging modern context of new architecture in the NOMA district. Particular goals were addressing the all-glass office building being built to the east (Tishman Speyer's building) in the same block and maximizing the views in the south facing units. Maximizing the views involves increasing the glass area of the façade and this naturally leads to a more modern expression. The non vision areas of the façade were addressed compositionally as layers which allowed for the largest glass expanse toward the eastern corner adjacent to the all-glass office and becoming less glass, but incorporating bay windows toward the west giving each unit a corner window. The bay window tiers were punctuated with outdoor patios and the fronts angled to provide a variety of unit types and architectural detail on the L Street elevation. The design also includes a high degree of tenant amenity including restaurant, retail, fitness club, landscaped courtyard and roof top pool.”

“Camden is excited to be a part of the revitalization that is occurring in the NoMa neighborhood. With the combination of the large users that have committed to the area including EEOC, ATF, NPR and DOJ along with the other large high-end residential, office and mixed-use developments we feel NoMa will soon be a vibrant 24 hour community. In addition, we feel that Camden NoMa is going to be a great addition to our portfolio in the District. With its modern design and high-end amenities it will be a nice complement to our existing communities that were historic rehabs," announced Ginger Ackiss, Vice President of Real Estate Investments at Camden.

Work on the first phase should be completed in late 2010, the second phase will follow will follow shortly thereafter.