Showing posts with label DC Real Estate. Show all posts
Showing posts with label DC Real Estate. Show all posts

Tuesday, May 13, 2008

Dunbar Place on North Capitol

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The Historic Preservation Office has approved the razing of six adjoining row houses: 1322-30 North Capitol Street, NW and 7 Hanover Place, NW, to make way for Thoron Development's Dunbar Place, a five-story condominium building.


Thoron founder Robert Taylor describes Dunbar Place as a five-story, 29-unit condominium project that will include a deck of underground parking, ground-level green space, and a rooftop deck. Having completed the design phase of Dunbar Place with PGN Architects, Thoron now moves into the permit process, after which it will begin construction, with completion by the end of 2009. Taylor hopes that Dunbar Place and Mews will augment the blossoming NoMa neighborhood and notes that neighbors and the local ANC feel likewise.

Dunbar Place used to be Dunbar Towers, but Thoron recently dropped the name. As Taylor notes, “It didn’t really look like a tower.” Dunbar Mews, around the corner on O Street, is another Thoron project, this one an eight-unit renovation. Thoron recently completed Parkview Condos, a 24-unit renovation of a historic building at 610 Irving St., NW.

Just a few blocks north of the new project, at 1600 North Capitol, sits a lot with plans for a 40-unit building, where progress on and interest in the development is hard to detect, while just a few blocks south lies Northwest One and all of Noma, where progress is significantly easier to detect. Let's hope the activity to the south is a better indicator of success.

Tuesday, January 29, 2008

Mo' Money for Great Streets

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Mayor Adrian Fenty announced today $95 million in additional funding for the city's Great Streets initiative. In so doing, the Office of Planning and Economic Development (ODMPED) issued an RFP to solicit "applications for development assistance," i.e., proposals for funding that would forward the District's goal of improving challenged neighborhoods along six enumerated corridors: the Martin Luther King, Jr. Ave SE, H Street NE, Georgia Avenue NW, Petworth NW, Minnesota-Benning, and Pennsylvania Avenue SE.

The District will award the funds for mixed-use and retail developments through Tax Increment Financing (TIF), in which the District will issue bonds to be repaid through earmarked property taxes and sales taxes of the subject neighborhood or development. In theory, the funding is revenue-neutral since the bonds are repaid through the excess tax value generated by the improvement, and the project will "pump millions of dollars into some of our most important commercial districts, creating new jobs, better amenities and more vibrant places" according to the Mayor.

Funding requests, due by April 18th, must reference development that will break ground within 24 months of today and complete 30 months thereafter.
 

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