DC General Meets the Wrecking Ball

  Its been a long time coming, but demolition is finally underway for the beleaguered DC General Hospital.  Several of the 6 buildings that make up the hospital complex are meeting the wrecking ball this week as DC prepares for redevelopment of the entire site.  The complex, which operated as a hospital since 1846, was closed in 2001, and operated as a homeless shelter for families from 2002 until 2018, giving way to Mayor Bowser's plan to operate homeless shelters in all 8 wards.  Demolition of the structure took place in phases, beginning in the autumn of 2018, the final building is scheduled to be demolished later this year.

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In its place, the city has planned for a large, mixed-use complex dubbed Hill East, a 67-acre section of real estate bordering the Anacostia River.  While redevelopment plans go back much further, the city issued an RFEI in May of 2008 and announced finalists that November.  Donatelli Development and Blue Skye Development, which won the bidding process, broke ground on Reservation 13, the first phase of the project, in April of 2018.  The land at Reservation 13 will ultimately add nearly 400,000 s.f. of residential and retail space.  GTM Architects will design the buildings, Bradley Site Design is the landscape architect.

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Washington DC retail and real estate news

Douglas to Seek Second Extension for Uline Arena Redevelopment

With their two year extension on the Uline Arena entitlements running out in mere days, Douglas Development has made a decision - they're sticking with the oft-delayed, complicated project.

"No way are we walking away from this," says Paul Millstein of Douglas Development.  "We're going for an extension as a commercial mixed-use development.  We're still working very aggressively with prospective users.  Thing is, we've got Central Armature right across on the other corner, and it's ugly.  That doesn't help.  And the other corner, catty corner across, isn't developed at all, that doesn't help either.  But we love the site, we believe in it.  We committed early, before they did the grocery store site and the residential. We've put a ton of time into meetings, architecture, planning."

Since purchasing the property in 2004, there has been much speculation, but little certainty, about what Douglas has planned for the historic space.  The space had been used as a trash transfer station, and is now an indoor parking lot - a long way from its auspicious past as a venue that once featured the Beatles, Bob Dylan, and the Temptations.  (Though not all on the same night.)

Part of the problem is that while the space is on the National Register of Historic Places, meaning it can't be demolished as part of any redevelopment, it's not, well, very good at its intended purpose.  When a local arts group put on a drama performance at Uline in early 2011, reviewers noted the poor acoustics of the space, a complaint that some local historians claim has echoed (see what I did there?) through the ages, right from Uline's opening.  Still, the poor acoustics could be remedied, at least in part, by a redevelopment, preserving Uline as an arts performance space - a prospect that is still very much on the table, according to Millstein.

"We're still looking at an entertainment component on the ground floor," Millstein says.  "Something, for example, like the Fillmore in Silver Spring, or maybe an even larger venue.  Retail use could also do extremely well."

The HPRB approved Douglas' preliminary plan in 2008, a GTM Architects-designed concept that keeps the familiar Uline facade intact and preserves the cavernous interior as a multi-level atrium, into which extensive skylights would admit natural light, giving the shell the illusion of transparency.  Those plans - which remain very much in flux - would incorporate 290,000 s.f. of commercial office space, 75,000 s.f. of ground floor retail space, and up to 225 residences.  That design received one two-year extension already, in September 2010, which brings us to the present day.  That extension expires next month, though Douglas has every intention of applying for another.

So what's the next step?

"The next step is to file a request for extension, and get those entitlements extended," says Millstein.  "There will be a hearing, but I think we'll be successful in our extension.  The last couple - three years, nothing much has happened in the area, though now there's a lot of residential stuff popping up, even some office.  But the area's still got quite a ways to go.  I would hope that in the next cycle, the next 24 months, Uline will really take off, and I think it will.  I think our time has come."

Washington D.C. real estate development news

Donatelli Building Again in Columbia Heights

Developer in Chief of Columbia Heights Chris Donatelli will soon build his next residential addition to the Metro-oriented DC neighborhood. Donatelli has just scored $116m in financing from lender Invesco Real Estate, an event Donatelli said was the last impediment to building a 143-unit apartment building designed by Bethesda's GTM Architects. The building on Irving Street will be adjacent to Donatelli Development's Highland Park apartment building and across from the DC USA shopping center. The apartment building will replace a small homeless shelter that was closed on October 15, with a new structure that will essentially become a wing to its neighbor.

The District of Columbia granted the developer a time extension just this fall, under which Donatelli has until mid 2012 to file for building permits, though Chris Donatelli had firmly maintained that he intends to build sooner, and said in a text (yes, text. Cool.) that construction would start within 60 days. Originally approved as the "Calla Lilly", a 69 unit residence (see rendering, at right below), the building will now feature a setback penthouse level and blend more harmoniously into Highland Park. The recent zoning extension also alleviates parking requirements by taking advantage of Highland Park's underground garage. The new Highland Park West apartment tower will front Irving Street and be connected to its sibling, both physically and visually, replicating the style of the existing apartments. A new shelter facility will occupy the back portion of the lot, and will stand separately from the apartment buildings.

Highland Park was completed by Donatelli and partner Gragg and Associates in early 2008; the Art Deco revival building, designed by Silver Spring architects Torti Gallas, adds a subtle timelessness while without mirroring nearby architecture. The project had been listed for sale as condominiums from 2005 to 2007, but in late 2007 Donatelli canceled sales with only about a quarter of its 227 units having sold, converting the building to apartments that filled quickly.

DC Real Estate Development News

Jemal Presents Plans for Another 14th Street Residential Project

After receiving support from ANC 1B, Douglas Jemal and his team at Douglas Development hope that the Historic Preservation Review Board (HPRB) are equally kind to their concepts to demolish a forlorn auto shop and build a six-story, 30-unit "apartment house" at 2221 14th Street, NW (see map, left). The development will feature ground floor retail and one level of below grade parking, with spaces for only ten cars and several bicycles.

Courtesy of architects at the relatively new DC firm R2L, the bright and busy concept design draws from a contemporary assortment of glass, metal, brick and terra cotta panels. Sharply angled bay windows protrude from the facade offering apartment dwellers views down both the historic 14th Street and Florida Avenue corridors. Long glass shop windows front the ground floor facade, which will eventually house retail. The environmentally friendly rooftop will feature green landscaping, a lounge deck, and possibly decent views. Architect Sacha Rosen, a principal with R2L, explained that "the massing, form, and rhythm are in the Washington historic tradition, but the details are contemporary." Being located within the Greater U Street Historic District, HPRB will offer feedback shortly, as the project is likely to be included on the Board's next meeting agenda for the 18th of this month.

In early 2009, Jemal, under the guise of "Jemal's Hookers, LLC," was in the process of acquiring raze permits for the vacant auto lot to make room for a new 10,000 s.f. retail development designed by George Myers of GTM Architects. Clearly those plans were scrapped, and this time the metrics are grander. Rosen described the project site as "wonderfully prominent...as one of the historic entrances to the District's core." But given the site's small and irregular shape,

Rosen said his team was presented with the difficult task of designing "a very efficient building that can support an exterior that will do justice to the community's expectations."

Interestingly, a large mural has been proposed for the back wall of the building, facing southwest. The development team has been in contact with G. Byron Peck, a locally based and nationally respected muralist about commissioning the mural's creation and installation. Peck is responsible for the "Black Family Reunion" mural which has been on the wall

of the adjoining property for many years. He also painted the portrait of Duke Ellington located on the wall of Mood Indigo at the corner of 13th and U Streets NW since 1997.

The often painstaking approval process should be finished by February 2011, with design documents complete in late Spring 2011, and developers are optimistically planning for a Summer 2011 groundbreaking.

Washington D.C. Real Estate Development News

Homeless Shelter Out, Highland Park Addition In

A Street Sense article recently expressed worry over the impending closing of the La Casa homeless shelter at 1436 Irving Street, NW and the prospect of 72 extra homeless men hitting the streets just in time for hypothermia season. The emptying shelter will in fact give way to construction crews and wrecking balls, as the property is set to feature a 143-unit addition to Donatelli Development's adjacent Highland Park apartment building, as well as brand new 82-bed community based residential facility.

Although the development team successfully obtained a two-year PUD extension from the Zoning Commission earlier this summer, citing (surprise) difficulty securing financing giving the economic downturn, the District will still follow through with the closing of La Casa. Trailers will be removed by November 1st, paving the way for construction to begin shortly after. Reggie Saunders of the DC Department of Human Services confirmed that the shelter will officially close this Friday, October 15th. With PUD extension in hand, developers will have until June 27, 2012 to file for a building permit, and until June 27, 2013 to commence construction, but Chris Donatelli, President of Donatelli Development, insists that the soon-to-begin environmental remediation work and demolition will quickly give way to actual construction in the coming months.

The news does not come as a surprise to Steven Jackson, Program Coordinator at La Casa Shelter, who says he's been "operating under the assumption that the shelter will shut down this Friday." Jackson says that plans have been arranged to accommodate current shelter residents by either placing them in "permanent supportive housing" or "reassigning them to alternative emergency shelters." Jackson confirmed that a few of the men had been reassigned to the La Casa Transitional Rehabilitation Program (TRP), a more comprehensive six-month program that "provides temporary residential services for homeless men to help them to achieve self sufficiency."

Old rendering

Originally approved as an 86-foot, 69 unit-addition, Zoning granted the development team a modification to their PUD late last week, accepting the applicant's plea to expand their residential plans from the original 69 to 143 units and push the building up to 90 feet. Additionally, a setback penthouse level will rise nine feet atop the roof line. Twenty percent of the new apartments will be "affordable," marketed at 80% AMI. The modification also permits architects to redesign the exterior facades to more smoothly blend the addition with the existing Highland Park apartment building. The newly amended PUD also rids developers of their parking space obligation, as future residents will be allotted space in the already constructed below-grade garage next door. The new Highland Park West apartment tower will front Irving Street and be directly connected to the original Highland Park. The new shelter residential facility will occupy the back half of the lot, and will stand separately from the apartment buildings.

Torti Gallas, designers of the adjacent Highland Park apartments, have passed off architectural duties to Bethesda's GTM Architects for the new addition. Initial designs which included a lily-like glass building called the Calla Lily, a design that would have been a significant departure from Highland Park and from the architectural standards of Columbia Heights, has been scratched. Instead of creativity and innovation, architects have tapped their best tracing abilities, as "the new building will look like an exact, matching extension of Highland Park," Donatelli explained. But hey, why mess up a good thing. Highland Park has been a popular residential success since it opened in 2008, and Donatelli confirms that the last retail space has just been leased, soon to feature a brand new sports bar named Lou's Bar and Grill.

It remains unclear how the District will foot the bill for the new shelter, or who will operate it once it's reopened, says Stephen Jackson of La Casa. Donatelli doesn't know either: "We're responsible for the demolition and the design plans, after that it's all on them." Them being the District government, and Lydia DePillis's reporting at City Paper makes it pretty clear that whatever money had been previously set aside for a new La Casa is now lost or spent, and one way or the other, unaccounted for. If and when the new La Casa is made a reality, the building will be quite an upgrade from the current mess of trailers that occupy the property. The planned shelter will not serve "emergency" needs, sandwiching 15 men into bunk-lined trailers, but instead feature private one-bed apartments, better suited to rehabilitate homeless men with drug and alcohol addictions and mental health problems. The Coalition for the Homeless, a nonprofit that currently operates the La Casa shelter, seems optimistic about its continued involvement at the Columbia Heights location, as its website reads: "The La Casa TRP was temporarily relocated to 1131 Spring Road, NW by the District government until the NEW state of the art La Casa Multicultural Center is built at its current location on 1436 Irving Street, NW." But then you would have known some of this had you shelled out the $1 for Street Sense last week.

DC Real Estate Development News

Two Year Extension Given to Uline Arena Redevelopment Plans

Like many developments around the city, Douglas Jemal's plans for the vacant Uline Arena and Ice House will remain stalled for the foreseeable future. But that won't stop real estate development fiends from fantasizing about the day Jemal's unique redevelopment vision for this historic NOMA property are finally realized. On Tuesday that day seemed pretty far away, as the BZA granted Jemal and his development team a two year extension of their plan approval and setback and parking variance relief approvals. In 2008, both the Historic Preservation Review Board (HPRB) and Zoning approved the preliminary plans of Douglas Development, in partnership with the Wilkes Company, to

transform Uline Arena into a state of the art mixed-use complex featuring 290,000 square feet of commercial office space, 75,000 s.f. of ground-floor retail, and 225 residential units.

Bounded to the north by M Street NE, and situated on the northern half of the block between 2nd and 3rd Streets NE, the Uline Arena, also known as the Washington Coliseum, is best known as the first concert venue in the United States to host the Beatles. Over the years it featured sports teams like the Washington Lions (American Hockey League) and the Washington Capitals (American Basketball Association), as well as famous musical acts like Bob Dylan and the Temptations. Most recently the facility was used as a trash transfer station by Waste Management Inc. Originally constructed in 1941, HPRB placed the building on its National Register of Historic Places in 2006, preventing any future demolition plans.
GTM Architects have penned the design plans that see the historic coliseum restored, renovated, and expanded. Designers are excited about the historic preservation aspect of this project, describing the structure and its thin shell concrete vaulted roof as one the earliest examples of "structural innovations in modern industrial design in the United States." As part of the renovation, existing masonry facades will be improved and restored. A 2-story addition of glass and steel will be constructed above the Ice House, highlighting the industrial character of the structure.

A spacious, multi-level atrium will be constructed inside the domed Arena. Decisions on who or what will occupy the retail space are up in the air: big box retail, an entertainment center, a mix of small and local restaurants and cafes, it all remains on the table, according to developers. The streetscape will be improved with planters and transitioned into a new landscaped entry plaza at the northeast corner of the block. Developers intend on extensively incorporating sustainable design strategies so to warrant LEED certification upon completion.

Executive Paul Millstein of Douglas Develpoment says of the hold up: "We have a really cool design to bring this property back to life, but right now we're still searching for the construction money." It's a tough market for anyone to secure financing in, but especially so for a development team used to doing spec projects. With times still uncertain, no one is willing to finance

developments without prelease agreements, says Millstein. "Trust me," he explains, "this is not the place we hoped to be; we thought we'd be done by now." But he assures skeptics that they are remaining flexible on the future of the office and retail space, and "are plowing ahead, more bull-headed in our efforts than with any other property."

But Douglas Development promises not to sacrifice quality for speed. At the initial approval hearing he told the BZA that the building was going to have "cool tenants." "They're going to be innovative. They're going to be environmentally correct. They're going to be public transportation oriented. They're going to be neighborhood friendly," he elaborated. But what and who are these "cool tenants"? Greenpeace, who currently resides in another of Jemal's buildings, was initially mentioned as a possible tenant, but have decided to remain in their current location. And that's really too bad, because what's cooler than Greenpeace? Well, except for Paul McCartney playing a gig at the groundbreaking ceremony, just a thought. Hurry up Jemal, while he can still sing.

Washington D.C. Real Estate Development News

Yet More NoMa Residents

Just a few days after NoMa announced its first new housing in a century, the downtown DC neighborhood will get yet another bump in residents with the opening of The Loree Grand on Tuesday. The Loree Grand at Union Place is the first phase of the Cohen Companies planned Union Place development, which is intended to deliver more than 700 new apartments, 9,000 s.f. of retail, a daycare center, and central courtyard open to the public. The Loree Grand, named after local resident Loree Murray who fought local gangs and drug-dealers and had her home firebombed as a thank-you, is the only portion of Union Place to begin construction so far. The opening of the apartment building brings 212 new rental units to 250 K St., NE, with 173 parking spaces in two levels below the 10-story frame. The building, designed by GTM Architects and built by ADC Builders, began construction in July 2007. The bulk of the 212 units are variations on 1-bedroom apartments with the remaining 30 units in various 2-bedroom configurations. The first two floors attempt to replicate traditional Washington DC row house design, with entrances both on the street and from the interior. Cohen did not pursue LEED certification on the building, but the building does support a green roof. Two weeks ago the Loree Grand began taking initial applications from artists for 30 artist-designed apartments, thanks to a partnership with the Cultural Development Corporation. Phase II of Union Place is currently on hold. Cohen also built the Velocity condos in the Capitol Riverfront (ballpark) neighborhood, and is exploring another mixed-use project at 14th and Virginia Avenue, SE. 

Washington, DC real estate development news

Artists Line Up for Housing

The scene at Flashpoint art space in Penn Quarter at 7:45 this morning was a flashback - hopeful denizens waiting in line for the newest housing offering. The scene was not, however, a replay of the condo frenzy of 2005, but a new subsidized housing venue aimed at struggling area artists. Eleven eager applicants waited in line for one of 30 units designated as "artist housing" in the new Loree Grand nearing completion in NoMa, the first phase of Union Place, a new 212-unit apartment building at 250 K St., NE. The benefaction comes from a partnership between developer Cohen Companies and the Cultural Development Corporation (CuDC), encouraging "artists, arts administrators, and arts educators" with dedicated subsidized rental apartments. The CuDC began accepting applications today and will continue through May 24th. So who's an "artist?" To screen the uncreative, an independent panel of arts professionals will review three artistic competencies: demonstrated body of work and commitment to an artistic practice, active ongoing participation in the arts industry and potential for an affordable live-work unit to positively impact an artistic career. Commercially successful artists need not apply, as the unit allotments are based on need. But don't picture starving sidewalk caricaturists in tie-dyes; in DC "struggling" is a relative term. The CuDC is looking for painters, filmmakers, graphic designers, even "arts administrators"and educators, with incomes based on the DC Department of Housing and Community Development's income limits. That puts income minimums at $34,958 (have IRS forms in hand) for a studio and income maximums at $82,160 for the largest two-bedroom apartments. Cohen purchased the land for just over $1 million and has spent $45 million on construction costs with ADC Builders and GTM Architects, the general contractor and architect, respectively. The 10-story Loree Grand - one of the few multi-family buildings underway immediately east of the railroad tracks, will also offer 3,700 s.f. of retail space, which Eric Siegel, Executive VP at Cohen, says he hopes to fill with a food-wine-coffee shop along the lines of Tryst in Adams Morgan or Busboys and Poets. 

No retail tenants have yet committed, and Siegel dismissed rumors of a hot yoga studio. First-in-line Lisa Simmons camped in her Mini for the night to ensure her place in line (pictured at right). The DC native is a short-film maker whose focus is "urban dance in urban spaces." The self-professed nomad now floats between her mother's and boyfriend's places and leapt (well, slept) at the chance to be surrounded by other artists close to Union Station's transit options. Painter Matthew Mann heard about the housing through CuDC's Red Circle, which brings together artists and business leaders. Mann was in line so early for the appeal of "affordable space" that "wasn't derelict." Julia Suszynski and Katherine VanWyk, interns with the Shakespeare Theatre Company, are hoping for a new apartment when their subsidized intern housing runs out. Both heard about the housing through their current work and Suszynski said she thinks artist housing "is an interesting way to segment people." Both hope to qualify as arts administrators. Emma Fisher, Communications Manager with CuDC, said she was happy with the early turn out and expected more applicants throughout the day. Units should be ready for move-in by June. Rentals run from $999 to $1330 for a studio, and up to $1657 for a two-bedroom. Correction: The income guidelines quoted above are determined by the U.S. Department of Housing and Urban Development, not by the District government. 

Shaun Courtney contributed to this story. Washington, DC real estate development news

NoMa's First Residential Projects

Union Station's finally getting new neighbors as NoMa's very first new residential developments approach completion. The Loree Grand, the first phase of the planned Union Place development, brings 212 new rental units to 250 K St., NE. The building, which began construction in July 2007, is on track to be ready for occupants by March or April. Next door Paradigm Development is hard at work on The Washington Center student housing also slated for April delivery. The new NoMa residents will have gobs of transportation options including the metro, Marc and Amtrak lines, buses, the new bikestation and, if the street cars ever get worked out, a short ride to the H Street/Atlas District. The two new residential elements will be joined by Constitution Square, which is also expected to be finished in 2010. It's looking to be a good year for NoMa. Loree Grand developer, the Cohen Companies, purchased the land for just over $1 million and has spent $45 million on construction costs with ADC Builders and GTM Architects, the general contractor and architect, respectively. The bulk of the 212 units are variations on 1-bedroom apartments with the remaining 30 units built to 2-bedroom configurations. The Loree Grand will also offer 30 affordable apartments, likely to go to artists, arts administrators, and arts educators thanks to a partnership with the Cultural Development Corporation. Though not certified officially green, the building features a green roof with self-sustaining plant life, but makes up for it with 173 parking spaces in two below-grade levels and an additional 39 spaces on an adjoining surface parking lot. The Loree sits on the corner of 3rd and K Streets with 10 stories at 90ft on the corner stepping down to 7 stories at 60ft on the north end. The design features three shades of brick with precast concrete trim-work and detailing. The the first two floors reflect traditional Washington row house designs, with unit entrances fronting K Street and 3rd Street that will also be accessible from the interior. The building includes amenities such as a 2,000-s.f. private fitness center and 1,500-s.f. "party room". On the ground floor at 3rd and K sits approximately 3,700 s.f. of retail space, which Eric Siegel, Executive VP at the Cohen Companies, says he hopes to fill with a food/wine/coffee shop along the lines of Tryst in Adams Morgan. When(ever) the second phase of Union Place finishes, residents will also have access to a child care facility. According to Michelle Pilon, a Sr. Project Manager at the Cohen Companies, Phase II of Union Place is "currently on hold," but will ultimately feature 500 apartment units and 8,400 s.f. of commercial tenant space. 

Siegel indicated the group was working on drawings now for Phase II, but it sounds like neighbors at the Loree Grand won't have to worry about construction noise for a while. Facing the Loree is 1001 3rd St. NE, soon to be home to students of The Washington Center for Internships and Academic Seminars. The 140,000 s.f. project should deliver this April with 95 rental units and 14,000 s.f. for a state of the art auditorium, classroom space and one level of underground parking with 35 spaces for the swarms of interns who hit DC every year. The Washington Center purchased the property in January of last year for $8.2 million from Greenebaum and Rose. The sale also included designs for the six-story building by architects at Davis Carter Scott, whose plans needed only a few interior alterations to accommodate the student housing. According to Steve Griffin of Paradigm, the housing should be home to 1,200 students rotated throughout the year. Most units are two bedrooms, two baths at about 1,000 s.f. each; not too shabby for interns. In 2003 Greenebaum and Rose bought the land which was once home to the Capitol Cab Company. 

The Davis Carter Scott plans, which were sold in 2009 along with the property, originally called for a $20 million, six story, 92,800-s.f. residential building. In May of 2008 Greenebaum and Rose partner, Sam Rose, told DCMud, “For now, it’s a piece of land with a permit. We’re not starting until the world looks prettier." It would seem that $8.2 million looked a lot prettier than a questionable condo project. The two projects are huge improvements over the former cab company and what was at one time a major drug intersection. The Loree Grand is named after Loree Murray, a former area resident who founded Near Northeast Citizens Against Crime and Drugs to organize neighbors against the rampant cocaine trade and violence in the 1980s. The group aided the police in fighting against one of the biggest cocaine drug rings in DC that at one time operated at 2nd and K St NE, future home of urbanites and interns. Liz Price, President of the NoMa BID, said, "all this residential is a new area for us. We're really excited to build residential density in this neighborhood."

Washington DC commercial property news

Velocity Condos Opens in Southeast DC

The Cohen Companies’ Velocity Condos, near the SE Navy Yard Metro and Nationals Stadium, hopes to entice buyers with their October 3rd and 4th "Grand Opening" event to celebrate completion of construction. Developers worked with ADC builders to create a condominium complex that promises to give on-the-go DC-types a taste of “downtown Manhattan in the middle of DC.” Boasting standard "luxury" features like stainless steel and granite, Velocity hopes to entice very patient buyers to invest in the Capitol Riverfront's only new condo for sale.

The 200-unit, 14-story Velocity features standard amenities like the 24-hour concierge service and underground garage parking. But the sales team hopes other touches like Velocity’s rooftop pool deck, private balconies, full-height granite backsplashes, and built-in lazy Susans will go a long way toward separating these units from the pack. Residents may even have a manicured central courtyard to look forward to next year, if plans coalesce for construction of an identical, 200-unit, Phase 2 condominium next door; but that looks unlikely, and the lot is still vacant. 

  Sales Manager Vicki Johnston explains that some of the condo's finer details like extra walk-in storage space and deeper-than-standard bath tubs can be attributed to a woman’s touch as they were envisioned “by the amazing, completely female design team at GTM Architects.” And according to Johnston, Southeast DC condo shoppers might be "surprised" to learn these are “the only condos in the ballpark area. All the other units around here are co-ops and rental units.” Of course that may be by default - since JPI's three nearby condo projects turned rental thanks to the market (JPI fizzled as well), as did Faison's Onyx, all of which are now substantially leased (ok, thanks to giving away months of free rent). Then there's Velocity. Since beginning sales in 2007, only 58 of the available 200 units have been purchased—so it might be premature to rule out rental units in Velocity's future. Despite these modest sales numbers, Johnston sounds confident that the right potential buyer could rake in big bucks on resale, assuming he or she is “willing to hold out for a little while.” Prices for Velocity units begin at $317,900 ($295 condo fee) for a 644 s.f. studio and run the gamut up to $784,900 ($683 condo fee) for a 1,492 s.f. 2BR/2BA/Den combo. The one bedroom, two bath, den condo has been the most popular among buyers thus far and runs $483,900 ($488 condo fee). If you are willing to take the risk while the units are still plentiful, the rewards include a $1,000 credit towards customizing your own closets and a free parking space worth $35,000 (the garage holds an unusually high ratio of 1.5 spaces for condo). Now, it’s only that small matter of the neighborhood building up around it.

District of Columbia retail and real estate development news