Showing posts with label ICG Properties. Show all posts
Showing posts with label ICG Properties. Show all posts

Friday, May 25, 2012

HPRB Votes Down 16th Street Mixed-Use Church and Office Building Design

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In the course of a concept review hearing yesterday, the Historic Preservation Review Board voted 5 to 2 against granting The Third Church of Christ, Scientist and ICG 16th Street Associates, LLC an exception that would allow them to build a mixed-use church and office building more than 90 feet high at 910 16th Street (between K and I), where the church currently stands. This would have broken a restriction placed on the historic district of 16th street, which leads to the White House.  The review did not include discussion of the highly contested demolition and rebuilding of the church.

Historic Preservation Office staff members David Maloney and Steve Callcott presented a 16-page report urging the Board to deny an exception for a number of reasons, including incompatibility “with the character of the street as a whole” and a fear of creating a precedent of breaking the height rule on 16th Street.

According to the report, "The proposed structure would exceed the 90-foot height limit in several respects. The street facades would extend above the limit to 93.7 feet, calculated from the allowable measuring point on I Street. An extra ninth floor would rise to 107.7 feet, with a 30-foot setback from 16th Street and a 15-foot setback from I Street. The top of the mechanical penthouse would be at 123.7 feet.”

Originally, the project was proposed as an 11-story building with a copper façade. Following comments from the HPO, ICG and architect Robert A.M. Stern Architects partner Graham Wyatt scaled it down to a 9-story building with a stone façade for it to blend better with neighboring buildings.

Since the height restriction has been controversial for years and because this is a historic district, Maloney said it would create a slippery slope with a precedent that other developers could use to break this rule and begin to break down the historic district's uniformity.

“The physical nature of the historical district … is established by the requirement that has been in place since 1894 not to exceed 90 feet,” Maloney said.

ICG principal David Stern, Third Church member Darrow Kirkpatrick and Wyatt represented the project.

Stern said he hoped the project wouldn’t be judged on what might happen, while Kirkpatrick called the report a “substantial burden on our religious beliefs” (though it should be noted the only thing in question was the height of the office building, specifically the addition of a ninth floor, which would not include any part of the church, according to the renderings presented by Wyatt).

The hearing lasted approximately three hours, though it wasn’t until the final twenty minutes that board member Rauzia Ally asked Wyatt what seemed like the most important question: Why does it need a ninth floor?

His answer was that the church is set back into the building and takes up valuable office space, which would be reclaimed by adding a ninth floor. The board was not impressed.

The room filled almost completely for the hearing, and various arguments took place throughout the day including attacks on Wyatt’s architecture, complaints about the lack of religions iconography on the building and arguments about from where in the city can one actually see the extra floor (which is set back 30 feet in the plans).

Several members of the area’s ANC spoke, including 2B chairman Will Stevens, who complained that the staff report never mentions the ANC and said, “Not only will [the ninth floor] not detract, it will add historical flair.”

Former Washington Post columnist and University of Maryland professor emeritus Robert Lewis argued in favor of the extra floor by questioning if it would actually set a precedent.  David Alpert founder of Greater, Greater Washington said, “Historic preservation is … becoming the anti-height movement.”

Gretchen Pfaehler, Nancy Metzger and Robert Sonderman also voted to adopt the staff report’s recommendations.  Pfaehler explained her decision concisely: “That’s the law.”

Washington D.C. real estate development news

Monday, December 19, 2011

"Ultra-luxury" Georgetown Hotel Secures Financing

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The long-simmering Georgetown luxury hotel project has secured financing and is finally moving forward, with an eye towards a December 2012 completion, just in time for the 2013 presidential inauguration.
The Capella Georgetown will be an “ultra luxury” hotel at 1050 31st Street NW, the former American Trial Lawyers Association building. The five-story building, which overlooks the C&O Canal, will feature just 49 rooms and interiors designed by German firm Peter Silling & Associates. The design also calls for a public restaurant and bar overlooking the canal, but details aren't in place just yet. The project, spearheaded by Capella Hotels and Resorts, ICG Properties, and D.C.-based Castleton Holdings Inc., recently brought in Point Ford Management Ltd., an investment firm based in Indonesia, to complete financing for the project, which is estimated in the $45 million range.

"The [financing] process was challenging because of the market," says Nick Demas, Partner at Castleton Holdings LLC. "But in challenging markets there is also great opportunity. We worked through the market fluctuations and successfully secured all the funds needed to complete the project this past July. Our lender, PNC Bank, has been really supportive of the project and our partnership. And we are very excited about our relationship with our new equity partners, Point Ford Management Limited. They are terrific partners and are committed to our program of assembling an ultra-luxury hotel portfolio. As a developer, you really can’t ask for anything more."

The Capella Georgetown will cater to foreign dignitaries, captains of industry, and other international clientele (discussion at an October meeting of the Georgetown advisory neighborhood commission touched on possible entourage-related traffic jams), and the hotel will be accordingly discreet. While the interior has been gutted, the drab office building will receive only minor cosmetic changes to the exterior – new window frames and a slightly larger canopy - in deference not only to future guests' desire to keep a low profile, but also to neighborhood preferences for aesthetic continuity. By restricting the heavy redesign to the interior of the site, the developers have sidestepped the community backlash that often follows these sorts of projects. Demas says of the locals: "We are thrilled that our plan was so well received by our neighbors, the ANC and the Old Georgetown Board." And ANC2E Commissioner Tom Birch was quoted recently as praising the developers for "turning a sow's ear into a silk purse." The contrast between this hugfest and, say, the ongoing drama of the Friedman/Schrager Adams Morgan hotel could scarcely be greater.

Still, despite Demas' demurrals, this project was never realistically going to have problem attracting financing. Hotels, especially luxury ones, have proven to be safe money through the recession, and the District hotel market has historically been one of the strongest in the nation. Local occupancy rates have held steady in the low seventies, and while average luxury rates softened in the past few years, they’ve recovered to nearly the level of their 2008 peak.

This will be Atlanta-based Capella’s second hotel in the United States (its other property is in New York), and the company plans to expand into several other U.S. cities in the near future.

Tuesday, November 30, 2010

ICG's Luxury Georgetown Hotel Still Alive

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Expectedly there was a bit of a buzz in 2009 when ICG Properties announced its intentions of converting a 47-year old office building at 1050 31st Street NW into a "luxury" boutique hotel. But since Castleton Holdings Inc. first bought the property from the American Trial Lawyers Association in 2008 for $18.3 million, and shortly after revealed their 50/50 partnership with ICG, little progress has been reported. Prolonged inaction had some speculating that the deal to bring the U.S. only its second Cappella hotel had fallen through. But ICG Principal David Stern assures skeptics that, though behind schedule, developers are still pushing forward, and hope to wrap up and finalize financing within one or two months. "With the equity and debt aspects of deal squared away, " reports Stern, it appears a groundbreaking is not far off (relatively speaking).

Certainly good news, but stay seated, there remains much work to be done, before the physical labor can actually begin. "Once we close on financing," says Stern, "we still have to get a final project architect on record, and then go through six to nine months of planning." Current designs, provided by BBG-BBGM, are very much preliminary in nature. But the finer details will be hashed in early next year as the community relations, HPRB, and Zoning processes commence.

As currently proposed, the five-story hotel will feature 48 guestrooms and suites and an upscale restaurant and lounge overlooking the C&O Canal. Other highlights include an executive boardroom, a rooftop pool and bar, and exclusive spa. Remodeling of the exterior will be mostly cosmetic. “It won’t be a demolition," Stern reiterates, "The hotel renovation would be primarily interior renovation work.” With an expected construction time of approximately 12 months, developers hope to deliver the new hotel by the end of 2012.

Washington D.C. Real Estate Development News

Friday, April 17, 2009

Luxury Hotel Sought for Georgetown Canal

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ICG Partners, Castleton Holdings, Georgetown, hotel, David Stern
Commercial real estate developer ICG Properties announced this week that it is seeking to redevelop the former headquarters of the American Trial Lawyers Association at 1050 31st Street, NW through a joint partnership with Castleton Holdings. The Washington DC-based developer's goal for the prominent Georgetown location? An "ultra-luxury hotel" with top-tierICG Partners, Castleton Holdings, Georgetown, hotel, David Stern retail.

"[We are looking for a] high-end, luxury hotel operator," said David C. Stern, a principal with ICG. "There’s an opportunity for a fantastic restaurant presence on the Canal side of the building…In keeping with its location in the heart of Georgetown, it’s going to be a high-end project."

In its current incarnation, the five-story building hosts 50,000 square feet of space with two-levels of underground parking and views of the C&O Canal, the Potomac and the surrounding Georgetown area. According to Stern, the development will doing little to alter that – at least, externally.

“It won’t be a demolition. The hotel renovation would be primarily interior renovation work,” he said. “We haven’t selected a project architect yet…It’s very preliminary right now. Decisions like the operator, financing and the hotel architect haven’t yet fallen completely into place.”

That, however, hasn’t scared them from locking down a timeline on the project. Stern says his group is negotiating with an unnamed hotelier and is planning to begin construction by the end of the year. "They are not currently in the District, but, like many other groups, they are very interested in starting operations [here]," he said.

"Given the fact that it’s primarily an interior renovation project, it would be a 12 to 18 month period for construction,” said Stern. “Our goal would be to open in the first quarter of 2011." Presumably by then a hotel operator will have been selected.

Washington DC commercial real estate news

 

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