Today in Pictures - Meridian at Mt. Vernon Triangle

Paradigm and Steuart Investments are nearing completion on the Meridian at Mt. Vernon Triangle, a 390-unit rental building at 425 L St, NW. The apartment building rises fourteen stories above three levels of below-grade parking. Along with the typical amenities like a gym, roof deck, common rooms, the building will also feature a hybrid and electric car refueling stations. The building broke ground in October of 2010.

The apartment building was designed by Architecture Collaborative, Inc., while Collins & Kronstadt of Silver Spring holds the title of architecture of record. Developers expect final completion by this fall, but will have competition from the new Donohoe apartment building just across the street.








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Improvise, Adapt, Overcome, Now Eat. Firehouse-Inspired Sixth Engine Bistro Opens in Mt. Vernon

Old firehouses just seem to lend themselves to classic-looking bar-and-grill type bistros once the last shift has run the last call. And the new Sixth Engine at 438 Massachusetts Avenue near the Mount Vernon Triangle, which just opened this week, is no exception.

The restaurant, owned and operated by Gavin Coleman, Jeremy Carman, Paul Holder, Paul Madrid and Tim Walsh, who also run the Dubliner Irish pub, just down the street, as well as Glover Park's Town Hall, opened in 2005 -- is a smart reuse of the Metropolitan Hook & Ladder Company building, built in 1855 and used by the D.C. Fire Department until 1974. It is the oldest firehouse in the District, and a handful of its era, most built by Leon Emile Dessez (1858-1919) still survive, with some on active duty with DCFD.

"This building presented us with a wonderful opportunity to create a one-of-a-kind restaurant environment, though not without its share of challenges," said Kathryn Bram, Director of Projects for Bethesda-based Streetsense, the marketing and design firm behind Sixth Engine. BuilderGuru Contracting Inc., served as general contractor.

"The firehouse is surrounded by the new 400 Mass condo development, but has its own walls and structure," she said. "We had to solve numerous issues in regard to egress, deliveries, life safety, structural integrity, venting and more." Jenkins Baer Associates of Baltimore also contributed to the interior design.

(Courtesy: DCFire.Com)

The 3,900 s.f. restaurant has two floors, and includes the original "MHL" shield outside the front double doors, as well as a refurbished brass pole.

Douglas Jemal of Douglas Development purchased the firehouse from the city in 2005, recognizing its potential. The Sixth Engine crew leased the space from Jemal beginning in March 2011. The first floor holds a bar and main dining area while the second floor holds the kitchen and a private dining room.

Sixth Engine isn't the only adaptive reuse of local firehouses in the Washington Metro area. Fire

Station 1 Restaurant and Bar in Silver Spring, owned by retired fire captain Jeremy Gruber opened in 2010 in the old Silver Spring Volunteer Fire Department Station 1 House on Georgia Ave. Several other old firehouses in the District have been redeveloped or under consideration, including Firehouse 10 at 1341 Maryland Ave NE. and at Engine Co. 12 at 1626 North Capitol St, the latter of which has seen several restaurant deals emerge in the past few years but fall through.

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Mount Vernon Triangle's Critical Mass

Mount Vernon Triangle may soon be a bit crowded. The small neighborhood, tightly encircled by L'Enfant's avenues, has been struggling for years to develop a critical mass of development, a moment that may now be at hand.

If all the projects currently in the pipeline for the neighborhood are built, Mount Vernon Triangle will more than double its square footage of office space, add 1,570 apartments/condos and 380 hotel rooms, and increase retail offerings by 157,500 s.f. Despite its shortcomings - no Metro stop, convention center, or arena within its borders, it can claim close proximity to each, a fact that continues to fuel development.

Case in point: two new projects by The Wilkes Company and Quadrangle, with preliminary designs by Hartman-Cox, and targeting a 2012 start date for construction: 400 K (300,000 s.f. office space, 12,500 s.f. retail) and 300 K (500,000 s.f. office space, 25,000 s.f. retail - pictured at left). Both are part of the larger Mount Vernon Place development that started with a pair of condominiums. Two additional buildings by Wilkes and Quadrangle are also in the works for the area: 440 K (planned as a 234-unit apartment with ground-floor retail, but that could turn into office space) and 255 H Street, a 400-unit apartment building.

Numerous other large developers have projects on the boards - Steuart, MRP Realty, Bozzuto, The Donohoe Companies, Kettler, and Equity Residential - but few have pulled the trigger just yet, and Bill McLeod, executive director of the Mount Vernon Triangle Community Improvement District said those who don't take action soon, "will end up missing out." McLeod, who has been with the MVTCID - created by Mayoral Order in 2004 - for the past five years, added that investors have been paying attention to the area of late.

Equity also hopes to start construction next year on the 170-unit apartment and historic restoration project "Eye Street Lofts", originally a vision of local Walnut Street Development that was iced in 2007. Equity - the largest publicly traded owner and operator of multifamily apartment complexes in the U.S. - bought the land fully entitled a few months ago. Equity will go before the Board of Zoning Adjustment on December 13th. With the area designated as a historic district in 2001, the project received HPRB approval in 2006 (as pictured below) to restore two circa 1880, 3-story townhomes, a 2-story garage/ warehouse, and a small former blacksmith shop in the alley. The building currently leased by BicycleSPACE will be razed.

Nearly a decade after Mount Vernon Triangle was first targeted for redevelopment by the Office of Planning and ten major property owners in the area in 2002, existing apartments are 96-percent leased, condos are sold out, 230,000 s.f. of office space is leased at 455 Massachusetts Avenue and, notes McLeod, only the top floor of the 392,000-s.f. office at 425 Eye Street needs a tenant.

The Meridian, at 425 L Street, a 390-unit apartment developed by Steuart Investments and Paradigm, is now under construction. The topping out of the 14th (and final) story occurred this past September, the project will begin leasing soon and should complete by next June. Phase II of the project will be a 300-unit apartment located next door at 400 New York Avenue.

Next in the queue in Mount Vernon Triangle is Kettler's $80 million, 13-story, 233-unit apartment with 7,000 s.f. of street level retail at 450 K Street (pictured right), under construction next spring and delivering in 2014.

Of great interest to those invested in the area is the timeline of the K Street Streetscape Improvement, the contract of which is currently being finalized by DDOT. The 18- month infrastructure project should be underway early next year, said McLeod, resulting in a mid-2013 completion date.

The long-anticipated $9m reconstruction of K Street between 7th Street and 3rd Street will bring new paving, sidewalks, streetlights, and plantings. Streetcars are also in K Street's future, though the District's focus is currently on funding other legs first, i.e. the H Street Corridor.

Driving much of the current wave of development regionally is the gradually opening financing spigot and Washington D.C.'s perch on the top of the national real estate market. But Mt. Vernon Triangle has something else more rare in downtown DC: empty space. The Downtown Business Improvement District (BID) notes that only about 5 million s.f. of unbuilt space remains available downtown, 2.5m of that at CityCenter and 2m of that above the Center Leg Freeway. That leaves the equivalent of only a few office buildings that could be built downtown before growth has to expand outward, and Mt. Vernon is the nearest spot.

Yet if all projects currently in the pipeline are realized, Mount Vernon Triangle will max out its 600-room hotel capacity, reach 93-percent of its residential capacity (4,250 units), 87-percent of its office space capacity (3 million s.f.), and 84-percent of its retail space capacity (335,000 s.f.). Of the 380 hotel rooms planned for the area, 350 of them are contained in what was once one of the most talked about projects for the triangle, "The Arts at 5th and I" a mixed-use development on the corner of 5th and Eye Street, still considered a "top tier" priority by Mayor Gray.

Donohoe and Holland Development won the right to develop the site in September of 2008, but couldn’t finance the project (pictured below) in the face of the recession. This fall, Deputy Mayor Victor Hoskins visited the ANC with a scaled-back, 250,000-s.f. building with two side-by-side hotels, one a 150 room boutique hotel and the other a 200 room extended stay offering 350 rooms above 10,000 s.f. of street-level retail.

In April, it was announced that art in the form of the Liberty North Community Market would be coming soon to the site. The market arrived this fall, and with no plans to begin construction within the next year-and-a-half, the market's vendors have the 2012 growing season to get comfortable.

Donohoe has yet to visit the DC Council for approval its plan, which includes a 99-year ground lease from the District, something that may happen in the next "two to three months," said Jad Donohoe, after which 12 to 14 months will be taken to flesh out the design by Shalom Baranes, complete the construction documents, get permits, and secure financing.

Yet another project is less certain. It will require a 30,000-s.f. floorplate over I-395 between K and New York Avenue to build a 10-story, 1.7 million-square-foot Washington Global Trade Center with a sleek, open-clam-shell globe design (to the right), a development that has been proclaimed a long shot.

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Mt. Vernon Triangle Office on Track for September Start

The Association of American Medical Colleges (AAMC) is readying for the construction of its new 285,000 s.f. headquarters on New York Avenue in Mount Vernon Triangle between 6th and 7th Streets, NW.

This past Friday, AAMC obtained the permit necessary to wrap fencing around 15 lots on square 451, in order to secure the site prior to demolition; a raze permit was also granted the same day for 628 New York Avenue NW, the hold-out property, finally sold to Douglas Development last month. Raze applications for 611, 617 K Street NW are pending.

After obtaining 628 New York Ave, however, Douglas sold the entire assemblage; it was reported by the Washington Business Journal that AAMC bought its new headquarters site for around $57 million, and Hines Interests LP has been selected as developer.

AAMC is moving from its current location at 2450 N Street, NW, and plans to occupy its new headquarters by spring 2014.

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Partial Preservation Prevails Over Parking

The request submitted to the Historic Preservation Review Board (HPRB) for partial preservation of three historic rowhouses at 1232-1236 New Jersey Avenue NW, was unanimously approved by the HPRB Board on June 30th. The applicant, The Third Street Church of God, had petitioned for a full raze of the properties to make way for 5-7 parking spaces.

The partial raze compromise was reached in the "11th hour," as HPO Staff Reviewer Brendan Meyer stated during his testimony; HPRB Chair Catherine Buell explained that the role of the HPRB is to preserve "contributing structures in a historic district." With that said, Buell then acknowledged that the Church could revisit the Board with a new (full raze) request, or petition the "Mayor's agent" using the plea of economic burden.

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Raze Request for 1860s Rowhouses

Three historic row houses, at 1232-1236 New Jersey Avenue, NW, in the Mount Vernon Square Historic District, are up for demolition. The raze request submitted in February by the property owner, the Third Street Church of God, will be reviewed by the Historic Preservation Review Board (HPRB) next week, on June 30th. The HPRB will decide the fate of the badly decrepit row houses, vacant now for over two decades.

At first glance, the property looks unimpressive. Upon further inspection, and considering the 140-year history, the three residential row houses can be seen in a new light, or at least given a nod. However, the property is the worse for its 14 decades.

Director of Church Operations at Third Street Church of God, Theodore (Ted) Daniels, says that demolition is "one of the options" being pursued by the Church and if this route is pursued that the created "space will be used for parking" for church attendees. The Third Street Church of God has been at its location - next door - at 1246 New Jersey Avenue, NW for over a century.

Rob Amos, chair of the ANC 6C Planning, Zoning, and Environment (PZE) Committee, and president of Mount Vernon Square Neighborhood Association (MVSNA), says that the amount of parking that would be created is unimpressive, and that the PZE moved to oppose the raze request at the PZE meeting on June 1st. The full ANC 6C Commission meeting, however, split 3-3-1 and the ANC "took no action on the request [of the PZE]."

Bobbi Kengel, concerned citizen, says she was "shocked to discover that there could still be a real possibility of demolition of historic rowhouses within a designated historic district."

But, the "real story," according to Kengel, is that "churches and universities are still being allowed to commit demolition by neglect in large numbers, and they aren't even being taxed at the vacant or blighted rates." Rebecca Miller, Executive Director of the DC Preservation league, agreed that property owners should not be able to commit demolition by neglect. According to Amos, "Pastor Sanders [of the Third Street Church of God] testified that [the property] had been vacant for at least 20 years. The Church has been using them for storage for quite a while now."

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More Art at 5th and I, but No Buildings

Art is coming soon to the empty lot known as The Arts at 5th and I - unfortunately, the art is not the beginning of the project by Donohoe Companies to build a high-end hotel, retail outlets and jazz club, but rather an open air market to draw crowds to the lot that remains empty. The Mt. Vernon Triangle BID has announced that the Liberty North Community Market will open on the site on Saturdays and Sundays, more than 80 vendors hawking

"arts, crafts, produce, prepared food, and home improvement goods." The news is a reminder that development of the lot, announced in September of 2008, is still not ready for action, but development leader Jad Donohue says the newest timeline points to a presentation to the DC Council in the next few months and construction possibly by the 2nd quarter of 2012. Donohoe also struck a less committal tone about the retailers. Previous announcements listed Spanish hotelier Melia for a 260 room hotel, 100 apartments, Boisdale Jazz Club, and Zenith Gallery's new home, but Donohoe would say only that "we're committed to doing a boutique, lifestyle hotel" but that they are "keeping all options open" regarding retailers. 

The site does not require a PUD, so zoning is not an issue, but the land is still owned by the District, so the Council has to approve terms. Donohoe says details "are still being finalized," but that he expects a 99 year ground lease. He also says that while financing has not yet gelled for the project, there is "alot of interest" from those that had pulled back on financing over the past few years. Promoters initially projected groundwork to start in early 2010, spokesmen for the project then said in August of 2009 that an agreement would be concluded within a month, and in November of 2010 that financing would be cinched up by the end of the year. But the District of Columbia implemented a plan to put parking on the site to generate short term income in February of 2010, an indication that construction was not imminent. The new market will include live music, arts and crafts, from the promoters of the market that once occupied the CityCenter site. Here's to hoping they will have to hunt for yet another site next spring... 

Washington D.C. Real Estate Development News

Paradigm Begins New York Ave Apartment Project

Paradigm has ordered its army of construction vehicles into Mount Vernon Triangle to begin work on the hefty 390-unit rental building at 425 L St, NW. Indeed, ground had broken on what project manager Jimmy Dotson calls a "bold, urban building with all the modern comforts of home." Under construction is a mass of brick and glass that will eventually total fourteen stories, sitting on three levels of below grade resident parking. Along with the standard amenities (gym, roof deck, common rooms) the building will feature a few unique touches like the hybrid and electric car refueling stations to be installed in the parking garage. The barren surface parking lots that have sat vacant are now occupied by machinery and the warehouse at the eastern corner that has remained unused for years will soon be razed. The apartment building, built in partnership with Steuart Investments, was designed by Architecture Collaborative, Inc., while Collins & Kronstadt of Silver Spring holds the title of architecture of record. Developers expect initial delivery in the spring of 2012, with completion of the building wrapping up later that fall. Paradigm has apparently taken heart from the nearly sold out condo projects (CityVista completed sales this fall) and the largely stabilized new apartment buildings that surround it. Donohoe Construction is well into construction of 218 rental units directly across the street.

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Mount Vernon Triangle Scores Another Development

Already a presence in the blossoming NoMa district next door, Paradigm looks to extend their influence into the neighboring Mount Vernon Triangle with the construction of a commodious 390-unit rental building at 425 L St, NW. Paradigm's nearby student-housed Washington Center opened a few months ago, and the company continues to manage the imposing Meridian at Gallery Place just down the street. According to Paradigm project manager Jimmy Dotson the new property is intended to be a "bold, urban building with all the modern comforts of home." The building will rise fourteen stories above ground, and root itself three levels deep into the earth to provide below grade parking for residents.

Like the majority of newly built rental buildings these days, amenities include a top level pool and club room, as well as an expansive lobby and fitness center. Dotson conceded that sustainable aspects are not a major focus on this project, and that the building will not be credentialed as green, but at least a few unique, environmentally conscious features like hybrid and electric car refueling stations in the parking garage are being worked into their plans. Few travelers up New York Avenue will miss the surface parking lots that will be replaced, or the warehouse at eastern corner that has sat unused for years.

Parc Rosslyn

Collins & Kronstadt of Silver Spring, MD is the architecture of record, but responsibilities for the design have been mostly shouldered by the team at Architecture Collaborative, Inc. in Elliot City, MD. Collins & Krondstat and Paradigm are familiar partners; as the firms collaborated in an effort to bring to life Parc Rosslyn in Arlington, VA, completed in 2008. This most recent design process was at least partially governed by the aesthetics of their soon-to-be neighbors like CityVista Apartments to the west and Yale Steam Laundry to the north on New York Avenue. Inspired by their surroundings, designers have forged an angular but sleek amalgamation of brick and glass, with accents of steel, granite, and metal paneling. The color scheme will wedge its way into the middle of the spectrum, somewhere between the light-tan bricks of City Vista and Yale's richer-toned burgundy bricks. Paradigm Construction will undertake general contracting responsibilities, and is in the process of awarding subcontracts.

Building permits are to be finalized soon, and although developers have not yet officially closed on the pending financing, Dotson says team is in "very good shape" to square away the remaining logistics and put a shovel in the ground by mid to late September. If things go smoothly, developers expect their first delivery in the spring of 2012, with completion of the building wrapping up later that fall.

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Mt. Vernon's Dumont Sells for $167 Million

Today, the lagging and tangled fate of the Dumont was finally sealed, when Equity Residential acquired the property in a $167 million, all-cash transaction. The Dumont has sat at 425 Massachusetts Ave complete and vacant since the building was substantially completed in early 2009. Equity will be leasing the Dumont's 559 units as rental apartments, though the building was originally intended as condos.

Designed by Esocoff & Associates, the Dumont's sob story escalated in December 2008 when lender PB Capital issued a foreclosure to then-developer The Broadway Group, which had defaulted on the debt. Real estate sales by McWilliams Ballard began in April of 2006 and ended in September of 2008 with only about 150 of the 559 units sold; the project has largely sat vacant since that time.

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Arts vs. Parking Lot in Mt. Vernon

The District and the Deputy Mayor for Planning and Economic Development (DMPED) are, at least for now, giving up on the Arts at 5th and Eye, the Donohoe Companies and Holland Development project, and installing a parking lot on the undeveloped District-owned site. Though the project team won the right to develop the promised high-end hotel, retail outlets and jazz club in September of 2008, no final agreement has been reached on the land exchange with the District Government since that time. The District Council is scheduled to review the revised project plan in March or April of this year, though that will not happen without an agreed upon land value.

In August, Memphis Holland, a Partner at Holland Development, told DCMud that the group hoped to have a resolution to their negotiations by the end of September. More than four months later, Holland indicates the developers are continuing to meet with the District in order to finalize a contract for the land and determine an appropriate land value. It would seem the District grew tired of underutilized land, opting for a paid parking lot in the meanwhile (not that Mount Vernon really needs more of those). The ANC had resoundingly supported the development during the RFP process, but the protracted negotiations and new surface parking lot have set some neighbors on edge. ANC Commissioner Keith Silver is protesting the DMPED's parking lot decision and the District's alleged exclusion of the community from conversations with the developers about the proposed development. According to Holland the developers had "absolutely nothing to do with the final decision by the District to have a parking lot as the temporary use for the site," but "we have been told this will not impede our objectives to develop the site, as planned, for a mixed-use development." Holland added that the group is continuing to work with project partners including Sol Melia and Boisdale as well as the neighborhood retail mix including Zenith Gallery. That said, the parking lot decision shows a lack of faith by the District government for the near future of construction and development at 5th and I Streets in Mount Vernon. 

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CityVista

CityVista Condos, 475 K St., NW, Washington DC
CityVista Apartments, 460 L St., NW, Washington DC

The CityVista complex in Mt. Vernon Triangle is comprised of 3 separate buildings: the "L" at City Vista with 149 condominiums, the K at CityVista with 292 condominiums, and the "V" with 244 apartments, which completed and began renting in Q3 2008. The K is 12 stories high with underground parking, with 59 subsidized condos. The L is slightly smaller, taking up 134,000 s.f. with 119 market rate and 30 low-income units. The project was built on the site of the former wax museum, in an area that still struggles with many underutilized lots that had offered promising development.

CityVista features 110,000 s.f. of retail - an "urban" Safeway with banking and dry-cleaning services, hardware store and Results gym. Building amenities include rooftop terraces and pool, a one-acre private elevated interior plaza, and underground parking. Developed by a group led by Lowe Enterprises, and by L.A.-based CIM, Bundy Development, and NDC, with land acquired from now-defunct NCRC. Architectural design was by Torti Gallas of Silver Spring and Michael Marshall, construction by James Davis Construction Company. Groundreaking occurred in May, 2006; sales, by Mayhood, began late 2005. Occupancy began in September, 2007 with delivery of the first units at the L, completion of the entire development was in late 2008. Condo prices started in the mid $300's for one-bedroom condos, mid-$400's for two-bedroom condos.

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Bozzuto Asks to Delay Mt. Vernon Development

The Bozzuto Development Company is asking DC for a two year delay on its planned residential development on New York Ave in Mt. Vernon Triangle, even as neighboring residential projects progress. Just last April Bozzuto Development Company President Toby Bozzuto told DCMud he hoped to begin construction in 2010. That now seems highly unlikely, so to be cautious the developer will go before the Historic Preservation Review Board (HPRB) next week to request a two-year extension. The Bozzuto property will sit across from City Vista and adjacent to Yale Laundry, which just started construction on its second phase, despite ongoing sales that began in the summer of 2005. The WDG Architects-designed 13-story building at 460 New York Avenue, NW would include 87 residential units for a total of 85,555 square feet on a site currently occupied by an empty lot and two vacant, deteriorating buildings. Nothing is likely to happen soon. William McLeod of the Mount Vernon Community Improvement District told DCMud he was unaware of any updates or changes in the status of the development, and Sean Stadler, Associate Principal Designer at WDG said there had been no progress on the project since its initial zoning approval and that the developer had not begun hiring a general contractor. 

The developer originally received Zoning Commission approval in April 2008 for zoning amendments. The approval sanctioned Bozzuto's plans to move the three-story historic structure, dating from 1902, to an area zoned for smaller development while leaving the remainder of the lot for the larger residential building, which on New York Avenue will reach 130 ft in height. A ground floor fitness center (despite the Results gym at CityVista) and two levels of below grade parking will reportedly round out the development. The developer received approval in January 2008 from the HPRB to raze the two-story 1870s historic building because of the dire condition of the structure. Once the 1902 historic building is relocated on the western edge of the site, it will receive a full renovation to include 6 of the planned apartments. 

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The Waiting Game in Mt. Vernon

Mt. Vernon Triangle, on Penn Quarter's northern fringe, could be a poster child for the glaciated development world. Developers now play the waiting game for Mt. Vernon to become an "extension" of the downtown corridor, land occupied by supposedly temporary parking lots remains asphalted, and the unfinished lots seem to symbolize the unrealized potential of a downtown revitalization. Here are a few of the buildings that are thisclose to adding chapters to the Mt. Vernon book. At Mount Vernon Place, Quadrangle Development and their co-developers, the Wilkes Company, are shopping with their broker, Meany&Oliver, for tenants of two planned commercial buildings at 300 and 400 K Street. Originally designed by Hartman Cox with a masonry shell reflective of the surrounding condos, 400 K's 421,677 s.f. and 300 K's 223,869 s.f. have new designs by Davis Carter Scott, now with floor-to-ceiling glass. The larger of the two, 400 K, has a dual-core that can be built in two phases of 210,839 s.f. each with over 23,000 s.f. allotted for retail. 300 K offers over 10,000 s.f. for ground floor retail and the average floors above ground have approximately 21,644 s.f. But even once a lease is secured, estimated delivery time is 24 months - meaning parking will remain. Down 3rd Street from 300 K lies another Quadrangle empty lot at 3rd Street and H Street NW, abutting the 100,000 s.f. office building whose use (AIPAC headquarters) remains a closely guarded secret. A planned residential building, the Cantata, will someday offer 351 units, joining the neighboring Madrigal Lofts and Sonata Condominiums; the developer's unfinished residential symphony. Passersby on Massachusetts Avenue will surely have noticed the blank walls of the AIPAC building at 251 Massachusetts Ave. (above, right), where architects at the Smith Group have left space for the development in waiting. Neighboring 400 K is 425 Eye Street, where Paramount Development and their architects at SmithGroup are performing a full-body makeover on one of the few projects actively moving forward - the former home of the U.S. Immigration and Customs Enforcement (ICE) Agency (rendering below left). The 370,000 s.f. building will offer 30,000 s.f. of ground floor retail/ restaurant space. Construction began summer 2009 and the building should deliver by June. On both the office and retail fronts, brokers indicate they have no contracts "in hand," but a few tenants have been "kicking the tires." Bill Miller, a broker at Transwestern Property Co., is putting stock in the recently secured Buddha Bar coming to nearby 455 Massachusetts. Miller sees the bar as a way to change people's perceptions of Mount Vernon and to connect it in their minds to the 7th Street corridor of nearby Chinatown/Verizon Center. On residential front, the Esocoff & Associates-designed Dumont has been in a bad way for quite some time, coming to a peak with its December 2008 foreclosure and now Ideal Realty Group (IRG), which specializes in multifamily and distressed/bank owned properties, is representing the Lender as a selling agent for the property. Lender PB Capital issued a foreclosure notice in December 2008 when the New York-based developer, The Broadway Group, failed to secure enough deposits to meet the lender's demand. Fully built and starkly empty, the Dumont and its perfectly manicured lawns and shrubbery frame Massachusetts Avenue, promising luxury condos, but most developers that have eyed the project have been more keen on conversion to apartments or even a hotel. Farther down Massachusetts Avenue sits another vacant lot, the future home of the Arts at 5th and I, which Donohoe Companies won the right to develop in September of 2008, promising a high-end hotel, retail outlets and jazz club. According to Memphis Holland of Holland Development, co-developer with Donohoe, the group is still "waiting on the city to finalize our deal with them so we can move forward with the design and with neighboring property owners." More waiting. The lots adjoining 5th and I, 443-459 Eye Street were also the planned site of the now-defunct Walnut Street Development (WSD) Eye Street Lofts project. Though rumored to have sold the property to JBG in 2008 when the shakedown on Arts at 5th and I was about to happen, Walnut Street retained the land. Without the Arts project in hand, JBG opted not to purchase the neighboring lots. Bill McLeod, Executive Director of the Mt. Vernon Triangle CID, indicated it was unlikely that Donohoe would absorb the neighboring properties on Eye Street. Demers Real Estate represents the lots that encompass 443 through 455 Eye street. According to Jon Wilson of Demers, Walnut Street never actually purchased the properties from 443 through 455, though they had been an integral element of the planned residential development, leaving them un-aggregated and, incidentally, some of the rare space actually being converted to use as artists' lofts in place of the old autobody shop, Gold Leaf Studios, the brainchild of Mike Abrams. The property at 459 Eye Street remains under Walnut Street's ownership, according to public records, though the property currently has a Mechanics lien placed on it by the former project architects Eric Colbert and Associates. Still, Jeff Miller, a Managing Principal at Prospect Diversified and board member of the Mt. Vernon Triangle CID, said that though development to date has largely "been multi-family in nature" he expects that "given the dynamics of that market, it will continue to improve." Miller added that the commercial development in Mt. Vernon, given the access to multiple metro lines, will "make the area a natural progression as downtown and the east end get fully leased." We don't expect to be writing about that any time soon. Update 11/11/09 As several readers and developers involved in the area have mentioned the new David Black sculpture installed in front of the Bus Boys and Poets at the corner of 5th and K Streets NW, we decided to include an image as Exhibit A that not everything is stalled in the area. It's a stretch, we know. The DC Commission on the Arts & Humanities, in collaboration with the Office of Planning, CityVista, Mount Vernon Triangle Community Improvement District selected Black, with the Commission allocating $250,000 to sponsor this project through it Public Art Building Communities grant.

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