Tuesday, May 29, 2012
Construction begins on 440 K
Labels: Davis Carter Scott, Mt. Vernon Triangle, Quadrangle Development, Wilkes
The development includes more than 9,000 s.f. of ground floor retail space in the 2 million s.f. mixed-use community, "the largest such project in Washington, D.C.," says the developer - referring to Mt. Vernon Place, an 11-building project that has been only partially completed and include the Sonata and Madrigal Lofts.
440 K will include 182 one-bedroom, 26 one-bedroom with a den and 26 two-bedroom units.
In addition, it will have a 96-space parking garage, enough bicycle storage to make those 96 people self-conscious and a 24-hour concierge service. The building was designed by Davis Carter Scott.
Washington D.C. real estate development news
Tuesday, January 03, 2012
Today in Pictures - Marriott Marquis
Labels: Capstone Development, Marriott, Quadrangle Development, Shaw
Washington D.C. real estate development news. Photographs by Rey Lopez.
Wednesday, June 22, 2011
Convention Center to See More Marriotts
Labels: Capstone Development, Marriott, Mount Vernon Square, Quadrangle Development
The parcel in question, north of the Marquis construction site, running along 9th Street between L and M Streets, NW, bears six boarded-up storefronts. Around the corner on L Street a large co-op and two good-sized row houses have sat shuttered. The 1,175-room Marquis aims to fill a void in convenient hotel options for conventioneers upon completion, and although the new hotel will be the second largest in the District, original plans for the Marquis, by joint-development team Capstone and Quadrangle, were even bigger, calling for a 1,400 to 1,500-room hotel spanning L Street, and spilling into the blighted area to the north. The idea for one hotel, connected by a pedestrian bridge, was scrapped years ago, before the Marquis broke ground in November of 2010. But now, current plans by the same developers for the Marriott-owned land between L and M Streets call for the revival of increased hotel space in the form of two new Marriotts: a Residence Inn and a Courtyard Marriott.
A source from Capstone says that building two additional hotels will “meet the city’s original goal for the convention center of 1,600 total rooms.” Marriott has not given a reason for building three hotels instead of one, but varying price points is likely a factor, as all three Marriott brands are targeted to different customers. The zoning process for the two additional hotels has not begun, says Norman Jenkins, president and founder of Capstone, and subsequently, “a start date has not been solidified.” However, the future plan is to “retain all of the boarded buildings that front 9th Street and incorporate them into the hotel," giving the redevelopment a “really neat old/new look.” As for the boarded-up real estate on L Street – the co-op at 919 L Street and the two row houses – the goal is to demolish them, if granted approval.
Wednesday, October 20, 2010
Convention Center Financing Completes, Construction Begins
The Marriott project is being headed by Quadrangle Development and Capstone Development, and will help the District compete with National Harbor. With an "A" rating from Standard and Poor's, the WCSA sold the entire $250m bond release authorized by the DC Council on the last day of September. The Authority intends to hold a formal ceremony to mark construction in November.
Washington DC real estate development news
Thursday, September 30, 2010
Groundwork Gets Underway at Convention Center Marriott
Labels: Capstone Development, Marriott, Quadrangle Development
A more ceremonial and celebratory start to construction will soon follow, says Gregory A. O’Dell, Washington Convention and Sports Authority President. "The Authority and the District are finalizing the documentation and preparing to close on the bonds as we anticipate a groundbreaking within the next 30-45 days," he explains. Once construction begins, a build-out of 42 months is anticipated, placing the delivery date in the spring of 2014. While this is not the official groundbreaking, convention center authority spokeswoman Chinyere Hubbard confirms that this is indeed the beginning of construction and an indication of nothing but green lights going forward. There are "no further legal obstacles", says Hubbard, who notes that the WCCA board will officially approve the financing bonds tomorrow.
The soon to be active construction site is bounded by Massachusetts Avenue and L Streets, NW. Because of District height limitations, the massive hotel is burying much it's square footage beneath the earth, so the first order of business for contractors is to dig a giant hole and start building back up to ground level. Progress above ground might not be visible for almost a year after construction starts. Upon completion, the building will feature over 100,000 s.f. of meeting and ballroom space, 25,000 sf of retail, and 385 parking spaces. The plan also calls for a below grade tunnel (vehicle and pedestrian) connecting the hotel and Convention Center. The hotel will become only the third Marquis in the country. Developers and District officials hope the already impressive Convention Center will be a world-wide attraction now that an accompanying state-of-the-art, large-scale hotel is on the way.
Last year, Mayor Adrian Fenty signed the New Convention Center Hotel Amendments Act of 2009 that authorized Tax Increment Financing (TIF) and the issuance of bonds, to fund up to $206m in construction and operational costs. Private developers will pick up the remaining portion of the estimated $550 million total cost. With JBG's spat over the project and ensuing lawsuit now ended, today's announcement means the project is officially moving forward.
Washington DC real estate development news
Monday, November 02, 2009
Tysons Tower Tees Up
Labels: Jones Lang LaSalle, Quadrangle Development, SmithGroup, Tysons Corner
Thursday, October 01, 2009
Shaw Main Streets Development Woes
Labels: Archstone, Banneker Ventures, Douglas Development, Ellis Development, Hines, Metropolitan Development, Quadrangle Development, Roadside Development, Shaw
Wednesday, August 12, 2009
DC Officially Gets its Convention Center Hotel
Labels: Convention Center, hotel, Marriott, Mayor Adrian Fenty, Quadrangle Development, Washington DC
Tuesday, July 14, 2009
DC Passes Convention Center Hotel Bill
Labels: Convention Center, Downtown DC, hotel, Marriott, Quadrangle Development
Wednesday, June 24, 2009
DC Officials Pitch New Plan for Convention Center Hotel
Labels: Convention Center, hotel, Jack Evans, Marriott, Quadrangle Development
Today’s hearing was spurred by legislation introduced by Mayor Adrian Fenty, himself described as "tired of waiting" on the project, this past spring that would have effectively removed the project’s developer, Quadrangle Development Corporation, and made the new Marriott wholly city-sponsored. In the intervening weeks, officials from the Washington Convention Center Authority (WCCA), the Office of the Deputy Mayor for Planning and Economic Development and the Office of the Chief Financial Officer (OCF) have been feverishly working on a fiscal reconciliation that would preserve the public-private partnership.
"Given current economic conditions and the lack of liquidity in the capital markets…the District, led by the Washington Convention Center Authority and its partners at Marriott and Quadrangle, was forced to pursue alternative plans, including an option whereby the Authority would finance 100% of the hotel by selling bonds,” said recently appointed (though still unconfirmed) Deputy Mayor Valerie Santos. “We’ve made considerable progress on a new financing proposal, such that the new hotel would once again be largely privately financed.”
The crux of the proposal depends of the Committee’s authorization of an additional $22 million in city-backed debt to get the project going. This deal, presented to the District by the development team only last Thursday, would ensure that more than 60% of the hotel’s $537 million budget come from private funds, with DC footing the bill for the remaining costs. At present, lawyers from the OCF are currently exploring whether the project could also qualify for stimulus funds under the American Investment and Recovery Act, thereby offsetting the District’s burden in a year of record high spending.
The sense of urgency behind the proceedings is well founded, as Greg O’Dell, head of WCSA, said his operation is continually losing business to other comparably-sized convention centers, such as those in Denver and Indianapolis, which have on-site hotels and hospitality amenities. Furthermore, city officials also view continued development at Prince George’s County’s National Harbor as a direct threat to the Convention Center’s revenue stream – a feeling that has only been exacerbated by Disney’s recent announcement that they’ll be building their own mega-hotel/meeting space just across the river. That leaves the District, in the words of Councilman-at-Large Michael Brown, directly “behind the eight ball.”
Both the public and private sides of the development team will now spend the next two weeks finalizing the in-and-outs of their proposal before returning to the Committee on July 14th for a final vote. In the meantime, Committee members repeatedly stressed that the project’s fast track status will not delay other city development in the pipeline or cause any fiscal belt tightening.
“This will not cause us to postpone any projects that are already authorized…Nor will this require expenditures from the general fund. This is not going to be publicly financed deal,” said Committee co-chair and Ward 2 Councilman Jack Evans. This would not be the first partnership for Marriott and the developer, Quadrangle and Marriott jointly built a 224 room hotel together in Bethesda in 2004.
Washington DC real estate development news
Friday, May 22, 2009
DC Announces Contenders for Eastern Market School Site
Labels: Blue Skye Development, Bozzuto, Eastbanc, Eastern Market, Quadrangle Development, Southeast
Fresh off last week’s announcement that Eastern Market will reopen in June, the Office of the Deputy Mayor for Planning and Economic Development has gone public with their short-list of candidates for redevelopment of the nearby Hine Junior High School at 335 8th Street, SE.
The 43-year-old, 131,300 square foot educational facility was shuttered in 2007, in order to redirect $6.2 million worth of school funds towards leasing costs for the District of Columbia Public Schools' headquarters at 825 North Capitol Street, NE. Now, according to ODMPED officials, the various proposals aim to repurpose the Eastern Market site for “combinations of new housing, office space, nonprofit space and neighborhood-serving retail.” The six contending teams are:
1. The Bozzuto Group/Scallan Properties/Lehr Jackson Associates/E.R. Bacon Development, LLC/Blue Skye Development/CityStrategy, LLC
2. Equity Residential/Mosaic Urban Partners
3. Quadrangle Development Corporation/CapStone Development, LLC
4. National Leadership Campus/Western Development Group
5. Stanton Development Corporation/Eastbanc Inc./Autopark Inc./The Jarvis Companies/Dantes Partners
6. StreetSense/DSF/Menkiti Group
District administrators will be hosting a community showcase of all six proposals on June 10th at Tyler Elementary at 1001 G Street, SE. The meeting will begin at 6 PM and is open to the public.
Thursday, February 19, 2009
Tyson's Developer Thinks Condos
Labels: Davis Carter Scott, Quadrangle Development, Tysons Corner
The three planned buildings would include between 750-919 units, for a total of 919,000 square feet, and stand next to their cubicle-filled brethren along the Towers Crescent Drive – a stone’s throw away from the Tyson’s shopping complex. The buildings - 1860, 1870 and 1880 Towers Crescent Drive (pictured) – would receive a significant marketing boost once they complete their planned pedestrian overpass. Designers hope a bridge over Fashion Boulevard will provide an infrastructural link between the development and their more than 300 neighboring shops and restaurants, and help in changing the perception of Tyson’s as one of the most unfriendly and perilous neighborhoods for pedestrians in the metro area, if not the universe. The McLean office of Davis Carter Scott is handling designs for the project.
Originally, the entire Towers Crescent project had been envisioned as office space; that changed in late 2007, when Fairfax County allowed the developer to substitute the aforementioned residential units in place of 300,000 square feet of office space. "It was a three for one density bonus - three square of feet of residential for one square foot of commercial," says Boteler. "The development of even more mixed-use project was viewed as beneficial." It was a logical adjustment, but one that was immediately followed by the housing market's shift from boom to bust. Nonetheless, Quadrangle is still dedicated to getting towers five, six and seven in the ground in the near future. Says Boteler: "The market will dictate [our timetable], depending on how long it takes to work through the overhang of condominiums on the market today. We're ready to start on design and development on the buildings, so whenever the market shows signs of life [we'll begin]...The plan is to build it regardless of whether it starts as apartments or condominiums, but to build it to a condominium standard."If Towers Crescent's prime location adjacent to the mall is any indication, they shouldn't have trouble dealing with either of those options. In the coming weeks, months and years, the site will be on the receiving end of two huge boons to the Tyson's area: WMATA’s addition of a Tyson’s Corner Metro station – planned for completion in 2013 – and the Hilton Hotel Corporation’s relocation down the block to competing office development, BF Saul’s Park Place II. Delays aside, Quadrangle may have real estate's three guiding principles - location, location, location - in check for quite some time.
Tysons Corner commercial real estate news
Wednesday, September 24, 2008
The Shaw Redemption
Labels: Archstone, Cooper Carry, Douglas Development, GTM Architects, Marriott, Quadrangle Development, Roadside Development, Shalom Baranes Architects, Shaw, TBS Architects
Douglas Development
The keynote of Douglas' presentation was the long-gestating revitalization of the former Wonder Bread Factory at 641 S Street NW. Contrary to initial plans, the building will not be razed. The developer has obtained the original plans for the facade and will, to the best of their ability, restore the building to its original 1922 appearance. An additional story will be added to bring the building up to 5-stories and 150,000 square feet. The project has been summarily approved by the Historic Preservation Review Board (HPRB) and is aiming for groundbreaking in approximately 7 months, following permit approval. The developer expects construction on the GTM-designed facility to take no more than a year. Once completed, the former Wonder Bread facility will neighbor the proposed Radio One development (the outline of which can be seen in the accompanying renderings).
Several other Douglas projects underway in Shaw were also briefly touched upon. The developer’s proposed development at 600 New York Avenue NW is on hold due to the current economic situation and "lack of synergy," as is their proposed redevelopment of the Howard CVS.
Other projects, however, have had much more luck getting off the ground. The former site of Popeye’s at Florida & N Streets NW will complete its expansion and renovation in the next 3-4 months and will house a Fatburger chain restaurant, a cell phone retailer and office space. Another Douglas mixed-use development at 9th & N Streets, NW will include ground floor retail, office space and apartments. Although poised to begin construction in the coming weeks, leases for the site will not be sought until the project is completed.
Marriott HotelsThe long-proposed (circa 2001) Washington Marriott Marquis Hotel at 9th Street & Massachusetts Avenue, NW, long envisioned as an anchor servicing the Washington Convention Center across the street, is now slated to break ground in the first quarter of 2009. Overseen by the Quadrangle Development Corporation and designed as joint venture between TBS Architects and Cooper Carry Architecture, the building comes in at over 1 million square feet. The 13-story project will feature 1250 rooms, 2-3 restaurants, a ballroom and meeting space and a 400 space underground parking garage – all enclosed under an all-glass atrium. Additionally, the Pepco power station and AFL building currently on the site will also be incorporated into the hotel’s footprint, with the latter being converted to hold 42 hotel rooms. The Marriott representative on hand described it as “one of the most complex projects we’ve ever worked on.” The project is hoping to achieve an LEED silver certification.
Roadside Development
The City Market at O is shaping up to bring big changes to the current site of Giant Food on O Street NW. The mixed-use development will feature a new Giant store that will retain the old façade of the O Street Market and was hailed, as least by the pitchmen, as outclassing the new CityVista Safeway in both style and function. Additionally, the site will give way to a new 200 room, limited-use hotel, a large-scale fitness center, a 6000 square foot independent restaurant featuring a local chef, and 600 apartments and condominiums targeted towards “young professionals.” 8th Street will also reopen for pedestrian use between the two buildings on the site, parking for the facilities will be moved underground. Roadside showcased some interesting architectural features on the buildings, including a 2-story projection on the residential building – currently referred to as “the diving board.” The developers are currently in negotiations with the Deputy Mayor’s Office for Planning and Economic Development (DMPED) to receive Tax Increment Financing for the project and are hoping for a September 2009 groundbreaking.
Metropolitan DevelopmentThough Metropolitan’s Kelsey Gardens has been recently covered by DCMud, the developer still had a few surprises on hand for their presentation. Architects will employ the increasingly common urban technique of breaking the 14,800-square foot, 297-unit building into five distinct facades, in order to affect the appearance of being constructed during different time periods by different architects. Roofs of the “buildings” will be 50% green and feature both private and public terraces. The development will be complimented by 2 levels of underground parking that will feature preferred parking spaces for “energy efficient vehicles” (i.e., hybrids). The project is shooting for 2011 completion.
Hines Interests
The final presentation of the evening concerned the redevelopment of the site of the old convention center, Hines Interests and Archstone’s CityCenter DC project. Designed by Foster + Partners and Shalom Baranes Architects, the 10-acre site is being envisioned as “a new neighborhood for downtown.” Comprised of 4 separate parcels centered around the now-closed (and eventually to be reopened) intersection of 10th and I Streets NW, the ambitious project is to include 400,000 square feet of retail space, 1,074 residential and hotel units, 1,064,000 square feet of office space, more than 2000 parking spaces and a public park. The hotel on the site is envisioned as a 4 or 4 ½ star facility, while the developer is aiming to lure home furnishing and fashion retailers (possibly a department store) as well – in order to serve the needs of downtown residents and not specifically tourists. The Hines representative on hand posited that the project was 85% ready to go and would be seeking general contractor in the next few weeks.