Valor Development Moving on New Residential near H Street Corridor

Developers are set to break ground this month on an $11 million dollar residential project that will bring 84 new condominiums to DC's H Street Corridor.  The five story building will  replace vacant church buildings at 1350 Maryland Avenue NE, at the intersection with 14th Street and south of H Street.

1340 Maryland Ave. - Rendering: Valor Development

Will Lansing of Valor Development, project developer, told DCMud plans call for one and two-bedroom units and a roof deck.  Former plans called for a mix of retail and residential, but the latest of the iteration of the project is residential only.  Eichberg Construction is the general contractor on the project and the architectural firm is PGN Architects.  Launched under the moniker The Maia, the name of the project has also changed, Lansing said.  The building's new name is The Maryland.

"I think it will be a nice [building] for that neighborhood," Lansing told DCMud.  "For the most part, that neighborhood is all row houses, a scattered bunch of small condo buildings, but otherwise mostly apartments, so we’ll be pretty much the only condo inventory coming online in that neighborhood for a while."

DC's District Department of Transportation (DDOT) says it expects to start streetcar service with 10 stops along a two mile stretch of H Street by 2014.  The city also says this first of several lines in the proposed future $1.5 billion DC Streetcar project, when it goes online, will raise property values all along the H Street corridor.  Now, two retail clusters anchor the east and west ends of the corridor, and The Maryland is on new developments are sprouting up beyond the street too.

*Amanda Abrams contributed reporting for this story.

Redevelopment of Former Italian Embassy Past the HPRB

Potomac Construction is one step closer (but only one) to breaking ground on the redevelopment of the former Italian Embassy, due to project architect Trout Design Studio and Valor Development moving past the Historic Preservation Review Board for good.

At the end of July, the HPRB unanimously (5-0) approved the revised plans for the redevelopment. According to the Historic Preservation Office, "The Board found the design refinements and materials submitted to be consistent with the concept design and compatible with the character of the landmark."

Yet "the Board directed the applicants to restudy the entrances on Fuller Street and Mozart Place to see if changes to the design, size, and/or scale might improve their compatibility."

Next up is a visit to the Zoning Commission for consolidated PUD and map amendment approval, on September 8th.

Washington D.C. real estate development news

Ciao Bella?

Valor Development is moving forward with its current vision to turn the former Italian Embassy at 2700 16th St., NW into a residential complex - known as "Il Palazzo" - and will visit the Historic Preservation Review Board (HPRB) next week for design approval. Valor has submitted design schematics for the preservation of the existing 3-story limestone building and the addition of two towers (5 and 8-stories tall), time will tell if the concepts by Trout Design Studio will sink or swim with the HPRB. Representing Trout Design will be principal Michael Beidler, along with architect Patrick Cook, and a few others from the small, local firm, which declined to divulge details in advance of the upcoming meeting. Following the HPRB trip will be a visit to the Zoning Commission for consolidated PUD and map amendment approval, on September 8th. The property is split-zoned, and Valor seeks to establish a uniform zone for the site (R-5-D), allowing a "shift of density that would otherwise be permitted on the eastern portion... to the western portion" as stated in the pre-hearing submission, lodged with the Zoning Commission in May. The goal of the rezone request is to "focus all additional density and height at the rear of the property." The Office of Planning concluded in April that the proposal for the redevelopment was "not inconsistent with the Comprehensive Plan" and waved Valor forward, with stated approval of the project's "special value" including "preservation of a historic resource" and five 2-bedroom affordable units (80% AMI). First conceptualized as a condo redevelopment in 2004 by previous owner Spaulding & Slye, Colliers and Castleton Holdings, HPRB deemed the site a landmark in 2006, just as construction was about to begin, a move which halted the developer's plans. Lender O’Connor North American Property Partners LP foreclosed on the property the following year. Valor Development purchased the site in 2008 for $6.5 million, and had hoped to have construction underway - partnering with Potomac Construction Group - this summer, however, Valor has also hit a few snags along the way. Valor and Trout Design visited the HPRB in November of 2010, then again in January of this year, with a plan to redevelop the property as a "luxury condominium," which has been revised over the past 6 months into 110 to 135 residential units with the majority (56) to be one-bedroom units, and 30 to be 2-bedroom/2-bath. The breakdown of the remaining units is undetermined, but the largest will be a 3 bed/2.5 bath configuration. The residential addition on the western side of the 42,500 s.f. property will now top out at 8 stories (previously 9) and will not rise over 90'; the floor area ratio (FAR) will be 2.8 with 122,428 s.f., with a lot occupancy of 58% allowing for a "considerable amount of landscaping" and a rear yard (80' in depth). The amount of below grade parking is yet to be determined, but will be between 60 and 90 spaces.Phase I will entail the "renovation and conversion of the existing Italian Embassy," including restoration of the landmark's façade, as well as preservation of notable, existing shared spaces within the once dapper host to embassy functions, including the ballroom, library and dining room. The embassy, built in 1925, was designed by New York architecture firm Warren and Wetmore, on land owned by Mary Foote Henderson, who spent part of the family fortune, made from "worthless bonds," on her impassioned goal to transform 16th Street, which included the creation of Meridian Hill Park. Valor could not be reached for comment, however stated in the PUD application an intent to break ground next spring, with construction expected to take 18 months. 

Washington D.C. real estate development news

Back to Drawing Boards for Italian Embassy Owners

Earlier this year Valor Development LLC purchased the former Italian Embassy at 2700 16th St. NW for $7.5 million in what will be a second attempt at condo development on the site. Partnering with Potomac Construction Group, Valor intends to renovate the embassy into condominiums, add a three-story wing on the north side of the building (also to house condo units), and construct a nine-story apartment building at the rear of the site. Earlier this month developers' plans and the architectural diagrams provided by Trout Design Studio went before the Historic Preservation Review Board (HPRB). While the HPRB found the conceptual site plan and rehabilitation of the landmark satisfactory, members of the Board directed the applicants to "restudy the architectural treatment of the north wing, and restudy the height, massing and architectural treatment of the new apartment tower, and return for further review when appropriate."

The first phase of the "Flats at IL Palazzo" will be the restoration of the landmark's facade and the conversion of the interior into condominium units "blending the character and charm of the historic building with the sophistication, class, and modern finishes that one expects in this premium location," according Valor's online description. The interior restructuring and transformation will preclude several significant interior spaces: the ballroom, library, dining room, and other smaller spaces will be preserved with some opportunity for public use and visitation. The second phase will include the north wing addition and the construction of the apartment tower, but those elements remain unapproved by HPRB.

Plan rejected in 2006.

Another development team in 2006 was close to moving forward with similar development plans for the ex-embassy, when HPRB designated the property an historic landmark just before construction was to begin, in part because the new tower would have eaten into part of the historic structure. HPRB asked the city to revoke the building permits for the 79-unit Il Palazzo condominium, a decision the developer litigated and lost. This go-round developers have moved the proposed apartment tower from near the front to the northwest corner of the site, far-removed from the 16th Street frontage and centered around a second courtyard. While the overall efforts seem to respect the historic nature of the property, and rearrange the site plan in accordance with HPRB's public wishes, the Board still found the three-story addition "capricious and discordant with the rest of the proposal" and the apartment tower's design to be "busy and composed of too many elements." Developers and designers have been advised to rethink their designs and try again soon. Although this is sure to delay Phase II, developers are still planning to deliver Phase I to the marketplace in summer of 2011.

The last project was spun by Spaulding & Slye, Colliers & Castleton Holdings, lender O’Connor North American Property Partners LP was forced to foreclose on the property, and enabling Valor to swoop in and purchase the site.

Washington DC real estate development news