Showing posts with label Walton Street Capital. Show all posts
Showing posts with label Walton Street Capital. Show all posts

Wednesday, May 23, 2012

Atlantic Plumbing Site Breeds Grittiness, Controversy

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The Atlantic Plumbing site, which is being redeveloped by JBG and New York architect Morris Adjmi, currently stands as a fairly dilapidated set of abandoned buildings surrounded by residential pockets and, of course, the 9:30 Club. But the developers expect to begin demolition and have prepared concept-designs later this summer and to have finished the development completely by early 2015, according to the project manager, JBG's James Nozar.

The area is split into three parcels, not-so-confusingly denoted as A, B and C. Parcel C is north of Florida, include a “burned out shell of a church, a warehouse and a parking lot,” but this site is on hold at the moment.

Parcel A is next to the 9:30 Club, on the northwest corner of 8th and V streets. It’s abandoned save for the small bit of real estate the 9:30 Club uses as storage. The inconspicuous collection of buildings will be replaced by a 10-story building, and will be the first to start construction.

Morris Adjmi, James Nozar, JBG, Atlantic Plumbing, Shaw, 9:30 Club, Washington DCParcel B is to the south and is essentially a 13,000 s.f. square (redundant as a square foot square is). A 6-story building - shorter because it falls within the arts overlay while Parcel A does not - is slated to pop up here.

The site was originally subject to a PUD obtained by Broadway Development in a joint venture with Walton Street Capital. JBG bought the property at auction, though Walton Street Capital remains a joint venture partner.  The PUD has since expired. Nozar expects the new development to span 350,000 s.f. and include 350 units over a floor or two of 5,000 to 15,000 s.f. of retail and for Parcels A and B to be under construction by next spring or summer.

Walton Street Capitol, Washington DC Development, Morris Adjmi, JBG retail for lease “Our plan is to go in under the current zoning and move forward with that without asking for any zoning release,” Nozar said. He hopes the new retail will feed off the existing retail, especially the large crowds drawn almost nightly by the 9:30 Club’s concerts.

“We really want to engage existing retail that’s there,” Nozar said. “We want to take advantage of the activity that’s there on the street. The 9:30 Club is always going to be there. There’s always going to be people on the street.”

With the purpose of having the site retain a “grittier, more arts and cultural oriented” feel, JBG hired New Orleans native Morris Adjmi as its architect based on designs the development team had seen in Brooklyn (see photos above). With Adjmi, JBG felt it could create contemporary design while being true to the neighborhood.

“We thought the area has a grittier, edgier feel. It kind of has a Brooklyn kind of vibe, at least as far D.C. has that,” Nozar said. “We want the building to feel like its always been part of the neighborhood."  Adjmi said he wants to draw on the “context of what is there now: a mix of industrial forms and … vines and plants overtaking some of the buildings.”

“I like this idea of mixing in the industrial landscape and combining that with some really natural green elements,” Adjmi said. “I think those together will fit into the site and be really interesting architecturally.”

Adjmi has an interest not just in making the buildings seem like they’ve always belonged, but in making them seem like they’ve always been there.

 “I grew up in New Orleans, and I was always fascinated by two things: the incredible architecture but the fact that that architecture almost looks better in its arrested and decaying state,” he said. “It’s possible to build architecture that relates to both history and the context of the place but transcends the simple mimicking of forms.”


Presumably referring to a Washington City Paper article, Nozar said JBG has “gotten some flak from reporters from bringing in architects who aren’t in D.C., but we did that on purpose.” Lydia Depillis of the City Paper, in an update on that post, calls the headline “a mildly sarcastic indignation over a New York architect coming to Washington,” but many of the commenters seem earnestly peeved about the out-of-towner. 

Adjmi said he has no intentions of making the building look like a "New York Building." “I don’t want this building to look like it flew in from New York. I want it to look like it belongs there,” he said. “Nobody’s going to know where I’m from when they see the buildings.” 

Washington D.C. retail and commercial real estate news


Wednesday, May 02, 2012

Planning Board to Consider New Trillium Site Plans

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New plans for a single 9-story apartment building with  a grocery store and a public plaza at 8300 Wisconsin Ave. will make its way Thursday to the Montgomery County Planning Board.

StonebridgeCarras submitted its amended plans for Bethesda's former Trillium site back in January, and now it will seek approval from the Board. StonebridgeCarras and Walton Street Capital purchased the site in early 2011 for $29.25 million from Houston-based Patrinely Group, which had planned to build three residential towers designed by Davis Carter Scott.

Northwest-facing view from Wisconsin
StonebridgeCarras now plans a U-shaped building designed by WDG Architecture with up to 360 apartments - nearly double the Trillium plan - and 55,000 s.f. of retail encompassing a 22,000 s.f. public plaza that extends to the adjacent National Institutes of Health open space.

Ellen Miller, principal at StonebridgeCarras, said the apartments will range from efficiencies to large three-bedroom units - the size and price of which are not finalized.

The plan amendment submitted to the Board shows 30 efficiency, 185 one-bedroom, 127 two-bedroom, and 18 three-bedroom units. Of those, 45 units -- or 12.5 percent -- will be moderately priced dwelling units (MPDUs). Patrinely planned 198 units in its three buildings.

Intersection of Woodmont and Battery Lane
A grocery store Miller declined to name will anchor the building with entrances at the intersection of Woodmont Avenue and Battery Lane with a second entrance from the public plaza. Parking for 599 vehicles will be located on four levels below ground.

Removed from earlier plans is a 2,000 s.f. arts incubation space, a reduction that community groups opposed, but the developers say it no longer fits the project.

"We did try to consider how such a space might work in that location and in this project," Miller said. "In the end, we believed we had a different approach to the site. We had a use that was a magnet. We believe we have provided a beautiful public amenity space that has a very rich art component."
South-facing view from Wisconsin with NIH open space in the foreground

Instead, developers are working with Kent Bloomer Studio to bring a variety of artwork to the site. Miller said she hopes to present new renderings Thursday that better illustrate the integration of art.  At least five sculptures from other artists also are included in the plans.

The linear plaza will have a series of water features and various seating options for public use, and steps will lead down into the NIH open space.  More images of the plaza can be found here.

Planning Commission staff recommend approving the amendments, with some conditions such as streetscape improvements, an executed traffic mitigation plan, and using signs and focal points to draw people into the public space.

The Planning Board is scheduled to review the plan amendments at 2:15 p.m. Thursday.

Bethesda, Maryland, real estate development news

Monday, January 23, 2012

Woodmont Triangle Apartment Developers Seek Approal for Trillium Successor

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The barren, long-fallow Trillium site in Bethesda, long considered an unwelcome reminder of the untimely demise of the local market, is set to bounce back. Bethesda-based StonebridgeCarras, which in partnership with Walton Street Capital purchased the site in early 2011 for just over $29 million, filed their new plans for the site with Montgomery County just last month and hope to be before the planning board early this year.

“This is my new favorite project,” enthused Ellen Miller, Principal at Stonebridge. “This building is a gateway to Bethesda. The lot to the north [at the corner of Woodmont and Wisconsin] is owned by NIH and is a beautiful greenspace, and coming from the north you'll look across that and see this very handsome glass and brick building.”

The new plans are “quite different,” from the Trillium plans, says Miller. Where the Trillium plan, a Davis Carter Scott-designed series of three towers, was slanted heavily toward the high-end condo market, the Stonebridge development calls for around 370 rental units, from efficiencies to three-bedrooms, and a limited number of townhouse units that open directly onto Wisconsin Avenue. It also incorporates a significant amount of underground parking, and a grocery story on the ground floor - sort of.

“Given the topography of the site, how it falls almost twenty feet from Battery Lane,” says Miller, “the grocery store will be largely submerged on the Wisconsin side, with the main entrance on Woodmont.”

The u-shaped building, designed by WDG Architecture, features an interior green courtyard, which will incorporate an entrance to the as-yet-unnamed grocery store. Miller was coy when asked who it would be – Harris Teeter? Safeway? - but said that while they're still in negotiations, she thought the neighborhood would be very pleased with the mystery tenant. “This grocery amenity will not only serve the neighborhood, but also draw people in,” she said.

The site, way back when, was once home to the Clarion hotel, which was demolished in 2007 to make way for the Trillium project, the defunct condominium complex spearheaded by Houston-based Patrinely Group.

Doug Firstenberg, another principal at Stonebridge, told DCMud last year that he hoped this project could “anchor the redevelopment of Woodmont Triangle." Woodmont Triangle, situated as it is between the Medical Center and Bethesda metro stops on the Red Line, has attracted quite a bit of attention from developers recently. In addition to this project, developers are now building a pair of 17-story buildings in Woodmont - Bainbridge Bethesda as well and the long-delayed rebuild of 4900 Fairmont Avenue.

Just as the vacant Trillium site, which after last year's hurricane had fallen into open disrepair (Stonebridge has since cleaned up the lot) was seen by many as a symbol of the market crash, perhaps the long-overdue redevelopment could be a harbinger of an upturn? Local developers, no doubt, are hoping.

Bethesda, Maryland real estate development news

Wednesday, March 09, 2011

Bethesda's Trillium Site Sold, Residential Project Planned

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StonebridgeCarras and Walton Street Capital have paid $29,250,000 to purchase the Trillium site in Bethesda. The Wisconsin Avenue site had hosted a hotel, demolished in 2007 to make way a the high-end condo project by Houston-based Patrinely Group, but the ill-timed development never broke ground.

Davis Carter Scott had designed 3 residential towers for the project with southward facing glass sheer walls, but Stonebridge says it will create "a new plan" for the site that will have to go through the Montgomery County approval process again, and will feature a retail component below the residential spaces that will now be rental apartments. StonebridgeCarras says it will have plans ready to submit this summer for the 1.6 acre site. The building will occupy the southern end of the block (see map) northern part of the block is owned by NIH.

Stonebridge founding principal Doug Firstenberg says the team is starting from scratch to build "over 300 rental units" above 50,000 s.f. of retail, but has not selected an architect for the project. "We expect entitlements to be about 2 years, we hope to break ground early 2013, and deliver by 2015" says Firstenberg. "Its a really great opportunity to do a mixed use site, you've got a gateway site, less than a half a mile from the red line Metro station, with the medical center adding several thousand new jobs. This could really anchor the redevelopment of Woodmont Triangle."

This is the third joint venture between affiliates of StonebridgeCarras and Walton Street, which included Constitution Square in Washington DC and 8000 Jones Branch Drive in Tyson’s Corner. The previous developer began sales of the condominiums, which ranged from $500,000 to $3,000,000, but never achieved enough sales to satisfy investor requirements to start construction.

Bethesda, Maryland real estate development news
 

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