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Thursday, February 03, 2011

Neighborhood Report: NoMa

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So named for its location north of Massachusetts Avenue, NoMa is a neighborhood that's beginning to assert an identity, if still gangly in its adolescence. But developers and restaurateurs have faith the area will take shape. Here's what's happening:

Gillian Clark's Kitchen on K: Clark's new restaurant, inspired by her now-gone Colorado Kitchen is between four and eight weeks away from permitting. A bigger space and proximity to the Metro means Clark, now the chef at Silver Spring's General Store, plans on daytime and late night hours. In a nod to its progenitor, the menu will showcase French technique via comfort food favorites, as well as donuts during brunch her customers keep asking about. Opening dates? "Ideally spring, but there is no such thing as ideal."

Work in Progress, Todd Gray's Watershed: A few blocks from Clark's spot, Equinox chef Todd Gray and wife Ellen are opening Watershed in NoMa's Hilton Garden Inn. In addition to the raw bar, patio, restaurant and lounge, the Grays will also focus on cooking up morning meals. "D.C. has a real need for power breakfast spots," said Todd. Perhaps Clark and Gray will draw business from Charlie Palmer, the reigning champion of the genre. Watershed will be the sole restaurant in the hotel, which is slated to open in April.

On Skanska's NoMa Development: Sara Krouse of Washington Business Journal reported on the Skanska deal earlier this week, which Executive Vice President Rob Ward says is slated to become office buildings, hotels and potentially residential space. The 63,790 square foot property is located at 1st and M Streets N.E.

NoMa Living: The Loree Grand, which will house Clark's restaurant, was the first new residential projects in the area in over a century. Of the 212 residential units, 66% have been leased. Archstone also has a residential project underway, 469 apartments set for completion in late 2012.

Constitution Square: Of the 440 residential units in The Flats 130, 90 have already been leased since its opening late last year, with 19 new leases just in January. Also set to open in the area is Roti as well as the largest location of The Perfect Pita, which has leased space across from The Courtyard Marriott.

90K: Of the space that's primarily for offices, 50% has been leased. The 412,000 square foot office building also houses retail, which has yet to be claimed. Built by Clark Construction, designed by SmithGroup, the building is the newest office building by Trammel Crow Company.
111 K Street: Sales of J Street's corporate condo (pictured, right), initially fast, have stalled as buyers such as Sierra Club and YWCA have backed out.

50 Florida Avenue: This former Metro Ice warehouse just sold as a redevelopment project to B & B Realty Investments. "We are in the middle of contemplating what we want this space to become," said Rick Brown, a Principal of B&B. "We had a three to five year plan but recent growth in the area has prompted us to reconsider."

Washington DC real estate development news

Saturday, May 01, 2010

DC's Newest Office Building: Uniting NoMa?

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Another NoMa project has now delivered, this time at the corner of K and 1st Streets, NE. 90K, Trammell Crow Company's new office building, is the first of the (eventual) four-stage Sentinel Square development, which will take up several lots along L, First and K Streets, NW in NoMa. 90K offers 400,000 s.f. of green office space for the taking. To date, no announcements have been made about tenants, potential or otherwise, though the developers indicate "strong interest" from government agencies. Developers say the timeline for the next three stages is dependent on the market and financing.

Clark Construction Group began building in June 2008, which is noteworthy according Tom Finan, Managing Director at Trammell Crow, because the development was able to secure construction financing that June "while the rest of the world tumbled around us." Finan said the building was designed by architects SmithGroup to appeal to both public and private sector tenants, though the 12-story Class A office building includes ISC Level IV security features - 30 foot set-backs on all sides, blast-resistant window glazing and separate shuttle elevators from the parking garage to the security check point - not exactly necessary for your average law firm. Building design even assures progressive collapse avoidance, preventing the sudden loss of any column or beam from causing collapse for sufficient time to evacuate.


90K was designed to achieve LEED Silver certification, with aspirations for Gold; Finan indicated that the announcement on LEED is expected this summer. Three levels of below-grade parking provide 317 parking spaces, though the building is just a few blocks from Union Station. And since looks matter, 90K is surfaced with stainless steel and glass, with a skirt of black granite at street level and Jerusalem Gold marble from Israel.

Asked about the impact of a new building without secured tenants on occupancy rates in the NoMa neighborhood, Liz Price, President of the NoMa BID, said the project does not make a big impact considering the area is set to have 14-15 million s.f. of new or converted office space when and if all proposed projects come to fruition. But the Trammell Crow project is probably "one of the only spaces currently or near-term available for a large HQ," added Price. NoMa's remaining office space can only be leased piecemeal thanks to other large leases.

On the leasing front, Finan said his company has "chased a number of bigger government deals and some of the medium sized agencies," but nothing firm. Finan is hopeful that a deal could be "only months away" on leases that would take upward of one-third of the building. Though designs could permit ground floor retail, Finan said his company secures office tenants first and then determines whether or not there should be retail in the mix.

What does 90K, Sentinel Square's first phase, do for NoMa? Finan sees the project as an anchor that connects the "preexisting" NoMa up and down First Street near Union Station with the newer, "more pioneering elements" closer to New York Avenue. The project, which replaced a surface parking lot, serves to "unite" the area between metros into a clear NoMa market, added Finan.

Washington, DC real estate development news
 

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