Friday, October 10, 2008

Framework Plan Re-Envisions Downtown DC

4 comments
With development occurring throughout the District of Columbia, many local and government agencies called earlier this year to establish a scheme to orchestrate continuity between Washington’s most visited areas and the up-and-coming projects now in the pipeline. The rejoinder has Downtown Washington DC commercial real estatefinally arrived. The National Capital Framework Plan (NCFP) - co-authored by the National Capital Planning Commission (NCPC) and the US Commission of Fine Arts (USFA) - outlines several strategies to "enhance Washington's reputation as a walkable, transit-oriented, sustainable city" for residents and tourists alike. The plan focuses on four distinct areas of District development: the Northwest Rectangle, the Federal Triangle (including Pennsylvania Avenue), the Southwest Rectangle and East Potomac Park. In all, the plan highlights 5.5 million square feet of land that it aims to dedicate to 4 new museums, 75 acres of “civic gathering space,” 32 acres of recreational area, 13 acres of parkland, “numerous” memorials, federal office space and mixed-use development.

Washington DC city planning

The Northwest Rectangle (defined by F Street to the north, Constitution Avenue to the south, the Potomac to the west, and 17th Street to the east), first on the docket, requires “a symbolic and physical connection” to be established between the Kennedy Center and the Lincoln Memorial. That would include extending E Street NW and establishing it as a one mile “landscaped boulevard” that would connect to the Kennedy Center, the White House and President’s Park - resulting in a new public park on Virginia Avenue NW between 19th and 22nd Streets NW. New residential and shopping areas would be installed on a deck above the Potomac Freeway, which would also allow 25th & 26th Streets NW to be reintegrated in the street grid. The infrastructure modifications don't stop there - the plan also suggests a realignment of the Theodore Roosevelt Bridge to free up desirable public space along the shoreline.

Over in the isolated Federal Triangle, the Plan reimagines Pennsylvania Avenue NW as space that will live up to its status as “America’s Main Street.” The Plan critiques federal installations such as the Old Post Office and the J. Edgar Hoover FBI Building as not living up to their potential and suggests, politely of course, that the government Washington DC Federal Trianglesimply find a new home for these tenants elsewhere in the city (no rush, any time in the next 30 days would be fine). In their stead, the plan calls for the creation of new grand mixed-use development between 9th and 12th Streets and a new National Aquarium (already planned to front Constitution Avenue) - in addition to other “cultural and hospitality destinations” for the area, including the Freedom Plaza, a “Federal Walk” history and arts trail and public outlets that would supply the area with some semblance of a nightlife. "Mixed-use" is also the word of the day in the Southwest Rectangle. Described accurately as an “uninviting federal enclave” - albeit one the federal government created with an earlier plan intended to "revitalize" an existing neighborhood - The Plan proposes an extensive rebuild of 10th Street SW. Smithsonian Castle to a refurbished OverlookWashington DC Wayne Dickson (current home of the Maine Avenue Fish Market), transform The new street would run from the Maryland Avenue SW, link the US Capitol to the Jefferson Memorial and serve as a gateway to the emerging Southwest Waterfront. By taking advantage of 18 acres worth of air-rights, the NCFP proposes a new “mix of office, cultural, entertainment, hospitality, and residential” development that would terminate at a newly decked out Overlook. The hope is for new street-level projects on the north side of Maine Avenue SW - across from the waterfront – including (yet another) new museum on the site. The Liberty Loan building (14th & D Streets SW), the Whitten building (1400 Independence Avenue SW) and a portion of the Forrestal complex (1000 Independence Avenue SW) are also identified as possible museum locations. Plans for Maryland Avenue consist of a new park at the intersection of Maryland and Virginia Avenues SW and the reclamation of the original street grid that is currently sliced-and-diced by train tracks and tunnels leading to Union Station.

The NCFP aims to integrate East Potomac Park into the fabric of daily life in the District by making it more than just a golfing and jogging destination. This would be primarily achieved by improving connections between the Park and the city proper through the construction of a canal by Buckeye Drive SW, a new Jefferson Memorial Metro stop, and a new foot bridge at P Street SW “to improve boat, pedestrian and bicycle access.” Additionally, the area surrounding the Memorial would be expanded and improved by eliminating the numerous “infrastructure barriers” dividing the park. Along the shoreline, the waterfront esplanade presently on site would be raised and widened so as to showcase memorial sites (like Hains Point), maritime areas and natural wetlands. The Plan also recommends the inclusion of stops for proposed water taxi service that would connect Nationals Stadium, the Southwest Waterfront, Alexandria, Georgetown and National Harbor. The area which the Plan identifies as the most ripe with potential, however, is the northern side of the park on the WashingtonThe National Capital Framework Plan (NCFP) - co-authored by the National Capital Planning Commission (NCPC) and the US Commission of Fine Arts (USFA) Channel, being dubbed Potomac Harbor. Envisioned as the location of “new low-scale, one to two story, development,” Potomac Harbor would host cafes and water-based recreation activities that would serve as a complement to the numerous mixed-use projects occurring directly across the river.


Washington DC commercial real estate news

Thursday, October 09, 2008

RFP Issued for Deanwood Rec Center

0 comments

Hot on the heels of last week’s Strand Theater announcement, Northeast’s Deanwood neighborhood is now in line to receive a new $20 million, 63,000 square foot community center. Banneker Ventures LLC (also the developer behind the Strand revitalization initiative), Reagan Associates LLC, DC Housing Enterprises and the Program Manager of the center’s current incarnation, have jointly issued a request for qualifications to builders that aims to have the new Deanwood Community Center (DCC) open and operational by May 2010. The project is the product of a partnership between the Office of the Deputy Mayor for Planning and Economic Development (OMPED) and the Department of Parks and Recreation (DPR).

Located at 49th & Meade Streets NE, the new DCC will sport “an in-door leisure swimming pool," gymnasium, game rooms, full library, a child care center, and dedicated senior space, as well as swanky designs by Ehrenkrantz Eckstut & Kuhn Architects (EEK) and a projected LEED silver certification. Everything currently on the site – including the swimming pool, tennis courts and the existing building – will face demolition in the coming weeks.

Proposals are due to Banneker by 12 PM on Monday, October 20th.

Skyland Readying for Take-Off

0 comments
Washington DC retail for leaseDespite years of false starts and a finicky housing market (to put it delicately), the long in-development Skyland Town Center in southeast Washington D.C. is now pacing itself for a 2012 delivery. Well, maybe. Described by the 5-member development team - which includes the Rappaport Companies, William C. Smith & Co., Harrison Malone Development LLC, the Marshall Heights Community Development Organization (MHCDO) and the Washington East Foundation - aSkyland Town Center, Washington DC retails a "prominent living, shopping and gathering place," the $285 million Skyland project aims to deliver more than 700,000 square feet of mixed-use development, mostly in the form of new housing. Located at the intersection Alabama Avenue & Good Hope Road SE - across from the present location of the Good Hope Marketplace, the Skyland Town Center will boast 280,000 square feet of retail space and 460,000 square feet of residential housing. Of the roughly 475 residential units included in the project, 20% of the units will be available to families earning 80% of the Area Median Income (AMI) or less, 10% will be reserved for residents making 120% AMI. Torti Gallas & Partners also designed 21 single-family townhomes and three above-ground parking garages to serve the development.

Skyland Town Center, Rappaport, Southeast Washington DCSkyland replaces undeveloped land on the back of the site, and a small, dated mix of retail along the front of the property. Pre-development work on the project began in 2002 under the watch of former Mayor Anthony Williams and the National Capital Revitalization Corporation, which served as developer until the project was handed off to the present team in 2007. According to Steve Green of William C. Smith & Co., though the developers have made progress, the current economic climate makes a firm start date difficult to pin down.

And because nobody is planning to start a residential construction project in 2009 - and 2010 isn't looking much better - developers at Skyland are not inclined to rush. “Given the current market conditions, [a timeline] is particularly difficult to predict,” said Green, “but our best estimate…is that we would close on the property and begin demolition in the fall of 2010 and completion of the first phase would be 24 months later in the fall of 2012.”

William C. Smith & Co. expect to file a PUD for the Skyland Town Center on or around November 15th. The DC City Council has already approved $40 million worth of Tax Increment Financing for the project. Washington DC based WCS Construction will build the project.


Washington DC retail and commercial real estate news

Wednesday, October 08, 2008

Alexandria Low-Income Gets Mixed-Income Makeover

3 comments

The Alexandria Redevelopment and Housing Authority (ARHA) and EYA Development Inc. have filed for the permits needed to move ahead with their proposed redevelopment of Alexandria's James Bland Public Housing Project.



Following
the demolition of all 194 units that currently occupy the site, the development team hopes to install a radically different housing development that will promote "mixed-income communities." Shooting for a 65/35 ratio of market-rate to public housing, the new James Bland will consist of 159 townhomes and 86 multi-family units on the upscale end, and 72 townhomes and 62 multi-family units on the affordable side. The same ratio will be maintained throughout each block of the five block development - with no separation by income type.

Other components of the redevelopment include a new, 13,800-square foot park at the intersection of Alfred & Montgomery Streets – intended to cater to the expected influx of families with children, and to serve as a link to the new Charles Houston Recreation Center. A second, 7,800 foot park has also been proposed at the corner of First Street.

The $55 million project will be drawing its funds from AHRA’s sale of the Glebe Park public lots to EYA - whichs plan on beginning construction at that site next month - and Virginia low-income housing tax credits. The plan proposes that 44 of the 194 public homes at James Bland then be relocated to the Glebe site upon completion. The builders plan on offsetting the environmental effects of the construction by aiming for LEED certification – the grade has yet to be determined – and recycling as many building materials from the old structures as possible. The development team has also pledged to use designs that are in keeping with the greater aesthetic of the Parker-Gray neighborhood.

The developer plans five phases of construction, with the build-out expected to commence in November, 2009. The buildings on the 8.49 acre site were originally erected in 1945, and converted in public housing by the AHRA in 1987. The development team received approval for demolition and for their preliminary concepts on September 24th. The project still awaits approval of special zoning and special use exceptions needed to bring the development to fruition.

Affordable Housing Championed in Northern Virginia

3 comments
The Arlington County Board approved a new measure last month that aims to increase the amount of affordable housing available within the Fort Myer Heights neighborhood, while protecting those already in existence. On September 13, the Board summarily approved the Fort Myer Heights North Plan, which complains that "as the core areas of Rosslyn and Courthouse continue to build out, redevelopment pressure in this area has increased dramatically. The fabric of this neighborhood is being eroded by luxury, by-right development that meets neither the goals of the community nor the County." Since 2004, the area has lost nearly 200 affordable units - nearly a quarter of those available - to redevelopment. As a remedy, the plan lists construction of affordable units and the preservation of existing units as its primary goals.

While the tear down and rebuild process usually results in the loss of affordable housing, the County is looking to make that an unattractive prospect for developers. According to the report, developers seeking to start new projects in historically protected segments of Fort Myer Heights will no longer be offered financial incentives. Instead, the plan encourages developers “to work closely with [County] staff to determine a suitable total affordable housing package” in non-historic areas.

The new declaration of policy means development proposals to wipe out affordable housing will be met with resistance by the county and, in the event that deal is made, that all residents of affordable housing be relocated to new units with the same price tag. Any new designs for non-historically protected buildings must offer at least 10% of its units as affordable.

The implementation of the Fort Meyer Heights North Plan marks the third such maneuver underway in the greater Arlington area. Last month, the Board approved the JBG Companies’ revised site plan for their Jordan Manor project in Ballston. The crux of the revisions is an almost four-fold expansion of the number of affordable housing units –from 24 to 90. And in neighboring Alexandria, the IDI Group Companies' (best known for their Leisure World developments in Maryland and Virginia) are still pursuing their bid to convert the 530-unit Hunting Towers apartment complex (pictured above) into 100% affordable housing, while constructing 4 buildings worth of "luxury" condominiums next door.

Arlington, VA real estate development news

Tuesday, October 07, 2008

Project Taken to New Heights on Georgia Avenue

2 comments
Neighborhood Development Company, Georgia Avenue, Petworth, Lamont Street Lofts, Washington DC real estateLike a snowball rolling downhill, the number of residential developments on Georgia Avenue is getting bigger by the minute. The latest project on the boards is The Heights at Georgia Avenue by the Neighborhood Development Company (NDC) - a 100,000 square foot mixed-use building that will feature 100% affordable housing. Besides adding 69 new apartments to the Petworth real estate market, the project at the intersection of Georgia Avenue & Lamont Street NW will also add roughlyNeighborhood Development Group, Georgia Avenue, Petworth, Lamont Street Lofts, Washington DC real estate, Petworth 10,000 square feet of retail to the mix. The developer is currently engaged in talks with a hardware retailer about the site and hopes have a sit-down restaurant in place when The Heights opens its doors in early 2011.

The Heights' all-affordable status has put it in a unique position with the District of Columbia. This week, Councilmember Jim Graham will introduce a bill before the City Council that aims to grant the project an exemption from property taxes for the next 40 years - provided it maintains an at least 50% margin of affordable housing in that time. The proposal should be voted upon sometime this fall.

NDC president Adrian G. Washington told DC Mud that ANC approval for The Heights at Georgia is forthcoming. “We’ve met with the ANC on several occasions and gotten a letter of support from the single-member district commissioner…We’re actually going tomorrow and we hope they will formally approve it.”

The Georgia Avenue site was acquired by a partnership of NDC and Mi Casa Inc. – a DC-based non-profit that specializes in restoring aging properties and converting them into affordable housing. The Heights will be their second brand-new new construction project (the first being the Rittenhouse Project in Brightwood). The building is being designed by architect Graham Parker and will come in at a cost of approximately $25 million. Construction is slated to begin in the fourth quarter of 2009.

The Heights is only one of numerous projects currently in development in the Petworth neighborhood. Up the street at 4136 Georgia, Formant Development's proposed 57-unit, 7 story condominium tower is still scheduled to go to ground in 2009. Meanwhile, Donatelli Development’s Park Place is currently under construction and their proposed project across the street at 3801 Georgia recently issued a BID to contractors. These twin projects are joined by the massive redevelopment just up the street of the Park Morton public housing complex.

UPDATE: The Heights at Georgia Avenue's final address has been confirmed as 3232 Georgia Avenue NW - across the street from the NDC's Lamont Lofts project that was completed in 2005.


Washington D.C. real estate development

Florida Rock Gives a Little, Gets a Lot on the SE Waterfront

1 comments
One of the proposed touchstones of the Southeast Waterfront redevelopment, Diamond Teague Park, took a step towards reality yesterday as Mayor Fenty accepted an $800,000 construction contribution from developer Florida Rock Properties - the group behind the Riverfront on the Anacostia development next door to the park’s proposed location. The $16 million, 39,000 square foot park was described by Fenty as a "green destination" that will route foot traffic to and from Nationals Stadium and become a tourist draw in and of itself.

"We are leveraging this investment to create great public spaces that open up the river to the entire community," said Fenty in a statement distributed at the event. In remarks made at the foot of Nationals Stadium overlooking the Anacostia, the mayor went on to express his hope that the river will one day be among "the cleanest in the country" (good luck).

This marks the second such contribution made towards the park. In April 2007, the JBG Companies made a $1.5 million donation to the Landscape Architecture Bureau-designed project. Construction is expected to begin next month.

Meanwhile, Florida Rock is confident that its project will meet its 2011 start date. In May, they received zoning approval for the former concrete plant site on Potomac Avenue SE - pending a donation to Diamond Teague Park. Their Riverfront on the Anacostia development will host 560,000 square feet of residential and hotel space, 29,000 of which will go towards affordable housing. Office and retail space are also planned for the venture, to the tune of 545,000 and 80,000 square feet, respectively. A large waterfront promenade will link the development to the neighboring park. The Riverfront project is being designed by Davis Buckley Architects and Planners.

Friday, October 03, 2008

Northeast DC Icon Gets a Little Help

0 comments
Strand Theater, Banneker Ventures, Washington DC, Blue Skye Construction Mayor Fenty was on hand today to announce that the District has finally settled on a developer and would move ahead with redevelopment of the long-abandoned Strand Theater in Deanwood. The project is now in the hands the Washington Community Development Corporation (WCDC) and Banneker Ventures LLC - organizations thatStrand Theater, Banneker Ventures, Washington DC, Blue Skye Construction plan on transforming the 80-year-old former movie theater into the new home of an 18,000-s.f. restaurant and 18,000 square feet of “affordable” office space. The remaining 16,000 square feet within the Strand will be “dedicated for community and cultural uses,” according to a press release issued by the Mayor’s office.

“There will be more energy back on this corner for the neighbors who live in the Ward 7 community, east of the river in general and for the entire city,” said Fenty from the sidewalk of 5131 Nannie Helen Burroughs Avenue, NE. Fenty and WCDC head Rev. Steve Young, also leader of the Holy Christian Missionary Baptist Church for All People located across the street, went on to promise that 30 - 40 new, permanent jobs will created as a result of the revitalization effort.

Curiously enough, this marks the second time the District has named the WCDC and Banneker as developers in charge of the Strand. The first came this past July, when Deputy Mayor Neil Albert told DC Mud that the project would “break ground in the next two weeks.” Sean Madigan, the Mayor’s press contact, today told DC Mud the District was forced to hold off a bit, while the rest of the details concerning the theater were hammered out.

Banneker has had a dream year lobbying District officials, having secured from District work on the Strand, and having been named Master Planners for the Park Morton redevelopment, and as a developer of the $700 million Northwest One development. WMATA added to the company's portfolio by naming Banneker the lead developer in June for its Florida Avenue project, and Banneker has its own plans in place for 814 Thayer, a 52-unit condominium in Silver Spring's central business district. WMATA Board member and DC Councilmember Jim Graham reportedly pushed for the developer's inclusion in the project; WMATA said it chose the developer based on its "experience," noting the technical difficulty of building a project on top of an existing Metro tunnel, though Banneker has no previous experience building above a Metro tunnel. Or, apparently, above much else. Park Morton, 814 Thayer, and the WMATA project have yet to break ground, and Northwest One has only recently done so, leaving the conversion of several small apartment buildings into condominiums as its only achievements. Banneker's website touts its appointment to several of the above projects, as well as its "tremendous breadth of experience and professionalism." Calls to Banneker’s metro area offices went unanswered.

Strand Theater, Banneker Ventures, Washington DC, Blue Skye ConstructionAs it stands today, Green Door Advisors and Blue Skye Construction will handle the build-out of the heavily dilapidated building, located at the intersection of Burroughs Avenue and Division Avenue NE. The Strand Theater is currently on the DC Preservation League’s list of Most Endangered Places in the District. Hopefully, that will be changing as the Strand moves on to a bigger and better future.

Washington DC commercial real estate news


Thursday, October 02, 2008

Fort Totten or Bust

0 comments
Northeast’s Fort Totten will be almost unrecognizable (a good thing) by 2012 if a group of local developers are able to get their proposals off the ground. In presentations made at yesterday's DC Economic Partnership Annual Meeting and Development Showcase, developers brought forth not one, but two major development proposals for the intersection of South Dakota Avenue and Riggs Road NE. Together, they plan to bring more than million square feet of retail and nearly 2000 units of housing to the area - essentially the same model of high-density shops, apartments and arts space that Montgomery County planners used to such great effect in Silver Spring.

First on the block is Lowe Enterprises Real Estate Group and JackSophie Development’s Fort Totten Square. Plans for which have been bandied for the past 2 years, but according to Lowe's staff and publicity literature, the project is now on track for a 2010 completion. Designed by Hickock Cole Architects, their 9-acre parcel will feature 900,000 square feet of residential and retail space, complimented by 100,000 square feet of “grocer-anchored” retail. Residential units will arrive in the guise of The Dakotas – an 875 unit development that will also sport on-site parking.

In a concurrent phase of development is the Fort Totten Arts Place – a 20-acre redevelopment project being funded by the Morris & Gwendolyn Cafritz Foundation. Standing right next door to Fort Totten Square project – and on top of the neighborhood enclave that currently stands at 4th and 5th Streets NE – the EEK/MV+A-designed stretch of storefronts and apartment buildings will almost be a neighborhood in and of itself. For starters, the development will include 1220 residential units (220 reserved for seniors) and 147,000 square feet of retail. The latter will be reserving 9,000 square feet for a brand new Safeway supermarket, 82,000 square feet for neighborhood businesses and 6,000 square feet for a major banking branch.

You might be thinking, “Where is all the art at Arts Place?” The Washington National Opera might be a good place to start – they’ll be getting 75,500 square feet of rehearsal space, costume shops and production and administrative offices. The Shakespeare Theatre Company will also join them on the block will their own 75, 500 square foot space of administrative offices, costume and prop shops, and, yes, rehearsal space.

It’s also been seen to that the local community will get their fair share of benefits out of all redevelopment hoopla. There will be a new 27,000 square foot DC Public Library, 15,000 square feet of public performance and meeting space, a 20,000 square foot senior center, a 10,000 square foot daycare center, a gym, a health facility geared towards seniors, a cyber café, and a renovated and reconfigured plaza in Morris Square. Altruistic organization Food & Friends, which delivers meals to the terminally ill and is already located in Fort Totten, will also receive an expansion of its existing facility.

These twin packages of development should serve as a fine compliment to the joint Clark Realty – Washington Area Transit Authority apartment complex at the Metro station that completed Phase I of its’ $58 million, 3-building development earlier this year. If the Lowe and Cafritz projects make it out of the planning stages, we're going to be looking at very different Fort Totten in the future.

Casey Trees Branching Out in Brookland

2 comments
Local not-for-profit environmental organization, Casey Trees, has acquired the site of a former gas station, located at 3015 12th Street NE, in Brookland. In the coming weeks, the garage on the site will be razed to make way for a 10,000 square foot "mini-nursery" and tree holding site that will be used as a staging area for Casey Tree's Community Tree Planting initiative, which - in cooperation with the DC Department of the Environment - aims to plant 13,500 new trees by 2014. The 7-year-old organization previously planted 1400 trees throughout the District in 2007 alone.
The gas station acquisition, however, is a mere footnote compared to Casey Tree's plans across the street. As was announced in December of last year, the organization will be moving from their old K Street headquarters to a 14,000 square foot facility at 3030 12th Street, NE - following a dramatic renovation and expansion of the latter site.
The 3030 site was purchased from residential developer Taurus Enterprise Group Inc. for $1.95 million late last year. By spring 2009, Casey Trees plans to have a 3-story, 10,000 square addition in place that will accommodate a staff that they intend to nearly double over the next decade. SmithGroup - whose motto, coincidentally, is “tree-hugging optional” - is being charged with the redesign and plans to incorporate – no shock here - as many green features as possible into the building. Casey organizers plan on using their new $4 million headquarters to “put down roots” (seriously) in an area notoriously free of green streetscapes and, hopefully, inspire neighbors as Brookland itself undergoes significant redevelopment of its’ own.
Casey Trees is currently operating out of temporary headquarters on 11th Street, NW. Their planting program just received a major donation from American Express that will go toward 30 planting projects from November to May 2009. Public proposals for projects funded by the recently acquired cash are due by November 30 – just short of spring planting.



Washington DC real estate and retail news

Wednesday, October 01, 2008

Donatelli Downsizes Petworth Metro Building

0 comments
Donatelli Development, Georgia Avenue, Petworth, WMATA, Willco Residential, Washington DC retail for leaseDevelopers Willco Residential and Donatelli Development are moving forward withDonatelli Development, Georgia Avenue, Petworth, WMATA, Willco Residential, Washington DC retail leasing their initiative to revitalize a stretch of Georgia Avenue marred by vacant lots and blighted businesses. Billing itself as “the first luxury, boutique residential property in the Columbia Heights/Petworth neighborhood,” the project located at 3801 Georgia Avenue NW will - according to a BID issued by Donatelli on September 22 - feature 12 rental units of 1 or 2-bedroom, 850 square foot apartments. Additionally, the concepts on hand call for the construction of a “sit-down” restaurant and 5,000 square feet of retail space. Donatelli Development, Georgia Avenue, Petworth, WMATA, Willco Residential, DC real estateThis announcement marks a change to the initial plans that projected 49 residential units and space for only 1 to 2 retail outlets. Now that the scale of the building has been pared down, the developer is posting no requirements for affordable housing and, as such, “will offer luxury urban living at lower price points than larger competing luxury properties.” Accordingly, they expect a successful leasing effort and a low vacancy rate from the get-go.Christopher Donatelli, President of Donatelli Development spoke to the reasoning behind the loss of the residential space. “Anytime you have an empty lot like that you can come in with a quality development is a good thing,” he said. “We’re going to get some retail in there…Trying to get a good development there at the Metro seems to make a lot of sense.” The new building is directly across the street from Donatelli’s 161-unit Park Place development above the Georgia Avenue/Petworth Metro - due for completion this winter - and is being designed by architects Eric Colbert & Associates (see DC Mud's previous coverage of Park Place). The project is expected to go to ground in May 2009.

Washington DC commercial real estate news



Tuesday, September 30, 2008

DC Signs Agreement with SW Developer

6 comments
Deputy Mayor Neil Albert and PN Hoffman CEO Monty Hoffman today signed a noteworthy Land Disposition Agreement (LDA) enabling Hoffman- Struever Waterfront LLC, the developer selected last January, to move forward with plans to bring 2 million square feet of mixed-use development to the Southwest Waterfront.

Entitled by the LDA to “master developer” status, Hoffman-Struever will now be allowed to name, design and develop the $1.8 billion (including $198 million in publicly financed assets) project with little government direction. Deputy Mayor Albert, via a press release issued by PN Hoffman, described the project as “a true public-private partnership.”

The same statement outlined the developer’s intentions to make the site a “world class mixed-use waterfront destination” with public parks, three hotels, a Maritime Center, commercial office space, retail outlets, and more than 700 housing units. Hoffman envisions the site as serving as the missing link between the Baseball District and "revitalized M Street corridor" and the National Mall. In all, the project will encompass 26 acres of land and another 25 of marina area.

Still, any construction at the site is years off. The LDA is essentially the developer's contract to purchase; the city will not be able to transfer the massive parcel to Hoffman-Struever until 2011, at the earliest. The City Council must still vote on the LDA, which will get its first vetting at hearings on October 6th before the Committee on Economic Development. The Mayor's office expects a vote on the subject by November. Ehrenkrantz, Eckstut & Kuhn was named the master architect in June of last year, officially making the team - officially comprised of PN Hoffman, Struever Bros. Eccles & Rouse, McCormack Baron Salazar, ER Bacon, Acresh, Gotham, City Partners and Triden - the most unpronouncable development team on the east coast.

Georgetown Neighborhood Library Rising from the Ashes

3 comments
DC Public Library - Georgetown library rebuilds after the fire
The District of Columbia Public Library (DCPL) this morning held a pre-BID conference in the gutted interior of the Georgetown Neighborhood Library (GNL), which suffered severe fire damage in April of 2007. Full funding for the project has already been allotted by the DC government, but designs for proposed renovations and additions by architects Martinez & Johnson are still months away from completion. Georgetown Library after the fire

In the meantime, DCPL and the construction manager for the project, Smoot Construction, are now offering contractors three different BID "packages" that can get underway in the coming weeks: hazardous material removal, historic salvage and protection, and supply of site facilities. Following final approval of the architectural designs, Smoot projects that 14-25 more packages will be advertised to facilitate a spring 2010 reopening. Library officials went on to assure the construction representatives in attendance that any current litigation pending against the DCPL will in no way affect the timetable or funds assigned to the project.

Proposed modifications to the original 1930s building include an addition to the library’s firstGeorgetown Library - DC commercial real estate news floor, new stairways, elevators and internal systems, demolition of several existing walls, and the complete refurbishment of fire-damaged library accoutrements. Historic wood Washington DC commercial real estate for salefixtures on site will be removed and restored off-site, while the library’s basement will also be reconfigured into a more user-friendly space. Luckily, the building’s facade suffered only minimal damage - the library’s concrete and steel skeleton and masonry walls rendered it essentially fireproof – and will not need significant restoration.

The initial cause of the 2007 fire was chalked up to faulty wiring. Capitol Hill's Eastern Market, which notoriously also caught fire on the very same day as the GNL, received $2 million to rebuild from the DC government two weeks ago.

Georgetown real estate news 

Monday, September 29, 2008

Residential "Village" Springing Up in Arlington

0 comments
This coming fall, Silver Spring-based hotel and golf course developer Sunburst Hospitality will open its first residential project, Vista on Courthouse, in Arlington's Courthouse District. The development sports a blend of townhomes, duplexes and apartments two blocks from the Courthouse Metro station.
Construction at the former Quality Inn site began in the summer of 2007, after languishing for more than 2 years after receiving the go-ahead from the Arlington County Board. Two hotel structures on the site were razed to make way for the new WDG-designed, 11-story, 507,735-square foot tower. Vista will feature 252 rental apartments - with 14 reserved for affordable housing - and floorplans ranging from 1100 to 2400 square feet apiece. In addition to rental units, the developer has also inserted 24 brick facade townhomes, 4 duplexes and 7 “plank townhomes” into the grounds that will go on sale upon completion of the project. Coming in at a cost of $88.5 million, Vista will feature an in-house movie theater and bar, a fitness center, game room, outdoor pool and park.
While the project at 1200 North Courthouse Road is not seeking LEED certification, its website features a laundry list of features labeled “green” - including its “Metro-centric” location and storm water recycling system. Another highlight of the design: a supremely-private, 3-story underground parking area that features direct access to individual units from self-contained, closed door garages – much like one would find adjoining any home in the suburbs. This touch - coupled with sidewalks and private streets - is part of the developer’s strategy to create a “village” atmosphere in the middle of downtown Rosslyn. Construction on the project is being handled by the Donohoe Construction Company.

Sunday, September 28, 2008

11th Street Brimming with New Condos

0 comments
One stretch of Shaw just got a little bit more crowded. At present, there is not one, not two, but three competing condominium developments vying for dominance on a two block stretch of 11th Street NW: the Logan Park by the Murillo/Malnati Group (MMG), the Renaissance at Logan by Habte Sequar and, most recently, Providence Eleventh Street Lofts by Willco Residential. As we’ll explore below, all are highly comparable, so what makes this more than just a choice between apples…and more apples?

The Logan Park, located at 1616 11th Street NW, is a 16-unit “European-designed” boutique building and the oldest project on the block. Despite being completed in spring of this year, 4 units in the building remain unsold and unoccupied. The 5-story structure designed by Lucarelli, Montes & Wells features a shared green roof, a parking garage, on-site storage and boasts a location only blocks from the Metro. Prices are advertised as beginning at $299,000, but don’t let that title fool you; although it bears the Logan name, the project is located firmly with the boundaries of Shaw proper.

Right next door to (and in direct competition with) the Logan Park stands the Renaissance at Logan at 1618 11th Street NW. Although priding itself on catering towards the “urban buyer,” the 16-unit building (not unsurprisingly) features many of the same amenities as its neighbor, including the ever-popular common area roof terrace, the same Metro-oriented location and, of course, the Logan nametag. The prices, however, are similar, but somewhat divergent – units at the Renaissance start at $315,000.

Then there’s the new kid on the block, the Providence. The 4-story Willco Residential project, located at 1515 11th Street NW, currently has all 8 units in the renovated 1920’s space on the market via Coldwell Banker. Named for the street car line that used to run down 11th, the Providence is offering 1 or 2-bedroom lofts that range from 840 to 1550 square feet. The project was built out by McCullough Construction and also sports prices in the low $300,000 range.

So there you have it: 28 condo units waiting to be snapped up on either side of Rhode Island Avenue NW. Given the recent developments in the condo market (and beleaguered progress for Shaw itself) only time will tell if 11th Street will come out of this a new hotspot or real estate deep freeze. Let the price wars begin…

 

DCmud - The Urban Real Estate Digest of Washington DC Copyright © 2008 Black Brown Pop Template by Ipiet's Blogger Template