Washington DC real estate development news
Friday, December 04, 2009
DC's Janney School Releases New School Renderings
18
comments
Posted by
Ken on 12/04/2009 07:42:00 AM
Labels: Devrouax and Purnell Architects, Tenleytown
Labels: Devrouax and Purnell Architects, Tenleytown

Thursday, December 03, 2009
National Museum of African American History and Culture Design Process Crawling Along
10
comments
Posted by
Shaun on 12/03/2009 05:30:00 PM
Labels: Adjaye Associates, Davis Brody Bond, Freelon Group, national mall, NCPC, SmithGroup
Labels: Adjaye Associates, Davis Brody Bond, Freelon Group, national mall, NCPC, SmithGroup






Washington DC real estate development news
Retail vs. Office Space Showdown on DC's H Street


The developer's plan is for a four-story building with ground floor professional services "such as investment and or insurance brokerage firms" with the top 3 floors set aside for the owner for office space. The lot is relatively small, so the owner is looking for zoning relief for density, seeking a Floor Area Ratio (FAR) of 3 rather than the permissible 2.5 FAR. The zoning requirements also stipulate that first floor ceiling heights come in at 14' to accommodate ground floor retail, but the owner would like to have 10'6" ground floor ceilings and no retail. In asking for these adjustments, I.S. Enterprise puts itself at the mercy of the ANC and the BZA, which must approve it, and can therefore mandate its standards.

According to ANC records, the organization sees the property as an opportunity to embrace the H Street Overlay and continue to develop uses favored by the community; they are unlikely to change their mind. The group strongly opposed the four story height arguing "all the other structures on the block are two stories." The ANC also objects to the overall design of the project stating "it does not reflect any of the architectural elements found on H Street." The ANC further objects the planned ground floor use, preferring retail. Though the ANC's approval is not required, the BZA will give weight to the ANC's position.
Washington DC real estate development news
The Macklin in Cleveland Park
Sponsored Announcement
UIP Property Management, Inc. is pleased to present The Macklin a fully renovated historic apartment building in the heart of Cleveland Park. The Macklin was built in 1939 and boasts 17 beautiful fully renovated apartments. The Macklin was designed in an art-deco style by renowned architect Mihran Mesrobian (1889-1975), who was a prominent Washington architect.
The apartment homes have been completely and beautifully renovated with individually controlled central heating and air conditioning, GE stainless appliances including microwaves and dishwashers, washer/dryer units in each apartment, granite counter tops, restored hardwood floors, tiled kitchens and bathrooms and so much more. The Macklin’s historic exterior features were restored, including the original steel casement windows, glass block art deco entry way, and decorative false balconies and concrete panels. If you want to live in the heart of the city or if you are looking to upgrade, starting at $1,600, call us today at 202-244-3811 or visit us at our website www.uippm.com.



Wednesday, December 02, 2009
Getting Serious at Howard Town Center
12
comments
Posted by
Shaun on 12/02/2009 05:19:00 PM
Labels: Castlerock Partners, Devrouax and Purnell Architects, Howard Town Center, Tompkins Builders
Labels: Castlerock Partners, Devrouax and Purnell Architects, Howard Town Center, Tompkins Builders



The developer has yet to commit to firm figures on the actual breakdown of residential units, but most recently has suggested there would be 420 units with the required minimum of 8% set aside as affordable, much to the disappointment of the surrounding community.
DC real estate and development news.
Parking Fuels Anger in Bethesda
10
comments
Posted by
Sydney on 12/02/2009 07:09:00 AM
Labels: Bethesda, Bethesda Row, PN Hoffman, SK and I Architects, StonebridgeCarras
Labels: Bethesda, Bethesda Row, PN Hoffman, SK and I Architects, StonebridgeCarras

LOT 31, Bethesda's stalled mixed-use development, has come under fire again, this time for its $89 million, 1,100-space parking garage. The structures are part of two developments at Woodmont and Bethesda Avenues, a joint project between Montgomery County, PN Hoffman and Stonebridge
Associates approved in 2007. In a joint press release this week, The Action Committee for Transit (ACT) and the Montgomery County Group of the Sierra Club blasted the five and four-story parking garages that will comprise Lot 31 as wasteful, poorly-planned targets for taxpayer money.
Designed by SK&I Architectural Design Group, the 3-year project is expected to begin construction at 4712 Bethesda Avenue across from Barnes and Nobel sometime in 2011, but has drawn fire from environmentalists since its inception.


Designed by SK&I Architectural Design Group, the 3-year project is expected to begin construction at 4712 Bethesda Avenue across from Barnes and Nobel sometime in 2011, but has drawn fire from environmentalists since its inception.
ACT and the Sierra Club object to the what they view as an automobile-centric approach to development so close to public transit, at public expense to boot. As part of the deal to entice developers to build, the county offered to pay for much of the $89m parking garage, or $80,000 per parking space, which developers see as a misallocation of resources that could be better spent on public transit. As in previous requests, ACT and the Sierra Club argue that "the high cost of the garage means that even in the improbable event that the garage fills up, parking fees will not cover the cost of construction," and argue for a 300-space garage instead.

So, why is the cost of construction so high? During a 2008 interview with DCMud, SK&I President, Sami Kirkdil explained that the project is more complex than usual parking structures because it requires construction crews to dig five levels into rock while at the same time "basically, taking Woodmont Avenue away," by slowing the traffic patterns around the garage.
This justification does not sit well with environmental groups who believe the number of Bethesda-area drivers has been over-estimated by the County and that the construction of the planned Purple Line,which could potentially stop just down the street from the planned garage, will further dim the need for parking in downtown Bethesda.

For their part, PN Hoffman and Stonebridge promise a "public atrium" component to the project that will serve pedestrians by acting as a meeting point between existing shops along Bethesda Row and their planned mixed-use buildings, with 357,000 square feet of ground-floor retail and residential space.
Perhaps with all of the drivers heading to Bethesda to take advantage of the safer pedestrian environment, all that extra parking will come in handy.
Bethesda Real Estate Development News
Bethesda Real Estate Development News
Tuesday, December 01, 2009
Buzzard Point Recommendations
4
comments
Posted by
Shaun on 12/01/2009 11:39:00 AM
Labels: Akridge, Buzzard Point, Southwest, Steuart Investment Company
Labels: Akridge, Buzzard Point, Southwest, Steuart Investment Company



If you are still scratching your head trying to figure out where this new land of opportunity is, you're not alone. As APA Team Leader Allan Mallach described it, Buzzard Point is an "in between" neighborhood - not quite SE Waterfront, but not SW Waterfront either. It has a large government presence with Fort McNair, the U.S. Coast Guard and PEPCO, but also a "strong existing residential component" largely made up by a variety of affordable housing. Despite the large industrial and government footprints, Mallach indicated the APA focused on the potential future development of more residences to complement the seismic change in the next 5 to 15 years with the departure of the Coast Guard, the arrival of the street car and reconfiguration of the waterfront and South Capitol Street.
Here are the ideas the APA put forth:

2. Residential. Residential. Residential: A high security federal tenant on the Akridge site would be, according to Mallach, "a major missed opportunity" and the "whole concept of building a high security installation is predicated on the idea that this is not a community, so it doesn't matter." Instead, the team recommends medium-density residential developed in partnership with the federal government for "families of military personnel and/or new federal government hires." But Mallach acknowledged the challenge in convincing a developer to switch from maximum build out of six to eight stories across two or three city blocks to the modest plans for residential development.
3. Steuart Property: The site should be used for a "strong, iconic structure" that acts as the "gateway" to the SE Waterfront from the Anacostia. Mallach likened to their vision to that of the Sydney Opera House. Lest we strive for mediocrity.
4. PEPCO: Though, according to Mallach, PEPCO has no plans to go anywhere in the near future, the planner recommended taking the long view. As some of the stations go offline over time, the APA suggests that the District and the utility provider work out agreements to shrink the utility footprint in the area in favor of, you guessed it, mixed-use development. Ideally the PEPCO facility could be converted into a museum or cultural center much like the Tate Modern in London. So we've got London and Sydney covered.
The final report of the team's findings will be released sometime between February and March 2010.
Washington DC real estate news
Monday, November 30, 2009
Lacey Champagne Brunch Broker's Open, Tuesday 12 - 2pm
The Lacey, U Street's most inspirational new condominiums, will feature a champagne broker's open Tuesday, December 1st, from 12-2pm. Come see some of the city's best rooftop views and most intriguing design south of Manhattan. Marketing and sales by DCRE.

FHA's Changing Rules
The Department of Housing and Urban Development has announced its newest rules to rescue the condo market. Rules that take effect next week will drop the new-condo presale requirement down from 70% to 30%, a welcome
change to any developer, but tack on rules that make some lenders jittery.
Back in the days when no-doc loans were de rigueure and lenders financed 95 to 100% of home-purchase loans, FHA was but an obscure agency that few real estate agents even noticed. No more. FHA-based financing now allows 97% financing where lenders otherwise lend a more parsimonious 85 to 90%, and news from FHA is watched more closely than interest rates.
The newest rules, just released, take effect December 7th. Under the old regime, developers were obligated to find buyers to write contracts on 70% of the units in a new condominium before FHA would back the mortgage. With so many buyers seeking FHA loans, a building could not begin settling loans before the 70% mark
was met, a tough standard in the current market. The new rules bring that threshold to 30%, down from the initially proposed 50%. Spot approval, the process of getting an FHA-approved loan on a building that does not have overall FHA approval, now ends February 1, 2010. Buyers with a ratified contract by that date can still get case by case approval even if the settlement date is later.
The quirk in the new rules lies in the two methods developers can use to qualify their project. The first entails "Designated Entity approval" with a bank's in-house licensed underwriters, a process the government intends as a quicker, cheaper approval method. The second is to submit the project to the FHA for approval. While no one is willing to guess at how long the government option will take, the bank approval process comes with a caveat that has bankers worried. Under the new guidelines, the first bank that approves a loan in a new condominium will incur liability for any flaws in all subsequent financing, even if it doesn't make subsequent loans. That can leave banks on the hook for hundreds of units for the profit of one loan, a scenario that banks seem not so keen to jump into. On the other hand, all existing condominiums need to be approved under the new system, leaving some industry watchers fearing a glut of applications on December 8th, with some predictions that rules for bank-approved loans will be relaxed to lighten the burden on the federal government. If not, builders will simply have to wait out the government's own approval process.


Friday, November 27, 2009
Foreclosure Hits Chinatown Landmark
6
comments
Posted by
Shaun on 11/27/2009 11:25:00 AM
Labels: Chinatown, DRI Development, transwestern
Labels: Chinatown, DRI Development, transwestern




Washington DC real estate news
Wednesday, November 25, 2009
The Ever-Shrinking Galaxy
0
comments
Posted by
Sydney on 11/25/2009 12:44:00 PM
Labels: AR Meyers, RST Development, Silver Spring
Labels: AR Meyers, RST Development, Silver Spring



The Galaxy isn't the first project undertaken by RST Development in the Silver Spring neighborhood bounded by Eastern Avenue, 13th and King Streets. In 2004, RST converted the vacant, 15 story office building at 8060 13th St into Gramax Towers, a 182 unit apartment complex. Copeland's company began planning the renovation of the Williams and Willste buildings—two abandoned office buildings on the north side of Eastern Avenue, into the Aurora Condominiums that same year.

In 2005, in the wake of these successful projects, The Galaxy of downtown Silver Spring was born. But by early 2008, the condo market in Silver Springs was not what it used to be and the A.R. Meyer's & Associates - designed condo project shrunk in to a more modest, 241-unit complex with 430 underground parking spaces.
The good news, according to Montgomery County Senior Planner, Sandra Pereira, is that "there will still be 3,366 s.f. of ground floor retail." She adds that Phase 1 of the project will not only include "a five story building, but also recreation and public use space" which adds up to 25,816 square feet of space for the public.
Whether or not construction will ever begin on the four story, 46-unit second phase of development remains to be seen. No date for Phase 2's construction has been set. That said, RST Development is pushing forward into the subcontracting stage of Phase 1 despite the setbacks in the market so far.
Fast forward to the not-so-distant future date of December 3rd, 2009 and the Montgomery County Planning board is expected to approve two new amendments to The Galaxy development plan - the first splits the project into two phases and the second reduces the number of parking spaces.

A public parking component has been at the center of The Galaxy plans from its beginning. But RST's newest amendment will once again reduce the amount of available parking spaces - this time from 430 spaces to 368. Pereira assures us that this change is quite minor when compared to past amendments and that public parking will still be a component of the development but will now be "divided so that 160 spaces
are public and 208 are private."

Despite the assurances, it's noteworthy that the only feature of the Galaxy project to experience a growth spurt in the recent months is the percentage of available moderately priced dwellings units (MPDUs).
In an effort to strengthen an application for 9% tax credits, RST Development went before the Montgomery Housing Opportunities Commission (MHOC) in September for approval to transfer 27 project-based vouchers from the Gramax Towers to The Galaxy. Susan Yancy from the MHOC confirms that "101 Galaxy units" available in Phase 1 of the development "will be offered at an affordable, 30% AMI rate," meaning that roughly 42% of Galaxy's 241 rental units will be available as MPDUs. That's quite a jump, considering RST's original 2005 plan only met the minimum MPDU requirement of 12.5%. And what was once being billed as a swanky new condo development is now going all rental.

Silver Spring commercial real estate news
Tuesday, November 24, 2009
Highland Addition, HOPE-ing and Waiting


According to Knox Hayes, DCHA Project Manager for Highland Addition, the reason behind the stalled development is the lack of funds to build new roads for the PUD. The City was unable to cough up the money for necessary roads, so DCHA took the federal path, applying through HUD'S HOPE VI grants for the maximum project award. In so doing,

The PUD will maintain its approved number of residential units at 138, but will increase the number of rental units from 30 to 46. On the remainder of the site, the same group of developers will build more residential units by matter of right zoning, with no PUD required. The proposed site will offer 261 units with 118 rental and 143 for-sale units (including the units in the PUD). Most of the homes will be townhouses, though Hayes indicated the possibility of some condominiums.

The site at Highland Additions used to be home to several public housing buildings, which were torn down in 2001, with the PUD process ensuing in 2004. Nearby are the newly renovated Overlook apartments, which replace the former Parkside Terrace apartments.
Washington DC real estate news
Monday, November 23, 2009
Bethesda Police Station Swap
0
comments
Posted by
Shaun on 11/23/2009 12:56:00 PM
Labels: Bethesda, JBG Companies, Wisconsin Avenue
Labels: Bethesda, JBG Companies, Wisconsin Avenue



The County opted for an RFP because the current station is too small and "it didn't make sense to put more money into it," according to Gary Stith, Deputy Director of Planning and Special Projects within Montgomery County Department of General Services. When the County released the RFP, they indicated they were looking for a mixed-use development with a long term lease with the County as landlord. The RFP also said developers with the means to build a new station at another site in the immediate area would be offered a juicier deal than offers looking for a “simple conveyance of the Site" - i.e., the title to the land without the obligation to build a new station or exchange land. Sounds like that's why the application review committee, which consisted of county and police officials, picked JBG.

The site involved in the RFP would likely see demolition of the old police station, once the law enforcement agency moves into a shiny new home. JBG's proposal calls for an office at the Wisconsin Ave location, which Finkelstein said could be anywhere from 125,000 to 250,000 s.f. And in a sweet location to boot.
Update, Nov. 24: Michael Brodsky, CEO at the Goldstar Group, contacted DCMud to say he took "exception" to the statement made by Finkelstein, adding that the RFP was awarded to a 50-50 partnership between JBG and Goldstar. Brodsky stated that to the extent that the partnership ceases to exist in the future so does the RFP award which was given to the partnership. The partnership between JBG and Goldstar was closely linked to a building owned by Goldstar behind the current police station. The partnership would potentially then redevelop the entire corner, rather than just the police station. Brodsky said if JBG and Goldstar are unable to agree to a partnership, the "entire deal is off."
Bethesda Real Estate News.
Sunday, November 22, 2009
DC Tax Sale Rescheduled

Washington DC real estate news
Friday, November 20, 2009
Art Place at Fort Totten
3
comments
Posted by
Shaun on 11/20/2009 04:48:00 AM
Labels: Cafritz, Ehrenkrantz Eckstut and Kuhn, Fort Totten, MV+A Architects, Shalom Baranes Architects
Labels: Cafritz, Ehrenkrantz Eckstut and Kuhn, Fort Totten, MV+A Architects, Shalom Baranes Architects



Initial schematic designs call for the demolition of the Riggs Family Apartments and three warehouses currently on the site. The demolition will make room for the construction of four buildings comprised of 929 multi-family one- to three-bedroom units; 305,000 square feet of retail space; 170,000 square feet of cultural and arts spaces; and a 47,000-square-foot children's museum. Ehrenkrantz Eckstut and Kuhn (EE&K) is the master planner for the site, Shalom Baranes Architects (SBA) has designed the first of the four buildings, and MV+A Architects is designing the retail, all to meet basic LEED certification standards.

Though buildings B, C and D received approval, Cafritz said their exact designs are still up in the air and dependent on market conditions around the time of construction. In the PUD zoning approval, Building B is planned for three stories of retail and cultural use to include the 47,000-s.f. ground floor children's museum, ground and second floor retail and space for a child care facility and seniors' center.

The planned seven-story "cultural and arts spaces" in Building D would potentially serve both the Washington National Opera and the Shakespeare Theatre for storage, rehearsal space and related shops. The developers also offer to provide upwards of 20,000 s.f. in this building for a public library and an additional 30,000 s.f. of "community space;" giving away space like free samples at Costco.
The eight-story Building C is planned as entirely residential, built in two C-shaped wings, joined at the second level, to accommodate the possibility of a new 3rd Street connecting the Arts Place property to the neighboring Food and Friends property, should the neighbors decide to sell or redevelop at a later date. Of the 400 rental units, 30 may be set aside as affordable for artists- everyone loves the arts these days.

All this development does not come without growing pains. Several current community members living in the Riggs Family Apartments were outspoken during the PUD review process. They will be displaced from their current home and moved into temporary housing on the same site until the new affordable spaces in the Arts Place project are ready. One senior from the community and a resident of the Cafritz apartments testified in objection to the handling of the current residents, saying that residents had not been told where they were going or when.
Despite community complaints, Jane Cafritz tried to paint a rosier picture, adding that that temporary homes for the tenants are fully refurbished with new appliances and the developers will try to accommodate seniors with first floor units. Highlighting the benefits of the new project though, Cafritz said the foundation will pay the gap between the rates on the affordable units and the actual cost of a market rate units, absorbing that cost for "20 years or the life of the tenant," whichever comes first. The former Riggs tenants will have first dibs on the new affordable residences at Arts Place and Shops.
Building A images courtesy of Interface Multimedia.
Washington DC Real Estate News.
Subscribe to:
Posts (Atom)