New Georgia Avenue Development Requires Dump Truck of Cash

An unassuming four-story residential building will pop-up at 2910 Georgia Avenue over the course of the summer and within in a year's time will have all 22-units sold. That, anyway, is the prediction of developer Art Linde, President of ASL Development Corporation, who has been working in "emerging areas" in the District for 20 years - areas like 14th Street in the '90s and U Street a decade ago. His fairly standard four- or five-story buildings often sit in the shadow of a larger project's spotlight, but today, a new condominium project with a firm timeline and construction financing seems like a relative star in areas hit by stalled development, like lower Georgia Avenue.

Linde purchased the property for $560,000 from Howard University in November 2009, applied for construction permits in December 2009, will begin construction this May and expects to deliver 10 months later. A stunning timeline in today's climate and no easy feat. Linde said he always signs his own loans, never takes financing from "the government or metro," but for this project he had to hand over a "dump truck full of cash" to secure a loan from Bank of Georgetown. Linde is unique in that he actually had a dump truck and enough cash to fill it. As he said, some developers today would not even be able to buy of one the units in his new building. A one-bedroom will run around $220,000 and a two-bedroom around $300,000. Yeah, times are tough.

The Developer described buying the lot as a "no brainer" because of its location on a "wonderful little street" in an area with a "rich history." Project Architect Eric Colbert and Associates said the design "gives harmony to adjacent structures" in the largely residential townhouse neighborhood. The project will be brick with large double-hung windows and bays that step out into the public space to "break down" any appearance of mass said Colbert.

The matter of right development will come in at five floors, plus a penthouse, and will be no higher than 50 feet. A side yard area will be covered in brick and provide 11 parking spots for residents of the one- and two-bedroom units. What about retail? Linde said the area has a dearth of quality housing and is rife with vacant lots. "You need to put heads in beds before you start building any retail," asserted Linde. Adding, "doesn't do any good to put in a Trader Joes... or a Starbucks if there aren't any people to drink the coffee." Considering his dump truck of cash, perhaps there's something to this philosophy.

Small though they may be, the developer said he takes care with his buildings, making sure the interiors are well built. They sand and finish the wood floors in place, no Masonite or cheap pieces of lumber. The windows are double hung wood, no vinyl. In short, "nothing that fell out of the back of a Home Depot truck," said Linde.

Though everyone seems to be "hoping" to start construction "very soon" and to deliver in the "next year," for once, it might actually be true.

Washington, DC real estate development news

North Bethesda's Latest Project to Break Ground

North Bethesda better brush up on its knowledge of protons and neutrons because there will be a lot of particles moving around when construction starts this summer on the Nuclear Regulatory Commission building. On Monday, developer LCOR received a final approval from the Montgomery County Planning Board to build a new 362,000 s.f. office building at North Bethesda Center Metro, a.k.a. White Flint, a.k.a Rockville. About a year ago, LCOR, in a partnership with USAA Real Estate Co., won out over several competitors for the opportunity to build the project for the General Services Administration and in October signed a lease that will make the new building home to the U.S. Nuclear Regulatory Commission for at least 15 years. According to Mike Smith, VP of LCOR, the project should begin construction in mid to late May; a formal groundbreaking will take place May 17th.

Approximately 1,300 NRC employees will occupy the new 14-story building, across from the NRC campus, which has been designed by HOK to meet LEED Silver certification. The new government building will join LCOR's residential project, Wentworth House, which delivered in 2008. That project brought 312 units and a brand new Harris Teeter to North Bethesda, on a 32-acre site approximately halfway between downtown Bethesda and downtown Rockville. In total, LCOR's project are to bring eight highrise buildings to the area, encompassing eight city blocks (when subdivided), and will include 1,274 multifamily housing units at its completion, but little has happened on the site, which remains nearly in the state as it was when it served as a golf course.

Smith was hesitant to predict the future of any of the other buildings, saying "we are waiting for market conditions to improve" before beginning work on the "next residential or another commercial project." The developer has not filed any plans with Montgomery-National Capital Park and Planning Commission for additional developments on the site.

CB Richard Ellis and Transwestern represented the LCOR-USAA joint venture (officially North Bethesda Center Office One, LLC) in the lease transaction, commercial real estate tenant rep firm Studley represented the GSA. Turner Construction will serve as general contract.

North Bethesda real estate development news

Anacostia River Park Unveiled Today

The District's $8 million Diamond Teague Park project officially opened today after breaking ground a little over a year ago. At 10:45 am today (11:15ish Fenty Standard Time), the Mayor and his entourage of Fenty for re-election volunteers gathered together with Earth Conservation Corps volunteers and Florence and Ivory Teague - parents of the slain teenager for whom the park is named - for a grand opening ribbon-cutting ceremony.

Located at First and Potomac SE on the Anacostia River, Diamond Teague Park's first steps toward fruition began when Mayor Anthony Williams facilitated jurisdictional control of the land and the defunct Capitol Pumphouse from the Federal government and into the hands of the District in 2006.

Before his murder in October 2003, 19-year old Diamond Teague served as a member of the Earth Conservation Corps, a non-profit organization committed to engaging youth in "activities that restore and clean the Anacostia River and surrounding communities." As part of its agreements with the District, Coastal Properties, a commercial dock operator, has agreed to hire students from the Corps to help maintain the park.

The park's two piers include a 250-foot commercial pier for the water taxi service that became available last summer and a 200-foot pier for docking kayaks and canoes. If funding comes through without a hitch, a concrete and steel, pyramid-shaped memorial designed by Byron Peck of City Arts could be showing up at the site by late October of this year. The Landscape Architecture Bureau designed the project.

Although the park is largely funded by the District, Maryland-based developer Florida Rock shelled out $800,000 toward the project as part of the community benefits agreed to in the PUD for it's neighboring RiverFront on the Anacostia development.

Washington, DC Real Estate Development News

Room and Board

Newly renovated interior with hardwood floors throughout, charming antique fireplace mantles, open, airy space and a stunning roof deck addition. Marketing for a new condo? No; a description of the new Room and Board store coming to the 14th Street scene this June. Adding to the design/decor corridor along 14th Street, NW, the new DC flagship location for the Minneapolis-based home furniture retailer is nearing completion at 14th and T Street in the old Taylor Motor Building. Last June, the retailers purchased the vacant, four-story building at 1840 14th Street, with plans to transform it into a fully rehabbed showroom and sales location. The company retained DC architects Eric Colbert and Associates to design the extensive renovation and work as a local advocate to get approvals from Historic and Zoning.

Area residents have been eying the progress especially now that the scaffolding came down and a new sign was added last week to the 14th Street side, both portending the opening, scheduled for early to mid-June. The new store will offer 36,000 s.f. of open show room space on three floors and a roof top area. A roof deck with a wrap around glass balcony offers fantastic views of the Logan and U Street area--the perfect place to contemplate life and design on a sunny day. If only they were putting in a coffee shop...

The retailers tasked Project Architect Eric Colbert with exposing much of the interior structures - like the original concrete beams. As you enter through the large glass doors from 14th street, the space opens before you, drawing your attention to the "grand staircase" and the streaming light flooding the store from the new windows that replicate the original single-pain industrial sash windows. Keeping with the retailer's request, Colbert and McCullough Construction built 3/4 walls that act as partitions anchored to the ground, not reaching the full height of the ceilings, where the duct work and pipes are exposed "in a neat and orderly manner," according to Colbert. The architect also attempted to recreate contemporary showroom windows, using steel details in canopies and bays to create something that looked like it may have been "added recently, but has the feeling and overall effect of the original concept."

The addition of a rooftop area posed the challenge of integrating "aesthetics of an addition with the existing structure to make it harmonious" said Colbert. He added, "a sophisticated addition to an historic building does not try to mimic the historic building because then there is no immediate story on how it evolved over time." On average the addition is set back 20 to 30 feet on all sides except that with the adjoining building. Colbert designed a wood deck with a tempered glass handrail set back an additional four feet from the edge to prevent visual obstructions of the historic area.

A construction manager from McCullough walked us through the project pointing out unique details for the store, like the slabs of wood for the floor that upon closer examination had a pattern of swirls and flourishes meant to look like an old mill room floor. Then there are the five fireplaces throughout the building, stone and iron frames will integrate antique mantles (salvaged from area homes) into the new space. On the interior walls that were covered in plaster and stucco during one of the space's many incarnations, the builders are applying a thin brick facade, closer to what the interior looked like when first built.

The store will act as a showroom for furniture, where customers can try out a couch, pick out a fabric and then order their newest piece of furniture for delivery. By showing furniture on location, but not selling pieces then and there, the store will minimize the number of deliveries and traffic in the alley and neighboring street.
You can check it out yourself when it opens in June. Don't forget, the rooftop is BYOL (bring your own latte).

Washington DC real estate development news

Condos Fail at Alexandria's Nordic Press Site

It's a fabulous condo project: the citizens' associations have supported it, the city heartily endorsed it and even gave it a special zoning exemption, and at a meeting to present their plans the developers reportedly even got a standing ovation for turning an outmoded printing plant into an attractive "gateway" into Alexandria. The only glitch is that it will never be built.

In fatter times, the Nordic Press condominium development would have been a no-brainer, bringing 28 residential units to the 800 block of Slaters Lane in Alexandria. But the developer, Diamond Property Co., bought at the wrong time, and now the 16,000 s.f. property has gone back to lender Cardinal Bank, which has leased the property to another printer, ending hopes for a transformation of the site into something less industrial.

The developer has had plans since 2005 to demolish the warehouse, just off the GW Parkway on the northern tip of Alexandria, in favor of 28 one- and two-bedroom units designed by Rust Orling Architects. The project was intended to be green enough to meet the USGBC's Silver certification, and would have required the developer to undertake streetscape improvements. The city had even approved a rezoning from commercial-industrial to residential, no easy feat, noting that the area had undergone a thorough transformation, with even more residential planned for next-door Potomac Yards. "Everything was good except the economy," lamented architect John Rust, who would have overseen the design.

The last tenant, Nordic Press, closed its doors last year, raising hope that the building would be readied for demolition, but with construction financing nil, the bank took control of the property in December of last year. Sources familiar with the project say Cardinal Bank has now leased the property to ABC Printers, ending the possibility of another developer picking up the designs and approvals. County records show the property traded for $2.2m in December, less than the $2.7m that Diamond Slater LLC paid for the land in 2005.

Alexandria Virginia real estate development news

Takoma Overlook: Conversions Continue

Not every condo developer is sitting on the sidelines, waiting for the market to improve. Even in the suburbs, some are betting that the lack of competition means that condo conversions are still viable. To that end, DC-based Tenacity Group is still converting units in their Takoma Overlook project from rental apartments to market-rate condos. The team purchased the Hampshire Towers apartments in mid 2006 for $15.3 million and rechristened them Takoma Overlook; the 1960s high-rise at 7333 and 7401 New Hampshire Avenue is just outside DC in Takoma Park neighborhood of Maryland. In 2007, the team's general contractor, Monarc Construction, began gutting the rental units and converting them to for-sale condos ranging in size from efficiencies to three-bedroom units.

The team at Monarc construction completed renovations on the first phase, covering the 94 units of the north wing, in December 2009, now 50% sold, according to the sales office. Now the team is working on both the South and West Wings (not of Jed Bartlet fame) to convert yet more units. The work in the West Wing's 44 units is now underway, with 8 units sold; the development team expects the first units to be ready by June. Work has even begun on the 94 units of the South Wing, which should begin delivering by the end of this year. The team is largely delivering one-bedrooms first because of demand; three-bedrooms will come last. Greg Coupe, Project Manager at Monarc Construction, said the project could finish as early as December.

The building is FHA approved, with one bedrooms from $124,500 and "huge" two-bedrooms from $229,500. Sales began in October of 2007.

Takoma, Maryland real estate development news

O Street Market: The Possibility of Progress

Despite yesterday's Historic Preservation consent approval of a one-time, two-year extension for Roadside Development's O Street Market and next week's scheduled extension at the Office of Zoning, the O Street Market project is closer to birth than it has been in years, and signs of progress are appearing. The project received Zoning approval in July 2008, an approval which will expire this summer unless the extension request is granted. The project team is now working with the District Department of Transportation and the Department of Consumer and Regulatory Affairs to obtain construction permits so that in September, Roadside can begin the process of bolstering and securing the existing structure. Construction will likely follow in "Spring of 2011." The Shaw neighborhood may see progress yet.

The O Street Market has stood at the corner of 7th and O Streets, NW, since 1881, now deteriorating with the roof having collapsed in 2003. Roadside Development purchased the site in 2002 and began their plans to reinvent the site and with it a key section of Shaw. In late June, 2008, the DC government announced a deal to provide a $35 million tax increment financing (TIF) to help the developers bridge a financial gap and achieve the $260 million needed for the project.

Roadside Development's founder Armond Spikell said the Shaw neighborhood has "suffered" over the years from various set backs and that "quite frankly our project is one of the sore spots in the neighborhood, as it exists." But Spikell also believes that once developed, the O Street Market project will be "no question...the catalyst to put the neighborhood over the top." The project will be an "economic engine for the neighborhood" added Spikell, providing over 600 jobs during construction and 400 full-time equivalent jobs once completed.

The two-block, mixed-use project will include 611 residential units, 86 of which will be subsidized by the city, senior housing, a 189-room hotel, a 516-space parking garage and 88,000 s.f. of retail: 57,000 s.f. Giant and 31,000 s.f. for additional vendors. The six architecturally distinct buildings, designed by Shalom Baranes Architects, will cover two city blocks between 7th and 9th Streets, and O and P Streets. The project will re-open 8th Street, lining it with retail and new residential, serving as "the hub" of the new mini-community, according to the developers.

At the Shaw Main Streets Meeting last September, a Roadside representative indicated that the current Giant would close its doors January 15, 2011. Now, Susan Linsky, a Roadside spokesman, said the Giant will not close until the group is ready to begin serious construction in "spring of 2011." Under its contract with Giant, the developers have to provide four months notice, which can only be given after permits are secured and construction financing is in place. Shaw residents can continue to enjoy their ho-hum Giant until further notice.

Construction, whenever it starts, will begin with a site-wide excavation, including the area under the historic market. There the team will dig out two levels of parking to serve the grocery, residential and hotel. The below-grade garage is a welcome improvement in urban planning, replacing the street-facing row of truck bays that hogs 9th Street with a single-purpose truck ramp for all deliveries to the hotel, residential and grocery store. Also underground will be a 14,000 s.f. "back of house" space for Giant's behind-the-scenes operations; no mysterious swinging doors to rear nether regions. Roadside is contractually obligated to complete the Giant within 24 months of vacating the space, meaning a new store could open by spring 2013.

The Grocery store will be "much bigger and a lot more interesting" than any other in city, claimed Spikell. By including the old market, the design will rebuild the 42 ft. high roof with a monitor skylight window, 150 ft. in length, down the center. Spikell hopes that as people enter the store through an area with baked goods and prepared foods they will look back at the old market, divided from the rest of the store by the skylight, and get a "special feeling from the ceiling height and all that light coming in." Beyond the ethereal elements, the store will be "much larger" than most urban customers are used to and will have "a greater offering" of products, according to Spikell. Think cheese bar and a large prepared food section.

Once the garage and grocery are finished, the team will build the hotel space and the market-rate apartments along 8th Street, followed by affordable senior housing on 7th Street and finishing with the proposed condo units along 9th Street. The team has not yet formalized an agreement with a general contractor.

Washington, DC real estate development news

Buying Into Utopia

Though it may be hard to believe, U Street still has a few rough edges without the pizazz of chic bars and swanky loft apartments, but not for long: enter Utopia at the corner of 14th and U, where developers assert a construction timeline is nigh. Robert Moore of Georgetown Strategic Capital LLC (GSC) is the optimist behind Utopia's assemblage of parcels into a mixed-use residential and retail project; Moore recently shared with DCMud how his long gestating plans are coming into focus.

Though the Utopia project was "hammered by the economy in '08 and '09," said Moore, the team is deep in the process of "inking" an agreement with a large financial institution. Moore indicated everything has to "go through the lawyers," but that he could make an announcement about financing and a timeline "hopefully in the next couple weeks." With financial backing secured for the $93.5 million project, the team will then put together construction drawings and obtain permits, reportedly over the next nine months. Moore said construction would likely begin in 2011 and complete in 2012.

The Utopian vision is for 220 residential rental units on the corner of 14th and U Streets, with the building and all entrances facing 14th Street. Historic structures along U Street would remain, while their less historic neighbors will be sacrificed. An approved curb cut means that two levels of parking will be accessed from 14th Street, loading will take place in the back alley. Just a block from the U Street Metro, the new project will offer 150 parking spaces to service both retail and residential uses. The building with be tallest on U Street at 90 feet, stepping down to 65 feet, then 45 feet on the south side as it moves away from U Street. Moore plans 20,000 s.f. of retail and a roof top pool.

Though most of the buildings on 14th Street will be demolished, the historic structures along U Street will be spared by setting the project 60 feet back from U Street. Architect Eric Colbert of Eric Colbert & Associates said that the design process was highly collaborative, including near-monthly meetings with organizations such as the Dupont Circle Conservancy, the ANC and the Historic Preservation staff. Developers have pledged use of materials in keeping with the style of the neighborhood; team members consulted the community on window designs, and window and brick colors.

One "very important" aspect of the design, according to Colbert, is the density, which is greatest near U Street and gradually "terraces down towards the residential neighborhood to the south." Additionally, the architects "broke-up the facade" so that it reads as "different rowbuildings rather than some blockbuster building," according to the architect. The terracing is designed to provide a "sense of hierarchy of scale" instead of providing a flat, box-like facade from the street.

The team has not determined whether or not it will seek LEED certification, though Colbert assures us that "we are definitely going to make it as green as possible...it's definitely the trend."

Washington, DC real estate development news

Pentagon City Park Begins Construction

Arlington County officially kicked off construction last week on Long Bridge Park, its isolated brownfield on the edge of Pentagon City and Crystal City that it hopes will soon become a major attraction. The 46-acre Park, located just off the Potomac River, was contaminated with "differing levels of lead and PCBs" and had long served as an industrial site, including a brick factory and staging area for construction of the Pentagon.

In its place, the County is building "a distinctive showplace of environmentally sound development, featuring attractive public green spaces, high-quality outdoor recreation facilities and environmentally responsible structures." Planning for the project began back in 2001, completion is expected next summer.

The Park borders I-395, Roaches Run Wildfowl Sanctuary and Reagan National Airport. Donohoe Construction won the bid for construction work last December. The first phase of improvements will include lighted athletic fields, more than a mile of walking trails, a public river overlook, bike paths, restrooms, parking and new "rain garden" among other amenities. A new walkway "will be suitable for strolling, bicycling, train spotting, plane watching and small festivals," says a county statement.

On-street parking will be provided on Jefferson Davis highway for the heavy traffic the county anticipates the park will generate. While the county will pick up most of the initial $28m construction costs, Marymount University is providing a $2m construction grant. With the additional planned phases, the entire project is expected to cost roughly $90 million.

Arlington Virginia real estate development news

HITT Hits a Home Run with New Falls Church Facility

They say all that glitters isn’t gold. Sometimes it’s silver, and that’s the goal for Falls Church, Va.-based HITT Contracting Inc.

Seven months into its brand new 140,000 s.f. facility at 2900 Fairview Park Drive (HITT occupies 2 1/2 floors of the four-story building), the 73-year-old company with annual revenue of more than $900 million and 700 employees in five cities has just finished the LEED certification commissioning process, with Silver a viable prize.

Occupying only 6 percent of a 17-acre Fairview Park campus, reduced site disturbance was one of many objectives on HITT’s relocation agenda. The company was compelled to move from five disjointed buildings in another part of Falls Church due to a consistent growth pattern. But housing approximately 400 Falls Church-based employees and showcasing its business weren’t the only goals that HITT, with 47 green building projects in various stages of development or completion, wanted to meet. Working closely with owner/developers Fairview Property Investments, LLC and Rushmark Properties, LLC, along with Noritake Architects and interior designer Susan Stine, principal of Red Team Strategies, HITT chose to become a beacon of green construction in its own right.


“From the beginning we took the approach from a LEED perspective that we want to do things that make sense,” said Kim Pexton, HITT’s Director of Sustainable Construction, a LEED-accredited professional (AP) since 2001 and former 5-year member of the local U.S. Green Building Council (USGBC) national capital region board. “But we don’t want to fit a square peg in a round hole. If there are particular credits and design requirements behind those credits that don’t make sense for us and our facility and our beliefs, we said we’re not going to do it. …We just wanted to do what we felt was right,” she affirmed.

To that end, and with the responsibility of maintaining its vast, gently sloping campus, HITT worked with landscape architects Rhodeside & Harwell, Inc. to institute rain gardens as part of a storm water management system (gardens for this purpose are not a LEED requirement). Utilizing a native and drought-tolerant planting scheme requiring no permanent irrigation system (LEED compliant, if one elects to have a garden, when pursuing water efficiency credits), the rain gardens treat runoff from the upper half of the parking lot. Without these gardens, untreated water would flow directly into the site’s storm water management ponds.

Two storm water management ponds - one large and considered primary - receive rainwater diverted through the gardens from other places on the property, some channeled by strategically placed regionally-imported boulders (rather than unattractive culverts and drainpipes), with suspended solids and phosphates settling into the ponds. The water then goes back into the watershed. To enlighten visitors about the way it works, with green education part of the LEED accreditation process, a series of recycled signs made of resin and metal with a VOC-free printing process punctuate the site.

Roots and Reflective Materials

Stine, who first designed the company’s headquarters 17 years ago, recalled that W.A. HITT Decorating Co. started as a tiny, family run business during the Great Depression. Co-founder and matriarch Myrtle Hitt, who Stine knew personally, worked and handwrote checks until a week before she died at the age of 90. Current Chairman Russell Hitt, Warren (W.A.) and Myrtle’s son, is credited with growing the business into a world class interior contractor. Though the mantle has been passed to Co-presidents James Millar and grandson Brett Hitt, Russell – with a proclivity for the word “howdy” and a legendary perfectionism that included taking a hammer to a wall of which he didn’t approve – reportedly still gets to work at 4 a.m. each day, crossing HITT’s light reflective outdoor concrete surfaces or “impervious paving.” According to Pexton, these surfaces, as opposed to blacktop, reduce the heat island effect. She noted they also have a white reflective membrane on the roof instead of a traditional black roof, which reduces roof temperatures by 30 degrees. “It has a huge impact on interior spaces and your overall demand for cooling,” she explained.

The building’s interior includes an aptly named “Redskins room” replete with leather recliners and a 50-inch flat screen TV. Other entities include a training room for ongoing classes, café for breakfast and lunch, coffee bar, reprographics shop, dry cleaning drop-off and pick-up point, hair salon (by appointment), and a 5,180 s.f. warehouse for building materials with protective plywood walls recycled from its former headquarters. Estimated to use 46 percent less water than the previous building, plumbing fixtures are dual flush with waterless urinals in the men’s rooms. Pexton said HITT met the LEED innovative wastewater technology requirement, which is to reduce sewerage conveyance by 50 percent. A ladies room across from the company’s fitness center boasts a steam shower and also a wheelchair accessible/no threshold shower, with fitness center floors made of recycled rubber. Sweeping glass doors open from the center of the gym provide access to a walking/bike path.

See and Be Seen

According to Stine, HITT’s lighting system uses T5 technology. Ninety-seven percent is motion sensor-triggered, including office task lighting, with metal halide systems in open work areas to cut down on wattage. Overhead lighting is reduced by about half from the old building, attributed in part to 25-30 percent more glass in the new facility. From most points in the building, employees have great views to the outside and a lot of natural light coming in. In fact, two of the facility’s three reclaimed White Oak staircases are glassed in and by their nature motivate employees to use them instead of elevators - a large part of the design statement and criteria, Stine said.

With visibility key in every sense of the word, in its continuing pursuit of business HITT liberally uses interior glass to display its bid room – the company’s nerve center – to clients and other guests, as well as in its recruitment strategy. James Landefeld, senior vice president of major projects, explained that the bid room’s 16 equally-spaced hanging microphones have replaced the relic spider phones in most conference rooms' middle of the table, allowing up to 32 seated staff to simultaneously participate in conference calls with subcontractor prospects. The room is also equipped for video conferencing, which according to Landefeld will come in handy for long distance meetings as HITT embarks on a $62 million Tier III data center for the Denver Federal Center. While placed outside the bid room for all-company access, a computer operated "Bid Board" that is displayed on a 65" monitor has replaced the traditional white board in terms of efficiency.

With 3,000 projects on its dance card each year and a campus designed to facilitate business into the future, HITT remains committed to life in its present environment. Casting an eye to the very distant future, however, the building was conceptualized to accommodate multi-tenants with minimal incursion into its current design, yet another hallmark of its sustainability.

The Monty: St. Elmo's Spire

According to sources close to the project, developer Monty LLC's planned-17-story, mixed-use building, The Monty, located at St. Elmo and Fairmont Avenues in Bethesda's Woodmont Triangle, may witness development activity within the next few months.

Robert Kronneberg, Lead Reviewer for the Montgomery County Planning Commission, confirms that the site plan for the project was approved last July, with final plans approved just this past February, finalizing all county reviews needed for the project. So if the details of the design are finalized and the site plan has been approved, does that mean building permits are on the horizon?

According to the architects at SK&I, the "owner is working on getting financing like anyone else," but they are "hoping to break ground by September or October of this year." Kronnenberg says Hillerson has sent consultants to meet with Planning Board staff "to look at the streetscape requirements," but adds carefully that "in terms of any kind of permits that have been submitted for buildings, I don't know that right now."

The SK&I design for The Monty will include up to 200 residential units, 7,700 s.f. of ground floor retail and and 5,500 s.f. of "animated" art experience, according to the artist - when it gets off the ground. Project Manager and Senior SK&I Associate, Marty Towles, says his team was proud to help usher in such a large-scale project in a neighborhood notorious for its abundance of "low-rise" single family homes.

"The design of the building on the 15th floor takes advantage of the views to the south of the city and panoramas over to Rosslyn," says Towles enthusiastically, who adds that planned amenities like The Monty's rooftop pool and sweeping terraces are not currently so easy to come by in Woodmont Triangle.

The owner behind Monty LLC's corporate veil is Robert Hillerson, the same developer whose Limited Liability Corp., Michael LLC, became entangled in a dispute with the Maryland Transit Authority over its Studio Plaza project. Located at the intersection of Georgia and Thayer Avenue in Silver Spring's Business District, Studio Plaza's ambitious plans call for 525 residential units and redevelopment of the public parking lot adjacent to the Purple Line. MTA got wind of the idea and lobbied to keep the lot vacant so it could be used in conjunction with future Purple Line development.

MTA eventually backed off from its parking lot crusade and Studio Plaza finally shows signs of moving forward. But with so many large-scale residential/mixed-use projects downsizing and sputtering to a halt inside the beltway, Hillerson is understandably uneasy when it comes to speculating about potential groundbreaking dates for his Monty project.

When asked about when his project will get off the ground, Hillerson told DCMud that he "would rather not talk about that project for a couple of months. But call me back June 17th." A developer with an exact date in mind for updates? Is that a sign of progress?

The architects are optimistic, and surmise that the developer is merely setting expectations. Towles reiterates that the developer's reticence to talk about the project until June could be a sign that Hillerson "wants to make sure everything's set in stone" before making any public announcements about groundbreaking dates. But since no one else is breaking ground in Woodmont Triangle, despite a surfeit of plans, one can't be too careful.

Silver Spring, Maryland Real Estate Development News

Bond, DC Bond

After much anticipation, the DC Bond, available through the DC Housing Finance Agency, is back in action, having hit the market on April 14th with a freshly funded mandate. The interest rate for borrowers is set at 5.25% with zero points and is currently only available as an FHA loan or a Veterans Administration loan, though financing without FHA or VA is being considered. The new bond requires all loans be purchased by Ginnie Mae. Funding for the program will likely run out come October, as it did last year, so any transaction would have to close prior to the fall.

As intended, the DC Bond program will largely benefit low-income borrowers. Lenders point out that FHA loans currently carry a 5.0% interest rate with no extra points (though all FHA loans, DC Bond and otherwise, come with a 2.25% up-front financing cost), noticeably lower than the 5.25% DC Bond rate. The true winners are therefore those who qualify for buyer down payment assistance, i.e. $10,000 towards a down payment or closing costs for qualified borrowers who have little to no cash upfront. To qualify, an individual must make less than $57,500; couples less than $65,700. A family of four can qualify if the household earnings are less than $82,200. DC Bond borrowers cannot finance more than $417,000.

Washington DC real estate development news