Friday, September 28, 2007
Akridge Acquires Stadium Bus Site
Metro listed the M Street property for sale over the summer with the asking price of at least $60 million, receiving three bids by the end of August. The Akridge bid was the most advantageous in terms of price and leaseback rental, Metro managers said. WMATA said that revenue from the sale will help fund the construction of a new garage and proposed police training facility, the latter of which is expected to be built at D.C. Village in southwest DC, with construction set to begin within the next three years. Metro plans to vacate the current property by late winter, employees and buses will temporarily move to other Metro bus garages in the region.
The two parcels at 17 M Street, SW are just one block from the new Washington Nationals ballpark and adjacent to the Navy Yard Metro station. The parcels are 69,607 and 27,558 square feet and are separated by Van Street. The 71-year old bus parking facility has housed 114 buses for the agency.
DC Council to Halt West End Development Process
In her statement to the public, Councilmember Schwartz stated, “now that the Tiverton tenants are pursuing other options that should protect them, there is in my mind no longer an emergency.”
Wednesday, September 26, 2007
Montgomery County Median New Home Prices hit $1.1 Million
Researchers say that developers appear to be responding to current trends in the housing market by focusing on building high-end houses, demand for which remains strong, rather than adapting to more price-sensitive markets.
Although county law already requires residential developers to sell 12.5 percent of their new units as "moderately priced", as well as add "workforce housing" for any development of 35 or more new housing units near Metro Stations, the Planning Board was cognizant of the din this will raise among the public, and was quick to add that it "and other officials are working to provide affordable housing options...the Planning Board has placed even greater emphasis on the importance of affordable housing opportunities in the county, initiating a new housing study that will become a new element of the county’s General Plan."
The Board also announced, coincidentally, that late this month it would send new recommendations to the County Council suggesting the Council require developers to pay even higher impact fees to offset the costs of infrastructure, including roads and schools, required by brand-new homes. The new fees would equal approximately $31,000 in impact taxes levied upon the developer of most new homes, according to the Board.
Monday, September 24, 2007
DC Announces New Convention Center Hotel
Washington DC Mayor Adrian Fenty announced today that the District has signed an agreement with Marriott International to build a new hotel at 9th and L Streets, on the west side of the new convention center. Marriott had been planning on as many as 1400 units at the site, and has been expected to begin the project since at least early this year, but will now scale the project back a notch, building approximately 1140 rooms and not begin construction for at least a year. The hotel is expected to open in 2011.
The two-acre site, combined from 2 parcels separately operated by the Washington Convention Center Authority (WCCA) and Kingdon Gould III, is currently mostly vacant and is being used as a parking lot. Gould's portion of the site is being traded for a portion of the old Convention Center site that the District now controls. Gould was not part of the agreement today, but has agreed in principal to terms of the transfer. Marriott has agreed to begin the planning process immediately, incorporating the land south of L Street and north of Massachusetts Avenue, along 9th Street. Sean Madigan of DC's Office of Planning says the site plan will no longer include the parcels north of L Street, which Marriott previously acquired in expectation of building into the final designs, but will likely incorporate the historic office building at the southeastern corner of the lot into the hotel. The utility building at the northeastern corner of the block will remain. Madigan said the transaction has been signed and will be executed "shortly", but would not speculate on a timeframe.
The entire transaction is valued at about $540m, of which $134m will be contributed by the DC government through Tax Increment Financing (TIF) in the form of bonds issued by the WCCA and repaid by taxes generated through the hotel. The city will lease the site to Marriott for 99 years, on which Marriott will build and operate the hotel.
Furthering DC's new legislation for the construction of 'green' buildings, Marriott has agreed to meet the District's standards with a building that will be LEED certified, meeting the U.S. Green Building Council's "Silver" standard. The hotel will include 100,000 s.f. of meeting space and at least 400 new parking spaces, but it is unclear if retail will be included in the new design.
Friday, September 21, 2007
NDC Breaks Ground on Georgia Avenue
Neighborhood Development Company (NDC) broke ground last week on one of the numerous projects along Georgia Avenue that are expected to revitalize the flagging area in conjunction with the District's redevelopment plans, approved by the DC Council in July 2006, to introduce development and improve public and private services. The Residences at Georgia Avenue, just north of the Petworth Metro station at Taylor and Georgia, is designed as a seven-story structure with 72 small, affordable rental apartments. The city is providing subsidies to enable NDC to reserve apartments for tenants at or below 60% of the AMI. The ground floor will be dedicated to retail, with a recently announced Yes! Organic Market as the sole tenant.
The project was designed by Weinseck Architects and will be built by Hamel Construction, providing 57 underground parking spaces when complete, likely in early 2009, at which point it should have good competition from numerous other new residential developments, including Donatelli Development's 148-unit Park Place at the Petworth Metro, a 57-unit condominium at the corner of Upshur, a 110-unit apartment building at 3910 Georgia Avenue by Jair Lynch (not yet under construction), and the Renaissance, a 105-unit condominium by Lakritz Adler, though NDC head Adrian Washington pointed out that this will be the first residential project on Georgia to complete. NDC recently completed the Lofts at Brightwood, and is a development partner on the CityVista project. The ceremonial groundbreaking took place in July.
Thursday, September 20, 2007
Montgomery Mall Expansion May be Approved Today
The 60-acre project will expand to enlarge Macy's, relocate the Sears, and add a promenade with freestanding retail. The Board had been working over the past several days with a citizen's group to improve pedestrian access, and add a bike lane, shade trees, and a raised median strip. The the Planning Board originally approved the plan in 2005 to include 308,000 square feet of new retail, the new proposal includes approximately 60,000 feet of additional retail, including 25,000 square feet recently acquired from an existing strip mall.
UPDATE: The project was voted on and approved by the Board.
Sunday, September 16, 2007
North Bethesda Square's First Building Tops Out
Labels: Dorsky Hodgson and Partners, LCOR, North Bethesda, Smart Growth Alliance, Urban Land Institute, White Flint
LCOR, a large east coast development team headquartered in Pennsylvania, was chosen by WMATA as the master developer for the 32-acre North Bethesda Town Center Project, developing a master plan that includes approximately 930,000 s.f. of office space, 1,275 residential units, a 320-room full-service hotel, and 202,000 square feet of retail space at the White Flint Metro station. LCOR anticipates this project will generate 5,400 new jobs and almost 6,500 additional daily Metro trips, citing it as "the largest joint development project ever approved by WMATA." The project received a "Smart Growth" award from the D.C. chapter of the Urban Land Institute and The Smart Growth Alliance.
The Wentworth House was designed by Dorsky Hodgson Parrish Yue Architects (DHPY), with offices in DC, Cleveland and Fort Lauderdale. DHPY is also designing the Midtown Bethesda North condo project by Kettler.
Thursday, September 13, 2007
Downtown Bethesda Condominium Pair Gets First Stamp of Approval
Labels: Bethesda, Bethesda Row, LEED, PN Hoffman, StonebridgeCarras
In Noma's Shadow, Eckington Mushrooms
Friday, September 07, 2007
ICON Condos to Break Ground Again?
Plans for the project include "luxury" condominiums, retail and restaurant space. The site is part of Prince George’s County Addison Road Metro Town Center Development Plan (PGCARMTCDP for short, sort of). The ICON will be located at the intersection of Addison Road and Central Avenue, at the Addison Road Metro Station. The 8-story project will offer 400,000 square feet of residential, retail and commercial property, including 170 "luxury" condominium units, 25,000 square feet of commercial space, fitness center, business and media centers, a recreation lounge, and a roof-top swimming pool and picnic areas, and previous ads have boasted views of the Washington Monument - several miles to its West.
Thursday, September 06, 2007
JPI Adds to its Stadium Collection
JPI already owns 901 New Jersey Avenue, one block away, on which it is currently constructing a 240-unit mixed-use apartment building, to be completed late next year; JPI has also begun construction on 70 and 100 I Street, SE (448 and 246 apartment units, respectively), designed by WDG Architecture.
Sunday, September 02, 2007
Kettler Ends Midtown Springfield Project
The letter also said, “Rather than pursuing a diluted plan that does not respect community expectations, there is no practical alternative than to withdraw the rezoning.”
Cassie Cataline, Vice President of Marketing and Communication for Kettler, said the company is taking the “wait and see” approach. She said the project’s future depends on the improvement of the real estate market, therefore, no alternative plans have been announced.
Friday, August 31, 2007
Old Town Loft Gets Virginia's First "Green" Ranking
Labels: Alexandria, LEED, new condos, Old Town Alexandria, William Cromley
As we reported last Spring, the Lofts were Designed and built by William Cromley, retaining most of their historic structure and original features that make them worthy of the "loft" moniker, in an era where the term is thrown around loosely, and include warehouse-sized windows and original curved wooden support beams. Cromley supplemented the project with historic, if not original, construction material, including wood floors fashioned from centuries-old heart pine culled from the aged timbers of a dismantled Georgian textile mill, making the floors possibly older than the city in which they sit. In sync with loft style of New York, Cromley Lofts adds modern features to accentuate the architecture and history, with all-glass tiled showers, double stainless ovens in the kitchens and bamboo cabinets. The sales Grand Opening will take place in September.
LEED (Leadership in Energy and Environmental Design) Certification is a third party verification process created by the USGBC in 2000 to promote the cause of green building. Green features taken into account at Cromley Lofts include proximity to Metro, vegetated green roof to reduce ambient air temperature and runoff, water-sparing plumbing fixtures, highly efficient heating and cooling mechanisms, non-CFC based refrigerants, use of salvaged, reused or rapidly renewable building materials, use of low VOC materials, built-in bike storage, interior design to maximize natural light, and double the required insulation, to name just a few. Says Cromley, "Green design is dynamic and beautiful, it isn't tie-dye and yurts anymore." The "Gold" level awarded is the 2nd highest designation, which run, in order, certified, silver, gold and platinum.
William Cromley has an architectural legacy in the neighborhood's homes, many of which he designed and built to work within the historic framework of Old Town's architectural heritage, an accomplishment that moved Alexandria to name an Old Town street in his honor. Sales and marketing by DCRE.
Washington DC real estate and retail news
Thursday, August 30, 2007
Senate Square Closes Sales Office, Temporarily
After months on the gossip wagon (whatever that even is), the Towers at Senate Square will be closing its offices - at least temporarily. According to the sales office, Broadway's ambitious development - 432 condominiums in two 12-story towers - has paused with the closing of the sales office, effective today. New York-based Broadway began selling the units in September of 2005, and had reportedly sold about 150 market rate units before making the decision to take them off the shelf to evaluate "refinancing" of the project. Sales had been "temporarily halted" weeks ago when the developer paused sales in order to 'adjust its pricing'; upward, they have been saying, but kept the sales office open, now the sales office will remain closed until September 24, according to the sales staff. Broadway had been accepting but not ratifying contracts in the interim, leading to speculation that the project would change in scope. The pair of buildings are expected to complete in November.
The Towers, located adjacent to the Amtrak line on H Street, has been offering no shortage of amenities, including an 80' rooftop lap pool, green roofs, running track, and concierge, all within a gated community. Broadway has been one of the few residential pioneers on the booming corridor, but numerous residential and commercial projects are in the offing on H Street, which itself will be eclipsed by the volume of construction immediately to the north and west in NoMa.
Tuesday, August 28, 2007
Southwest Office Block to be Redeveloped
The finished product - sometime in early 2011 - will offer 1.4m s.f. of above-grade office space (no retail space is planned), 15 acres of underground parking - the largest private underground parking in the city - and installation of the largest "chilled beam" HVAC system in the country, which is a very good thing, we're pretty sure, since they've apparently been using it in Europe for years. James G. Davis Construction is performing the work. The Department of Transportation, the last occupant, vacated the property in June.
Constitution Center (the Nassif Building) dates back to 1970, when it first opened, designed by none other than Edward Durrell Stone, who designed a number of local office buildings and was accused of designing the Kennedy Center. Architect SmithGroup also designed the Chesapeake Bay Foundation building in Annapolis, and the first Platinum LEED-certified (the highest level) federal building, in Colorado. No tenants have yet queued up for the project.
David Nassif Associates won the right to develop the site in the mid-60's in an RLA (Redevelopment Land Agency) competition, says Varner, because the land was considered "blighted" under the NCPC Comprehensive Plan, having been vacant at the time. Much of the land nearby developed at that time had replaced old neighborhoods, demolished in the spirit of 'urban renewal' and to make way for the never-completed inner beltway, the only completed portion of which became the Southwest Expressway.
Washington DC real estate and retail news
Saturday, August 25, 2007
Uline Arena to Get the Douglas Touch
Labels: Douglas Development, MRP Realty, NoMa, Wilkes
Jemal, love him or hate him, has been the force and inspiration behind much of DC's development, including Cleveland Park and Penn Quarter, and most notably the new Convention Center. Counting cranes in the area may soon become hard to do, with the new Marriott scheduled for construction soon, the recent groundbreaking of Union Place at 1st and K, MRP's $350m Washington Gateway project at the intersection of New York and Florida, Constitution Square on 1st Street, the New Yorker going in soon one block south of the Uline Arena, and of course the massive would-be development of the Florida Avenue market and Burnham Place, Akridge's long-term plan to build above the tracks north of Union Station.
Friday, August 24, 2007
14th & U Corner Gets an Upgrade
The long-vacant lot and deteriorating building on the northeast corner of 14th and U Streets in northwest DC - one of the few development holdouts on trendy U Street - will finally be developed; the owner plans a retail center that will connect both properties when completed later this year. The longtime owner of the building is renovating the historic façade on the corner, with only slight changes to the exterior, and constructing a new building on the vacant lot that abuts it on the north side. The new building will have three floors with over 10,000 square feet, and both buildings will be dedicated entirely to retail, and expects the pair to be ready for leasing by October. Bochle & Gates Architects designed the new space, the leasing agent says that none of the space has yet been rented, and that they are working to get a restaurant to occupy the ground floor.
Thursday, August 23, 2007
DC Bureaucrat Seeks Rich, Ambitious, Type-A Developer for LTR
The Deputy Mayor for Planning and Economic Development has issued a Request for Expressions of Interest (RFEI) for Poplar Point, the mostly vacant site along the eastern banks of the Anacostia River in Ward 8. DC's purpose in issuing the RFEI is to "identify highly qualified developers who have the creative vision, demonstrated experience and organizational and financial capability and capacity to plan, construct and potentially operate a world-class mixed-use development and waterfront park."
Developers whose only experience includes conversions of 4-unit apartment buildings into condos need not apply - Poplar Point is expected to become a residential, commercial, cultural, and recreational development - 130 acres in all - with one mile of Waterfront, one of the key sites in the District’s $10 billion Anacostia Waterfront Initiative, with the potential for a soccer stadium, and sitting directly across from the new baseball stadium to boot.
Despite its location just across the river from the new stadium and a short drive to the Capitol Building, with views of the downtown skyline and monuments, Poplar Point is "an underutilized and isolated" collection of federal facilities, according to the District. The District’s vision for the redevelopment is embodied in the Anacostia Waterfront Framework Plan and includes "high-quality development, an emphasis on urban waterfront life, a commitment to environmental stewardship and the preservation of community character that fully engages local residents, community groups and other stakeholders..." Interested suitors should have thick skin too, as if working with the aforementioned groups won't get contentious enough, neighbors have already protested the "upscale" nature of the project, contending that hotels, conference centers and stadiums will not provide services they need, or will be able to afford.
The Anacostia Waterfront Initiative eventually proposes new parks, trails, housing, retail, office space and cultural amenities over the next 20 years, connecting residents of nearby Barry Farm, Hillsdale, Fairlawn and Historic Anacostia to the river.
Responses to this RFEI are due by October 19, 2007 at 12 pm. The District expects to select a development partner before the end of the year.
Wednesday, August 22, 2007
Bethesda's Auburn Avenue Project Approved
Labels: Bethesda, SK and I Architects, Woodmont Triangle
The Montgomery County Planning Board has unanimously approved plans submitted by Auburn Building Associates LP, for Auburn Avenue
The developer, which has already announced that DC artist Mindy Weisel will create an oxidized green copper structure for the façade of the building, hopes to have the final site plan and all project specifics ready around the end of the year. The county had approved the project up to 110 feet, but the developer is planning to cap the project at 90 feet. The site is currently occupied by two and three story office buildings.
Tuesday, August 21, 2007
New Yorker Back on Track
KL hopes to break ground by early 2008; the city has already given approval to remove the existing warehouse on site but the developer does not have immediate plans to begin demolition. Larry McAdoo of KL Associates scrapped the original design because construction costs, including the steel and concrete to be used in the first design, had been too high to support the project. The new design will utilize a wood frame with brick exteriors, according to McAdoo. A larger unit size, averaging from 1000 to 1500 s.f., will also replace small units envisioned in the first go-round, though a greater number of units would be permitted, thus allowing the townhouse style, which McAdoo says is more in keeping with the "Capitol Hill style" architecture. An additional bonus will of course be the massive office space of NoMa being built just a few blocks to the west, an area that - back in 2005 - was just a vast wasteland, with a forgotten bus depot and a few vague promises about redevelopment.
Friday, August 17, 2007
Portico Condo Springs to Life
Labels: AR Meyers, Centex, Patriot Realty, Silver Spring
The project has been approved by the county and excavation is now underway, the Patriot Group anticipates completion in late 2009. Located just a short walk to the Metro in Silver Spring's central business district, the new condo is being designed by Silver Spring-based AR Meyers & Associates as entirely residential, no retail, which the developer states is prohibited by zoning code.
Thursday, August 16, 2007
Flats at Blagden Alley Back to Life
Labels: Blagden Alley, Eric Colbert, Shaw, Walnut Street Development
The Flats will front M St., the alley and 9th St., one block from the Convention Center in the heart of Shaw and directly across from the Whitman. WSD’s version, designed by Eric Colbert, had been priced from the high $200’s to the $800’s; the new plan calls for one-bedroom units to start in the upper $100’s to mid $300’s, with target incomes from the mid $30,000’s to the mid $80,000’s. The original project was designed to be a mix of 45 residential condos, ground floor retail, artist lofts, and office space for associations and small businesses; the revised plan calls for 49 one-bedroom condos and 14 two-bedroom condos. Self Help says it expects completion in late 2008.