Equity Underway on Lyon Park Apartments

Equity Residential is now officially bullish on the DC market, having broken ground several weeks ago on its newest apartment project in Arlington's Lyon Park neighborhood. With its confidence in the Washington DC area market boosted by its success at 425 Mass, a new but empty building that Equity bought after foreclosure for $167m and then filled more than 70% of its 557 units, Equity is now taking on a project that also struggled for several years in a neighborhood not quite obvious for its retail and residential potential.

The project at 2201 Pershing Drive will replace several dated stripmalls with 188 rental apartments on top of a substantial 33,000 s.f. of retail base. Equity, the largest owner-operator of apartments in the country with 133,000 units (and counting), owns the adjoining Sheffield Court apartment building, so it presumably knows something about the not-entirely-obvious site away from the Clarendon Boulevard golden strip. Despite the large retail footprint, individual shops will be scaled small for local-serving operators, and Equity representatives say they have not even begun trying to secure tenants yet.

Marty McKenna of Equity says

his company will complete the apartments in the third quarter of 2012, a culmination of years of waiting for a project once anticipated to break ground in 2008 under plans approved for a previous developer by Arlington County in January of 2008. Designed by Bethesda-based SK&I, the traditional brick, stone masonry, glass, and cementitious fiberboard sided structure consists of two buildings, each using the same materials and rising four and five stories - LEED certified as part of the county's approval - with 18 subsidized apartments and parking behind each building for the retail and one level below-grade parking for residents.

The Washington Smart Growth Alliance has given the project the smart thumbs up, prodded by the stripmalls-into-anything philosophy, despite the generous

concession to the automobile, but helped by the 85 bicycle spaces and proximity to bus routes. Equity will salvage the small historic facades by dismantling the limestone blocks, cleaning them, and reassembling them back into contemporary apartment building. Demolition should be complete within the next 2-3 weeks. Details from Abbey Road, the previous developer, are available on their website.

Arlington, Virginia Real Estate Development News

An Embassy for a Home

For those in the market for a wildly grand home in DC, 1824 R Street, NW, is for sale for an asking price of $15,500,000.  The Georgian mansion was the former Embassy of Singapore until seven years ago, when it was fully restored. Jim Bell, real estate agent for Washington Fine Properties notes how difficult it is to find this much space (13,000 s.f.) in a downtown residential property, though the building, likely built in the 1800's (the courthouse that stored the papers apparently burned down, so it's not entirely clear what year the home was built), is zoned for multi-purpose use. The space had been renovated by the son of the most recent owner, a doctor with a passion for architecture and design. The dwelling is being marketed as an embassy-turned-residence, a "single family home for the past 7 years," but DC residents know that it was the short-lived Artists Residents Inn. What's so great about the home? For starters, large windows facing south and west exposure allow plenty of light, or in realtorspeak, "a magical glow." Let's talk numbers:

• 13 fireplaces
• 18 flat screen TV's with surround sound
• 8 bedrooms
• 9 full baths
• 2 half baths
• 13 HVAC zones
• 1 gym
• 1 "telecommunications room" with
• 1 steel-enclosed "panic room"
• 1 massage room
• 3 laundry rooms (including "concealed laundry room")
• 5 parking spaces
• 6 countries represented in the home: French limestone, Italian marble, American pine (reclaimed from a Buffalo, NY schoolhouse) as well as pine from a Pennsylvania barn, an 18th century Spanish door, a 19th century Portuguese door, and a 19th century Indian door.

In the event you'd need a display area, there's a gallery near the foyer on the ground level, as well as a family room-slash-home theater, a powder room and an office. The second level entertains, with a living room, sun room, library, formal dining room, and the eat-in kitchen with a terrace, finished off with upgraded appliances, naturally. Four bedrooms reside on the third level, each with its own fireplace and en-suite bathroom. But the fourth level provides a bit more exclusivity to get away from the kids, with a master suite with sitting room and full bath, as well as two more bedrooms with bathrooms. There's an in-law suite in the lower level, as well as the gym, massage room and panic room, should the market tank after the settlement papers are inked.

The half bathroom on the first floor is hidden by a swinging bookshelf. Master bedroom, part of master suite

The kitchen offers plenty of light and additional terrace seating.

The breakfast room on the first floor houses one of thirteen fireplaces. That's alot of duraflame logs.

The ground level family room traverses the width of the home.

Modest guest quarters on the third floor.

A second bedroom on the third floor is masculine in its decor.

Guest suite, with fire sculpture, inspired by Salvador Dali.

The Yard Inside

By Beth Herman

When it comes to families, no one wants a home's manicured front lawn and curb appeal marred by remnants of yesterday's water balloon fight or Saturday's mud pie bake-off. In that respect, relegating the family experience to the back yard is a pretty good idea.

For FOX Architects Principal Jim Allegro and designer Holly Martin, creating both a formal and informal environment for 120 Graduate Management Admission Council (GMAC) employees, 11921 Freedom Drive in Reston, Va., was indeed predicated on an expanded front yard/back yard concept, with high functioning public and private spaces that reflected the company's work and play ethic paramount.

With employee longevity a hallmark of GMAC, the nonprofit organization was incepted in 1954 as a comprehensive resource to meet the needs of business schools and students. Turning a 45,000 s.f. space into a design that reflected a warm employee family culture, along with areas that spoke to GMAC’s longstanding authority in its field, was a challenge met head-on by Allegro and Martin with their own designs on work and play.

A Fountain Runs Through It

Relocating from Tyson’s Corner to Reston, among GMAC’s primary goals was to improve employee quality of life. With a town center environment (ice skating rink; fountains; shops; restaurants and other amenities - all within walking distance) and abbreviated commute for reduced carbon footprint in the cards for much of its staff, the company jettisoned a 45,000 s.f. facility on two floors in Tyson’s Corner for one of equal size, also on two floors, in Reston.

Speaking to the collaboration between architects and client, Buck Blackburn, GMAC associate director, facilities and office services, said, “They became partners in the process...FOX had in-depth interviews with all departments and made sure to incorporate those requests into their design. They worked closely and smartly with all levels of the organization.”

Allowing that GMAC’s previous space was in fact not outdated or cramped in any way, but “equally modern,” according to Allegro, among the issues FOX Architects faced was ensuring the new space emulated the old but with more style, creativity and advanced technology. With challenges that included lower ceiling height and an exchange of formerly panoramic views for those of surrounding buildings, opening the space and cultivating natural light along the perimeter were intrinsic to the organization’s new design. A focus on state-of-the-art A/V technology and video conferencing, which would minimize extensive travel requirements at issue for some employees, was also a new design objective.

Focus and Balance

“I’d say there was an element of public and private that played into the design concept,” Allegro said, explaining the “front yard” experience was to represent the former and “back yard” the latter. “They don’t get lots of visitors that come beyond their reception area and meeting space, and that’s where the bulk of their traffic is captured,” he said, adding the dollar and design focus went into feature walls in that space with curved, textured plaster and stone flooring.

Opposite a white lacquer, maple and antique glass reception desk, on the other side of the lobby where a bank of five elevators delivers visitors to the floor, Martin chose a double-sided fireplace that bespoke dignity and formality, yet accorded warmth to a space that in many offices can simply be sparse and utilitarian. A graceful, two-story water wall with rock garden base lends a regal, resort-like feel to the lobby area as well.

Because the reception area connects GMAC’s two floors (floors three and four of the building), Allegro said they elected to retain a stairway already in place. “That stair links very active places,” he said, adding “there’s nothing worse than a monumental stair that never gets used.” In this respect, the architect analogized that “…it feels more familial - like kids running up and down, going from bedrooms to kitchen,” noting the reason for the stairs is that they link 4^th floor conference rooms to the highly trafficked reception area below, which also includes a lunchroom and smaller meeting rooms. In the lunchroom, a variety of seating, including touches like mesh “Fit” chairs from Interstuhl that conform to the body and breathe to accommodate body temperature, encourage staff to bring their laptops for a change of atmosphere, or even engage in a variety of Wii games which are readily available. A furnished balcony that overlooks Reston Town Center and supports about 200 people accommodates office and family functions, including holiday gatherings where children can watch the skaters below.

Where the floor above is largely dedicated to training, meetings and conferences, “mini team rooms” for more casual meetings, replete with lounge furniture, exist on both floors for staff purposes. Utilizing Plynyl (woven vinyl fabric bonded to polyurethane cushion) flooring, which is more durable and playroom-like, adds a true “back yard” quality to the mini team rooms which feature TV monitors. Coffee/copy functions nearby facilitate other needs.

According to Blackburn, the previous tenant in the space “…had dark wood and the window line covered with offices.” With a 60/40 closed office vs. open space concept now, access to the perimeter window line is generous. Where offices – which average 140 s.f – are enclosed, clear glass fronts channel natural light. Also, Martin’s light-toned wood, khaki-colored accent walls and white back-painted glass suggest an atmosphere of great balance, the overall design and color palette perpetuating the soothing, spa-like atmosphere first suggested by the lobby’s two-story water feature.

Top of the World

In their former offices, though conference and training rooms were cleverly named for various countries, they were inadequate spaces and Blackburn recalled using hotels for “all hands” meetings, at added cost to the company.

Creating a 2,200 s.f. divisible conference/training room that accommodates 150 in Reston, made up of one large and two smaller rooms, the space was subsequently monikered “the world,” Martin explained, and boasts Skyfold doors that retract into the ceiling for ultimate use of the space. Nine panels, or plasma screens, punctuate one wall, with access to daylight made possible by relocating a mobile wall. Tables on wheels result in unlimited configurations of space. A boardroom has a video wall which is eight feet long and 40 inches high, linking GMAC to various entities and serving to cut down on prolific travel, increase family time and reduce carbon footprint.

“My office is near the lobby and I hear visitor after visitor marvel at how nice the new office is,” Blackburn said, adding he hears staff interacting with visitors about how happy they are to work there. Noting he also gets to interact more with employees and they with each other, Blackburn affirmed, “It will take a few years to discover all the ways to make use of this space.”

Washington D.C. design news

Gaithersburg Apartments Celebrate Start Tomorrow

Archstone will hold a ceremony tomorrow morning to celebrate the start of their "Archstone Olde Towne" project. The mixed-use development will replace several old buildings with a 389-unit, four-story apartment building with 15,000 s.f. of ground-floor, street-front retail. Preston Partnership designed the building, in a form intended to reflect historic Gaithersburg structures. Archstone broke ground on the project on December 30th, and has since changed the name from "Westchester Olde Towne."

The project is a block from the Gaithersburg MARC Rail Station, and will feature "beach-entry lagoon-style pool," "re-oxygenating fitness center," and in-house pet salon for sundry four-leggers. The Gazette reported that Archstone had contested Woodfield Investments' application for a nearby apartment building as a competitor for HUD funds, an appeal that was dismissed by the city, and which ended amicably with both projects approved by the city and both granted HUD funds; Archstone received an $89.9 million FHA insured Section 221(d)4 loan through CWCapital.

Archstone also started a 469-unit apartment in NoMa last summer, and maintains that it still has stated plans to break ground on CityCenter this spring.

Gaithersburg, MD, real estate development news

Donohoe Companies to Develop Near New Silver Spring Library, Purple Line Rail Site

Whether the acre adjacent to the Silver Spring Library at the corner of Bonifant and Fenton Streets will become condos or apartments, retail or restaurants, it's too early to tell. Here's what we do know: Donohoe Companies and Montgomery Housing Partnership (MHP) have been given the go to develop a mixed-purpose, mixed-income project.

The location is key, since the site abuts a future purple line station, scheduled to break ground in 2013. The sixteen mile light rail line will run between Bethesda and New Carrollton. The county issued an RFQ last February, and estimated that the site could hold 120 units of housing, but required that 60% of the housing on the site be subsidized.

VOA Associates have been chosen as architects for the project, which, according to a designer in the Washington office, could begin sometime in 2011. As these things go, we're guessing rail construction time lines will shape development; sometime in 2011 seems soon.

Richard Nelson, Director of Montgomery County's Department of Housing and Urban Affairs says as much. “Transit-oriented urban infill projects can be challenging," he said, "and it was essential to select a team with deep experience in transit-oriented development, multi-family housing, tight infill locations and mixed-use development.”

And don't forget about the rehabbing of the Silver Spring Library. The public has been weighing in on color (Apparently MCPL gave residents free reign to weigh in until earlier this month) materials and design for the 30 million dollar project, which is scheduled to begin in about a year and will take two years to complete.

It's likely the Donohoe project will align with the development of its potential neighbors. Let's hope three years from now when the projects are complete, residents will still like the library colors.

Silver Spring real estate development news

Utopia Construction On Track for Fall 2011

Some folks in the District have fast developed a hankering for the hot dog that's the main attraction at ChiDogo on 14th Street- a Chicago style dawg that's a lively combination, juxtaposing salty and sweet, fat and acid. Served on a poppy seed bun, dressed with a dill pickle, tomatoes, relish, and mustard and sprinkled with celery salt for good measure, the dawg can't be had for long. Despite that ChiDogo is the newest kid on the block having opened just three months ago, its tenure will be short lived: the building is slated for demolition this fall to make way for Utopia.

Conceived by Georgetown Strategic Capital (GSC), the Utopia development will serve up 220 rental units and 20,000 square feet of retail. Eric Colbert & Associates have moved forward on the drawings, says Robert Moore of GSC, with plans for completion of the drawings by spring. "The design is shaping up to be a very attractive solution, combining a sensitivity to the historic buildings and materials with a modern flair as Colbert has demonstrated in some of his other work," says Moore. Colbert & Associates also designed Church Place condos, The Hudson on P Street, The Floridian on 9th Street and The Rutherford on 13th Street.

ChiDogo, located at 1934C 14th Street, isn't the only business on the strip with numbered days: also on the chopping block is the United Supreme Council building, the Domino's location, Taco Bell and Kentucky Fried Chicken. The buildings which house Ace Check Cashing, McDonald's and El Paraiso are historic and will remain intact.

Utopia's facade is to be terraced so it blends with the surrounding rowhouses as opposed to coming off as a behomoth of the block. That may be a tall order, considering: at 90 feet high, it's set to become the most towering building in the neighborhood. Colbert & Associates maintain that they have been sensitive to community concerns, having met monthly with groups such as the ANC, Dupont Circle Conservancy, and the city's historic preservation staff.

Creating Utopia can be disquieting work. The project has been an on again and off again venture that began in 2008 and was granted an extension to November 2012 by the Board of Zoning Adjustments (BZA) this past June. The group had trouble securing funding for the 93.5 million-dollar project during the flagging economy, but has since rebounded. Once permits are obtained, Moore expects a year-long construction period: a rather aggressive plan, but kudos if they can pull it off.

Washington D.C. real estate development news

Tenley-Friendship Library to Open Monday

The Tenley-Friendship Library at 4450 Wisconsin Ave. will open on Monday, January 24.

It's been through three mayoral administrations, three development teams, countless community discussions, but at last it's done. The new Tenleytown library opens Monday, five years after discussions began about replacing the outdated library on Wisconsin Avenue.

According to D.C. Public Library's Chief Librarian Ginnie Cooper, the space was designed to accommodate the changing role of the city's libraries. During Mayor Anthony Williams' administration, and through Mayor Adrian Fenty's tenure, a re-distribution of funds has translated to beefier collections, more targeted programming, and updated technology. Over the past five years, she says, community library attendance has doubled.

Tenley-Friendship Library will house 80,000 books, DVD's and CD's, 32 Macs and wi-fi, says Cooper. The new space also features quiet study rooms, conference rooms, a meeting room that seats 100, and a children's programming area.

The library showcases several design features that are somewhat unique. For example, the building committee hired a consultant to monitor light and heat in the adult section to maintain comfortable temperature and light, particularly during late afternoon sun. The building also features a green roof that houses as an environment-friendly waste water management system.

Thirteen of the city's 24 libraries will have been rebuilt or renovated in two years. Three more will open this fall, including the renovated Mount Pleasant Branch, a new space in Washington Highland, and the Francis A. Gregory branch in Southeast. The renovated Petworth branch is slated for a spring opening.

The entrance to the library showcases books on the left, with spines facing both directions. Many of the books on these shelves will feature new releases as well as titles that may entice readers, says Cooper.

The ground floor showcases a walkway that will accommodate crowds as well as stroller pile-ups during children's programming, which Cooper notes, is an issue at the Shaw branch.

The children's section features books shelves at eye-level for kids.

The second floor walkway allows for plenty of natural light, yet features design that ensures it is neither too bright nor too warm.

The teen section of the library marked by bright orange chairs offers computers specifically for middle and high schoolers.

The second story offers quiet rooms which Cooper says are often co-opted by bloggers.

The meeting room accommodates up to 100 people, says Cooper. Anyone from the community can reserve the space, provided the meeting is open to the public.

The Tenley-Friendship branch juxtaposes wide open spaces and reading nooks.

Teardrop lights punctuate the lobby, which is framed by a dramatic staircase.

Roadside Development first proposed a new library in 2005, at a time when Mayor Williams cut funding for several libraries, including Tenleytown's. Roadside instead proposed building an apartment complex adjacent to the library, a cash-generating operation that would entice it to pay for a new library and renovation for the hard worn Janney school next door (now under renovation at city expense). Small but concerted local opposition derailed the project - and Roadside - but a skittish city warmed to the idea and solicited bids for the same project, then changed the bid requirements to move prospective residences off the library, eventually awarding LCOR the same project. The Council demurred and forced a redrawing of plans, and by February of 2009 LCOR's romance with the city ended, leaving the city to build the library and rebuild Janney as a salve to frazzled nerves; construction began in September 2009.

Mike and Kirk’s Excellent Adventure

By Beth Herman

Decorated since 1966 for their work in areas of preservation and sustainability, and listing a few “memorable” feats like successful rescue efforts to shore up Frank Lloyd Wright’s legendary Fallingwater in Bear Run, Pa. in their fight book, NY-based structural engineers Robert Silman Associates know something about building. When the time came to expand and renovate the firm’s Georgetown offices, and with an open office culture tantamount to sustainable elements, the conversation quickly turned to aligning discourse with daylight, collaboration with carbon footprint.

“The new space is like a big studio, more representative of an architectural firm than an office for structural engineers,” said architect Michael Sewell, who, in nothing less than a philosophical pas de deux with his client, created an open space that trumpeted RSA’s past, present and future.

Occupying slightly more than a 6,000 s.f. floorplate on the top floor of a two-story industrial building–the former Knoll Furniture showroom–at 1053 31^st Street NW for eight years, victims of what Sewell termed a “dental problem” where chopped offices characterized the space, RSA doubled its footprint in a 2010 lease renegotiation, seeking to consolidate its operation into “one cohesive whole,” said RSA Principal Kirk Mettam. Noting the D.C. office had grown from a force of one (himself) in a row house in 1998, to six people at the outset of the original Georgetown lease, to nearly 40 people today, Mettam called the current building’s location on the edge of a canal “one of its great, defining characteristics.”

With a north-facing wall and perimeter windows along the entire length, daylighting is a primary ingredient in a structural souffle that includes the calculated absence of elements like walls and ceilings. “Being structural engineers, we like the sort of tectonic idea of seeing structures and systems,” Mettam explained of the volume over his head. “It also provides a great opportunity for daylight to reflect upward,” he added, noting the addition of up/down lighting for short winter days. Removing two mason walls and replacing them with glass opened up the front space, which according to Mettam also provided an easy transition back into the workspace. “It lends itself very well to letting clients walk through without making them feel as though they’re onstage,” he affirmed.

As Long As There’s the Two of Us

Working together on past projects such as the renovation of the Smithsonian’s National Museum of American History, before Sewell had whittled his own shingle, just prior to 2010 Mettam approached the architect with RSA’s laundry list–readily corroborated–which included ideas for open offices, more breakout spaces with a kitchen and library, exercise equipment, lockers and shower, and a bike rack. “We’re extremely bike-centric,” Mettam said of the office culture, speaking to the building’s prime, high transit location which inched it up in the LEED Silver certification process RSA is pursuing. Noting the firm’s mantra is “creating, renewing, preserving and sustaining,” Mettam said the new design clearly parallels all of this, crediting Sewell with supremely executing RSA’s vision, which the architect clearly shared.

“It’s infinitely preferable when you’re working with someone who speaks the language and understands what you’re doing,” Sewell said of the process, citing what he called “a steep education curve for people not used to the design or construction process.” Careful not to offend lay clients who make up the brunt of an architect’s practice, Sewell qualified his statement by quipping that now, “Kirk swipes all of my tricks.”

LEEDing the Way

Where LEED was concerned, Mettam revealed that RSA’s quest for sustainability is firmly rooted in the firm’s namesake’s–Robert Silman’s–indelible commitment to the same. The NY-officed Silman, for many years a green design leader of record in the general design community, as well as in the international engineering arena, underscored the firm’s search for the Georgetown space eight years ago with the mandate that “good, natural light and some degree of operable windows” be available, Mettam recalled. Accordingly, and even prior to the current renovation, RSA has kept partitions low, sacrificing privacy but embracing light, vistas and cooperation. Aligned in this regard and others with SRA’s NY headquarters, which occupies the top three floors of a Greenwich Village 12-story building, Mettam said RSA D.C. “debated ad nauseam” every conceivable green option, not only as each related to LEED, but to sustainability overall.

Saluting best practices as well as LEED, Sewell, who is also an adjunct professor of design at Catholic University’s School of Architecture and the University of Maryland, said all of the space’s finished materials are either high post-consumer content, high recycled content, rapidly renewable wood floors, low-emitting paints and high efficiency CFL light fixtures. “A lot of (RSA’s) clients, who are architects, are on the L - K Street corridor, a 10 to 15-minute walk from here, so staff can walk to their meetings from here,” he noted in a nod to pending LEED points.

Equal to the Task

In light of staff spirit and revealing what he called a “trial balloon,” or upcoming practice the office hopes to implement, Mettam’s “green ceilings” project is admittedly in a nascent stage but not without potential. Because of its ability to flourish in ambient and reflected natural light, RSA plans to purchase a number of Devil’s Ivy plants, something Mettam describes as a “fast growing and creeping” (one employee boasts she has one that is currently 30 feet long). Weaving the plant in and out of the open ceiling’s trusses, “we’re going to have a little race,” he said of his staff’s intrepidness, noting plants will start out over various desks, careening toward the outside wall. “We’re really excited about this,” Mettam quipped.

Of their collaboration in creating RSA’s D.C. design, Mettam said because his group had occupied the space for so long, they knew what to ask of it. “We knew all the answers before Michael showed up,” Mettam said wryly, “but he challenged us when we needed to be challenged, and we probably challenged him too. What resulted was something so well thought out that functions beautifully. The design represents the quality and aspirations of the firm.”

Camden Readies to Build New South Capitol Apartments

While land development in southwest DC takes on a somewhat leisurely pace for most, some developers think the time is just right, especially if the soil in question is right across from the stadium, which is not really southwest, after all. Such is the case for Camden Property Trust, which is about to start developing a 276-unit apartment building on South Capitol facing Nationals Stadium. The WDG-designed building will take up the now vacant site north of O Street, sparing the historic townhouses along North Capitol, with a very small retail space. Mark Coletta of Camden says the project will break ground in March with a June 2013 completion date, with the timing warranted by the generally full capacity of the adjacent Capitol Riverfront area. "The supply and demand fundamentals are now back where you can start to make sense of new development, by the time we deliver there will be a bit of a [housing] shortage." 

Coletta says the residence will offer a rooftop pool and deck, underground parking, and possibly (no explicit promises here) droolable views into the ballpark just across the street. Most units will have balconies and floor to ceiling glass for Nationals fans to watch the game from their couch and save time spent in an expensive beer line. No matter that southwest is still in its development infancy, just look east, not west. "The entire neighborhood is what you'd call an emerging neighborhood...now you're hoping you can get the retail to come and fill in some of the gaps, then you're going to start to complete the neighborhood....it will be a pretty cool feel on game day," says Coletta. With near southeast nearly at capacity within its completed projects - both commercial and residential - the development of southwest has an obvious logic. And with no other projects south of the Capitol building - SE or SW - near construction, Camden will have the only new building on the market, with enviable marketing exposure to large crowds, new parks all around, and possibly a long bike trail wrapping around it, even if the retail is still wanting. Camden acquired the property in 2007 and has hired Donohoe as the general contractor. 

Washington DC real estate development news

A Kick Start for Buzzards Point?

Buzzards Point, the southern tip of the District above Anacostia, is about as desolate a neighborhood one can find in the DC region - empty lots, equipment storage fields, and an overall post-industrial decay that makes ballpark visitors quicken the walk back to their car late at night. An actual buzzard circling above would not seem entirely out of place. But all of that is going to change, and one local developer thinks that time might just be nigh.

The promise of the area is obvious, close to the Capitol and a focal point for DC's highways, the region is still secluded and private, and is surrounded by water, and the area's largest developers like PN Hoffman (along Water Street) and Steuart Investment (with more than 5 acres at the tip of South Capitol) and Akridge among them. But Duane Deason, who bought the empty 20,000 s.f. lot on the Anacostia back in 2004, when a new baseball stadium was maybe, just possibly, coming to southeast, has plans for an Eric Colbert-designed condominium, and thinks the time is right to start.

On the boards is an 80-foot high, 97 unit condominium nearly fronting the water behind the marina. "If you had asked me in the 3rd quarter of last year I would have said we were quite a ways away, but right now I'd say we are moving much faster...the market has notably improved, and I think its a good time to take advantage of that." Deason has an upcoming hearing before the Zoning Commission and is actively pushing ahead. "This is our first hearing before Zoning; there's no such thing as matter of right here, but we're sort of there, we don't need a PUD [zoning change] to do this."

Deason has little company at the moment, the other Buzzard Point developers are sitting on their hands, reasoning that there it makes little sense to develop in isolation without a pre-signed tenant. "Eventually I think it will be a great place" says one developer with skin in the game nearby that is choosing to wait. Deason is confident. "Eventually there's going to be other places, with the PN Hoffman development there, but there's a view of the water, the Coast Guard is there for another 5 years or so. There is the planned riverwalk, that will come. There are a couple of big landowners there that will cause a huge change." Deason says he paid under $1m for the property, including all costs associated with the acquisition, and that while he doesn't have a development financier, he has no financial pressure and will consider a joint venture partner.

"Being only 75 feet off there water, there's just not alot out there that currently that offers that, with a view of your boat...I love the waterfront and I just thought it was a fantastic location" said Deason. "The views are phenomenal because its on a point, almost every unit in the building will have an outstanding view of the water." Deason says most of the units will be less than 1000 s.f., and the new inclusionary zoning rules mean another 7200 s.f. of affordable housing.

While Deason may not have any immediate residential neighbors on the waterfront, another residential developer in southwest has the same sense of potential value and will break ground much sooner, you can read about that at DCMud this afternoon.

Washington DC real estate development news