Showing posts with label Davis Carter Scott. Show all posts
Showing posts with label Davis Carter Scott. Show all posts

Thursday, August 30, 2012

Today in Pictures - Archstone's NoMa Apartments

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Archstone's First + M apartments in NoMa was just the second apartment building to go online in the once quiet neighborhood, but thanks to its distinguishing design and sheer size, is helping transform the area that is now busy during the day and even sometimes at night.  Occupancy of the building began June 1, and the leasing office says that 162 of the 469 units are now occupied.
The building was designed by Davis Carter Scott and broke ground in June of 2010, and features 192 one bedrooms, 206 two bedrooms, and 71 three bedrooms – as well as a smidgen of ground floor retail.  Amenities include a communal "chef's kitchen" that opens onto an outdoor dining area, a 5000-square-foot 24-hour gym, a large interior courtyard, a “Rooftop Resort” that features a heated lap pool and sun deck, an internet cafe, a theater, two soundproof music studios, a bike workshop, even a pet spa.








Washington D.C. real estate development news

Tuesday, May 29, 2012

Construction begins on 440 K

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Construction began today on Quadrangle Development Corporation and The Wilkes Company’s development of a 234-unit, 14-floor residential building at 440 K. It’s part of Mount Vernon Triangle’s “critical mass” and should be finished in the last quarter of 2013.

The development includes more than 9,000 s.f. of ground floor retail space in the 2 million s.f. mixed-use community, "the largest such project in Washington, D.C.," says the developer - referring to Mt. Vernon Place, an 11-building project that has been only partially completed and include the Sonata and Madrigal Lofts.
440 K will include 182 one-bedroom, 26 one-bedroom with a den and 26 two-bedroom units.

In addition, it will have a 96-space parking garage, enough bicycle storage to make those 96 people self-conscious and a 24-hour concierge service. The building was designed by Davis Carter Scott.

Washington D.C. real estate development news

Wednesday, May 02, 2012

Planning Board to Consider New Trillium Site Plans

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New plans for a single 9-story apartment building with  a grocery store and a public plaza at 8300 Wisconsin Ave. will make its way Thursday to the Montgomery County Planning Board.

StonebridgeCarras submitted its amended plans for Bethesda's former Trillium site back in January, and now it will seek approval from the Board. StonebridgeCarras and Walton Street Capital purchased the site in early 2011 for $29.25 million from Houston-based Patrinely Group, which had planned to build three residential towers designed by Davis Carter Scott.

Northwest-facing view from Wisconsin
StonebridgeCarras now plans a U-shaped building designed by WDG Architecture with up to 360 apartments - nearly double the Trillium plan - and 55,000 s.f. of retail encompassing a 22,000 s.f. public plaza that extends to the adjacent National Institutes of Health open space.

Ellen Miller, principal at StonebridgeCarras, said the apartments will range from efficiencies to large three-bedroom units - the size and price of which are not finalized.

The plan amendment submitted to the Board shows 30 efficiency, 185 one-bedroom, 127 two-bedroom, and 18 three-bedroom units. Of those, 45 units -- or 12.5 percent -- will be moderately priced dwelling units (MPDUs). Patrinely planned 198 units in its three buildings.

Intersection of Woodmont and Battery Lane
A grocery store Miller declined to name will anchor the building with entrances at the intersection of Woodmont Avenue and Battery Lane with a second entrance from the public plaza. Parking for 599 vehicles will be located on four levels below ground.

Removed from earlier plans is a 2,000 s.f. arts incubation space, a reduction that community groups opposed, but the developers say it no longer fits the project.

"We did try to consider how such a space might work in that location and in this project," Miller said. "In the end, we believed we had a different approach to the site. We had a use that was a magnet. We believe we have provided a beautiful public amenity space that has a very rich art component."
South-facing view from Wisconsin with NIH open space in the foreground

Instead, developers are working with Kent Bloomer Studio to bring a variety of artwork to the site. Miller said she hopes to present new renderings Thursday that better illustrate the integration of art.  At least five sculptures from other artists also are included in the plans.

The linear plaza will have a series of water features and various seating options for public use, and steps will lead down into the NIH open space.  More images of the plaza can be found here.

Planning Commission staff recommend approving the amendments, with some conditions such as streetscape improvements, an executed traffic mitigation plan, and using signs and focal points to draw people into the public space.

The Planning Board is scheduled to review the plan amendments at 2:15 p.m. Thursday.

Bethesda, Maryland, real estate development news

Monday, January 23, 2012

Woodmont Triangle Apartment Developers Seek Approal for Trillium Successor

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The barren, long-fallow Trillium site in Bethesda, long considered an unwelcome reminder of the untimely demise of the local market, is set to bounce back. Bethesda-based StonebridgeCarras, which in partnership with Walton Street Capital purchased the site in early 2011 for just over $29 million, filed their new plans for the site with Montgomery County just last month and hope to be before the planning board early this year.

“This is my new favorite project,” enthused Ellen Miller, Principal at Stonebridge. “This building is a gateway to Bethesda. The lot to the north [at the corner of Woodmont and Wisconsin] is owned by NIH and is a beautiful greenspace, and coming from the north you'll look across that and see this very handsome glass and brick building.”

The new plans are “quite different,” from the Trillium plans, says Miller. Where the Trillium plan, a Davis Carter Scott-designed series of three towers, was slanted heavily toward the high-end condo market, the Stonebridge development calls for around 370 rental units, from efficiencies to three-bedrooms, and a limited number of townhouse units that open directly onto Wisconsin Avenue. It also incorporates a significant amount of underground parking, and a grocery story on the ground floor - sort of.

“Given the topography of the site, how it falls almost twenty feet from Battery Lane,” says Miller, “the grocery store will be largely submerged on the Wisconsin side, with the main entrance on Woodmont.”

The u-shaped building, designed by WDG Architecture, features an interior green courtyard, which will incorporate an entrance to the as-yet-unnamed grocery store. Miller was coy when asked who it would be – Harris Teeter? Safeway? - but said that while they're still in negotiations, she thought the neighborhood would be very pleased with the mystery tenant. “This grocery amenity will not only serve the neighborhood, but also draw people in,” she said.

The site, way back when, was once home to the Clarion hotel, which was demolished in 2007 to make way for the Trillium project, the defunct condominium complex spearheaded by Houston-based Patrinely Group.

Doug Firstenberg, another principal at Stonebridge, told DCMud last year that he hoped this project could “anchor the redevelopment of Woodmont Triangle." Woodmont Triangle, situated as it is between the Medical Center and Bethesda metro stops on the Red Line, has attracted quite a bit of attention from developers recently. In addition to this project, developers are now building a pair of 17-story buildings in Woodmont - Bainbridge Bethesda as well and the long-delayed rebuild of 4900 Fairmont Avenue.

Just as the vacant Trillium site, which after last year's hurricane had fallen into open disrepair (Stonebridge has since cleaned up the lot) was seen by many as a symbol of the market crash, perhaps the long-overdue redevelopment could be a harbinger of an upturn? Local developers, no doubt, are hoping.

Bethesda, Maryland real estate development news

Tuesday, January 10, 2012

Archstone's "First + M" Apartments Doubles NoMa Housing Stock

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Walk by Archstone's First + M apartments in NoMa at night, and you’d be forgiven for thinking they’re done and ready for move-in. While the building is still surrounded by some scaffolding and a few traffic barriers, the sleek mixed-use complex, with its distinctive wavy concrete panels and vaguely fortress-like glass towers, looks very much like a present ready to be unwrapped. “Construction is on or slightly ahead of schedule,” says Peter Jakel, Communications Director at Archstone. "We're currently on schedule for preleasing in March, for first move-ins in May."

Next up? An adjacent 435-unit building, tentatively titled “First + M II,” at 35 M Street NE.

First + M (the first), which was designed by Davis Carter Scott and broke ground in June of 2010, features 469 units – 192 one bedrooms, 206 two bedrooms, and 71 three bedrooms – as well as 2500 square feet of ground floor retail. The finished building will also offer tenants a long list of amenities, including a communal chef's kitchen that opens onto an outdoor dining area, a 5000-square-foot 24-hour gym, a massive green courtyard, a “Rooftop Resort” that features a heated lap pool and sun deck, an internet cafe, a theater, two soundproof music studios, a bike workshop, and, yes – a pet spa. This list, along with the overall dearth of housing in NoMa – the 496 units in First + M will boost NoMa's housing stock by a full 50% - should ensure the project's rapid success.

This is just the latest development in NoMa's swift rise from federal office hinterland to arguably the District's buzziest real estate hotspot. Even today, walking north from Union Station or east from Shaw and into the heart of NoMa is a bit like stumbling across a stand of sunflowers in the middle of a desert. Wasn't this a parking lot just last month?

According to the NoMa BID, the neighborhood's resident population is expected to double in the next two to three years, and projects in the planning stages – a total of 9 million square feet of office space, 860,000 square feet of retail space, and another 6500 residential units - will more than double NoMa's available square footage.

Doug Carter, founding principal at Davis Carter Scott, has been
quoted in these pages as saying he wanted the First + M building to be “a little more forward looking,” and it is. Emphasis on “a little.” Standing at the intersection of First and M Streets, one might experience a temporary wave of vertigo, so identical are the recently-completed buildings and the almost-completed First + M project. Conventional mixed-use structures – ground-floor retail, underground parking, residential units up top – are no doubt efficient, and good for the community, but NoMa might be approaching the “too much of a good thing” saturation point. The blossoming of NoMa is a very good thing for the District, and a checkerboard neighborhood of monolithic glass towers is, without question, preferable to a desolate expanse of surface parking lots and abandoned warehouses – but then, these aren’t the only two choices, are they? Building a neighborhood essentially from scratch is a rare and precious opportunity. Why recreate Ballston?

Washington, D.C. real estate development news

Wednesday, August 24, 2011

Beltway's Tallest Building to Launch in October

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Hoffman Management Inc. will soon build the tallest tower, within the capital beltway, in Alexandria's low-lying Eisenhower Valley East.

Hoffman recently awarded the general contractor position for its Hoffman Towers, a component of the expansive Hoffman Town Center, to Clark Construction Group. Clark is accepting bids from subcontractors through early September, and expects to begin construction on the residential towers in October.

The towers, designed by Davis Carter Scott, will consist of three high rise components - 33, 28 and 22 stories tall. The 33-story tower is 396' tall; a mere six feet taller than Monday Properties' 1812 North Moore St, which is currently under construction and set to deliver first quarter 2013. Yet the Hoffman Towers will rise up in a valley that is only 18' above sea level, whereas 1812 North Moore - a 390' tall, 35-story office building - might loom larger, as it sits on ground in Rosslyn that is near 100' above sea level.

When completed, the Hoffman Towers will contain 1,197 apartments (55 affordable) and offer 1,162 parking spaces, at block 11 and 12 of the Hoffman Town Center.

Block 11, closest to the beltway, will house a new 50,000-s.f. Harris Teeter; the grocer has a contract ensuring its occupancy in the building by December of 2013, when phase 1 of the project is set to deliver - a feasible timeline if construction is soon underway.

Construction of block 12, closest to Eisenhower Avenue, will coincide with the City's redevelopment of the Eisenhower Ave Metro station, and a new Metro Plaza - paid for by the development team - which will serve as a public gathering place of sorts, near 19,000 s.f. of new retail (in block 12) broken up into several spaces, including some 200-s.f. "retail pockets." The project is located across the street from AMC Hoffman cinemas, already the region's highest grossing theater.

The development site plan has not been approved or released by the City of Alexandria; the City is waiting on comments from one last reviewer, after which the plan - with notes of concerns to be addressed - will then go to the development team for agreement.

Alexandria, Virginia real estate development news

Thursday, August 18, 2011

County Rolls Out Arlington Mill Next Wednesday

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Arlington will roll out the pomp next Wednesday for Arlington Mill, a community center on Arlington's Columbia Pike that will soon be followed by an affordable housing project. The county demolished the previous buildings last spring, and will likely start actual construction next month.

The community center portion of the project will cost an estimated $24 to 25 million and include a gym, learning center, public plaza and garage, crafted by architects at Davis Carter Scott. Residences on the north side developed by Arlington Partnership for Affordable Housing (APAH), and designed by Kishimoto Gordon Dalaya Architecture (KGD) are scheduled to begin construction in 2012 with a targeted completion date of late 2013. No general contractor has been selected yet.

Under Arlington's agreement with APAH, the county will build the garage for both the community center and the residential portion, and APAH will then reimburse the county for its expense. "We are hoping to close and break ground...sometime towards the end of Q2 2012" says David Perrow, Project Manager for Arlington Mill. The affordable housing provider will be waiting in the wings, starting work on housing when the county finishes construction.

Residences will include 121 "tax-credit units" that will be open to individual making 60% or less of area median income. In return for affordable housing, the state of Virginia has granted APAH a $2.13m tax credit per year for 10 years, a credit that can be marketed to a financial partner. "We can sell that on the equity market," says Perrow. Construction of the community center should complete by next summer.

Arlington, Virginia real estate development news

Wednesday, August 10, 2011

Take a Chance on Me: Skanska Mulls Speculative Offices for NoMa

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For a world of runaway debt, careening stock markets, sinking credit ratings and overall financial gloom, the Washington D.C. commercial real estate market is a surprisingly bullish place. One such believer is Skanska, fresh off success with a speculative office project in Penn Quarter, and mulling an encore for its NoMa project that it purchased last January.

With a potential for 680,000 s.f. of development, the site would be Skanska's largest DC area project to date, by far. But the developer is in a building mood, having now leased out 90% of its speculative downtown office project at 10th & G before the doors even open, and with "sincerely strong" interest in its Wilson Boulevard office project. With that tailwind, Skanska is putting the final touches on a design for a two-phase office project that could be moving dirt by next summer. With Davis Carter Scott at work designing 300,000 s.f. of office space for phase 1, the developer "is going full bore on all pre-development activity at this time," says Skanska Executive Vice President Rob Ward.

Not that Skanska would be the first polyanna to build without an anchor tenant already signed on, some of the largest office projects to date have kicked off without a financial savior, such as Monday Properties' 35 story office tower in Rosslyn and the CityCenter DC, both of which are well into construction without a single name to hang in the lobby.

And not that Skanska isn't working on a lead tenant; project supervisors have interviewed commercial brokers and expect to announce a leasing team next week. Still, Ward says the building is "100% funded" from internal capital, and the company can make the decision to build - or not - based on market conditions next spring when planning has run its course. "Its automatically a go if we get tenants, but we'll make that call by the middle of next year."

On the books so far is a large office project for phase 1, which Ward says will be a LEED Platinum design within the existing zoning envelope. Ward notes that while current zoning allows for 680,000 s.f. of development, "we'll be very careful how we build out to maximize light rather than the building footprint." While the retail component is not large - somewhere around 15,000 s.f. - Ward foresees a neighborhood enhancer rather than just a building-serving retail space; "a nice location for a good restaurant and bar."

Skanska's record bodes well for a spec project, and the NoMa numbers are still sound, with the vacancy rate just 9% within the NoMa BID according to Delta Associates.

At 10th & G Streets, Skanska is celebrating a 90% lease up of the office building - its first in the United States - that will complete next month after starting off sans tenant. Only about 16,000 of the 165,000 s.f. office building remain unclaimed, and the 4,000 s.f. ground floor retail space has been leased to Comma, which will serve 3 squares a day. 3 major tenants account for most of the leasing activity that is expected to earn LEED Gold certification.

Skanska bought the NoMa property at First and M Streets, NE, last January for $41 million from an affiliate of the Polinger Company. The site was designated as phases II and III of Capital Plaza, though Skanska will rename the project. Skanska is a Swedish-born company with offices in the United States, including Washington D.C.

Washington D.C. real estate development news

Tuesday, February 22, 2011

Arlington's Block Busting Year

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One of Arlington's most stubbornly static development sites - a superblock of three stagnant development parcels at the Courthouse Metro station - is finally ready to start construction in what could be a fraternity of development initiatives. Developers of the 1800, 1900 and 2000 blocks of Wilson Boulevard, all located on the same block, have been working separately for years to build large, mixed-use projects on their respective sites, and now the latter two say they will start construction this year for vast amounts of retail, housing, and office space, broken up with a new street between them.

Elm Street Development plans to start its construction on 2000 Wilson Boulevard (formerly the Taco Bell and Dr. Dremo's site), known now as 2001 Clarendon, with 30,000 s.f. of retail space and 154 residential units, while USAA, which purchased the 1900 block of Wilson Boulevard late last year, plans to start work this fall on a mixed-use, predominantly residential project. Working out approvable developments on both sites required land swapping and an endowment of land to Arlington to extend Troy Street, connecting Wilson and Clarendon Boulevards. Meanwhile, developers at the eastern end of the superblock on Rhodes Street are still vying to get financing to double the size of the office space and integrate retail.

2000 Wilson

The stuttering progression at 2001 Clarendon was initially planned to begin in late 2007 as a condominium, but in 2008 switched to apartments (in theory), shooting for a 2010 completion. In early 2010 Elm Street VP Jim Mobley said the team was again "looking at" the concept of condos, "financing dependent." With financing now in place (underwritten as apartments), construction is near, with the likely chance of condo conversion down the road. Retail space will front 3 streets, subdivided into small storefronts. Because of Elm Street's rejiggering of the plans, at Arlington's suggestion, no permits have been issued, but sources for the project say work is expected to commence late this year.

George Dove, Managing Principal at WDG Architecture, which designed the 6 story "extremely contemporary" building, notes the challenges facing the climbing site. "From a zoning standpoint, between Courthouse and Rosslyn, you have a sequence of height limits, and you have elevation changes, so it has a series of levels that drop-off as you move down the street, like stair-steps. This had alot to do with driving the design." Besides shooting for basic LEED certification, an Arlington requirement, 2001 Clarendon will incorporate a series of green roofs. "This is the antitheses of the high-rise, urban, compact residential project. It stretches out over a much larger floorplate. That gives alot of rooftop areas at different levels, it is definitely not a boring facade," said Dove.

1900 Wilson
Across the (not yet built) street, USAA has purchased 1900 Wilson Boulevard, along with its plans for a 5-story mixed-use residential building. USAA bought the Hollywood Video site from Zom, Inc., which had already birddogged plans to construct residences through Arlington's approval process. USAA will retain Zom as a fee developer to build out the project. Torti Gallas designed the more urban seeming structures with large retail spaces along Clarendon Boulevard and live/work spaces along Wilson Boulevard.

Sources involved in the development say no dates have been set, but that work is "on target" to materialize this year, and Hailey Ghalib of USAA says the the developer expects to build in the third quarter of this year and is working with Harkins Builders on pre-construction issues, but has not yet signed a construction contract nor obtained construction permits. Construction is expected to last 22 months.

1800 Wilson
The lone holdout at this point is the eastern end of the block, slated to demolish Rhodeside Grill and Il Radicchio to more than double the office space used by the National Science Teachers Association. The NSTA has teamed with developer DRI to expand their Arlington headquarters at 1840 Wilson, with an approved site plan in hand. NSTA hopes to build a 107,000 s.f. office building with 10,000 s.f. of retail, taking up an adjacent surface parking lot. The site plan was initially approved in November 2005, amendments were approved in July 2008 and November 2008 to resolve façade and parking issues, but the project is on hold pending financing, which the team is "working very hard" to secure, of course. The NSTA has already contracted Davis Carter Scott as the architect and DPR Construction Company as the general contractor, if and when the bankers come to the rescue.

As if that weren't enough, work is now underway next door in the 1700 block of Wilson Boulevard, where Skanska is building a 5 story office building. Get ready for a loud but productive year, and lots of cranes.

Arlington Virginia real estate development news

Friday, February 04, 2011

Arlington Mill Ready to Build

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Demolition of the community center on Arlington's Columbia Pike is slated in the next two weeks to make way for Arlington Mill, a community center, garage and a low-rise affordable housing complex. "We're just waiting for our electricity to be rewired and then we can get started," said George May, Construction Bureau Chief of Arlington County.

The first phase of the project has a projected cost of 24 to 25 million dollars to build a new community center with a gym, learning center, public plaza and garage, designed by Davis Carter Scott. Residences on the north side developed by Arlington Partnership for Affordable Housing (APAH) and designed by Kishimoto Gordon Dalaya Architecture (KGD) are scheduled to go under construction in 2012 with a targeted completion date of May 2013.

APAH will be applying for the Low Incoming Housing Tax Credit March 11th. The group is slated to build 122 subsidized residences in the second phase of the project, which starts after completion of the community center. In the original plans, 192 residences were to have been built, with 61 slated for affordable housing. Public Private Alliance was unable to secure financing for the market-rate apartments so the county went back to the drawing board in the planning stages, said Maureen Markham, Arlington County Development Specialist. "We had a couple of rough years for the housing market and funding, but things are looking up," she said.
Arlington, Virginia real estate development news

Tuesday, October 12, 2010

Region's Tallest Building Breaks Ground in Rosslyn

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Monday Properties' 35-story, 390 foot office building will break ground on Thursday in Rosslyn, setting the stage for what will be the region's tallest building when completed, at least for a while. Developers will hold a public ceremony for the 580,000 s.f. building that will rise above the Rosslyn Metro station.


The superlative for "tallest" is a contested one, with JBG noting their that their 31-story Central Place tower will also rise 390 feet, nearly the tallest allowable by the FAA along the Reagan National flight path, which caps at 500 feet above sea level. The buildings also both straddle N. Moore at nearly equal 80-foot elevations; nearly, but not exactly. Officials at Monday assure DCMud that their site sits a few feet higher in elevation, giving theirs the edge. In any event, with JBG's project in check, Monday's claim to size will not be in dispute when the building completes in late 2013. Nor will Monday's second first: the first LEED platinum certified office building completed in Virginia, if all goes as planned. Bragging rights for both should allow for equally high leasing rates, and despite a lack of tenants, Monday chose to approach one of the region's lowest commercial vacancy rates by self-financing $30m of the $300m project, something JBG officials must be eying with intensity. Monday says it is confident that that this will attract financial suitors, but that they are prepared to move forward with or without a financial partner, and promise an anchor tenant announcement within 10 months.

Arlington approved the project in December of 2007, but it has been on hold for nearly 3 years as developers sought financing and the right market. Davis Carter Scott designed the skyscraper that Clark will build, with Gensler assisting on interior layouts.

Congressman Jim Moran will join other speakers at the groundbreaking ceremony this Thursday at 11am, true construction will be underway by the end of the month.

Rosslyn Virginia real estate development news

Wednesday, October 06, 2010

County to Develop Arlington Mill Residences as Low Income Housing

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As promised at the Arlington Mill Steering Committee meeting in September, during which details for the five-story, Davis Carter Scott-designed Community Center were presented to the public, Arlington County has selected Arlington Partnership for Affordable Housing (APAH) as the official developer of the residential portion of the Arlington Mill project. Groundbreaking on the Community Center is expected in early spring of next year, while construction on the 122-unit Arlington Mill Residences is expected to begin in June of 2012.

The low-rise apartment building, designed by local firm Kishimoto Gordon Dalaya Architecture (KGD) will offer six efficiency units, 18 one-bedroom units, 73 two-bedroom units, and 25 three-bedroom units. The entire building will be marketed as affordable housing, the majority of the apartments offered at 60% AMI, with a smaller portion (roughly a tenth) priced at 40% AMI. Developers boast that the design both complies with Columbia Pike Form Based Code and "will be constructed utilizing green building design and will be Earthcraft certified." Earthcraft offers a sustainability designation less rigorous than LEED certification. An open field for public use will provide ample green space for residents, and hoping to further encourage green transportation and exercise, developers designed the site with a direct link to the neighboring Four Mile Run park and bicycle trails.

Developers have projected the total cost at $30 million. To lighten the financial burden, APAH will seek financing from the Virginia Housing Development Authority (VHDA) through permanent mortgage financing and Low-Income Housing Tax Credits. Paradigm Companies will serve as general contractor and property manager, Studio39 is slated to shoulder landscaping design duties, and VIKA will assist the team as civil engineers. Paradigm and APAH worked together with Arlington officials to complete the Parc Rosslyn affordable housing project in 2008.
Arlington, VA Real Estate Development News

Wednesday, July 21, 2010

Archstone Breaks Ground in NoMa

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The newest development project from Archstone officially celebrated its ground breaking today at the corner of First and M Streets, NE. NoMa's newest residences will be one of several developments that will quickly usher in a wave of residents to the area, with an influx of even more retail and restaurants likely to arrive in their wake.

The District has been pushing for developers and investors to offer more rental options to residents in strategic high density, high traffic areas, and NoMa is certainly ripe for that kind of improvement. The first phase of the new Archstone will deliver 469 Class A apartment homes by mid to late 2012, along with a plentiful list of amenities and 421 below-grade parking spots. Aside from a corner of retail on the first floor of the building, and a small portion of rental offices, the 500,000 s.f. building will be wholly residential. The lofty and expansive bottom floors will be home to a two-story resident library, movie theater and entertainment center, sound-proof activity room, state-of-the-art fitness center, spacious wi-fi equipped cafe, gourmet test kitchen where cooking classes can be held, and a 1,600 s.f. indoor courtyard prettified with real trees and a reflective pool. When residents tire of luxury at low altitudes, they can take the elevator to the top floor for some pampering at the spa, or just lounge next to the heated, rooftop infinity pool, complete with a waterfall and large jacuzzi.

The architects at Davis Carter Scott worked hard to design a building that wasn't a boring, monolithic void in the landscape. They didn't want a big plain square box; they wanted a building that was interesting and progressive. The varying shapes, colors, rhythms, and articulations of different subsections of the building help to develop a more complex and textured aesthetic. The use of horizontal masonry and large glass columns to accent the corners of the building is intended to keep the eyes of residents and bystanders busy and intrigued, drawing onlookers to stop, stare, and appreciate. The developers are pleased that the quality of the exterior design is on par with the impressive comforts being offered inside.

After a bit of uncertainty, Archstone has found some people willing to pay for all this. CWCapital, a subsidiary of CW Financial Services, will provide the the $151 million, 40 year, fully amortized loan through their FHA structuring. In March, Archstone announced they would be breaking ground in April, but a hiccup in financing left the site empty a little longer than intended. This is the largest finance packages ever insured through the HUD Section 220 program, and will help Archstone generate local employment and involve local businesses in the project. Archstone is confident that they will deliver the residential space needed to house the flood of employees that have followed the recent commercial real estate in the area. Construction will be finished within 30 months, and the first rentals could be available as early as the summer of 2012.

Washington Real Estate Development News

Thursday, June 17, 2010

Archstone Pushes Back NoMa Start Date

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It's easy to get excited by the mere promise of progress these days; excitement, however, is still no substitute for financing. In March, Archstone announced they would be breaking ground in April on its residential project at 1st and M Streets, NE in NoMa, a project that will fill out First Street as one of the latest empty parcels on that strip, along with Constitution Square which is just completing across the street. But as June slips away, the parking lot remains, sans construction. Senior Vice President Rob Seldin of Archstone now aims to break ground in July, financing depending.

Seldin said he hopes to have a "firm loan closing and start date" in the next few weeks. Archstone's 469 rental residential units will replace a surface parking as the first of two phases; the total project will bring 1.5 million s.f.: 500,000 of which will be in the Davis Carter Scott- designed residential building (with a nugget of ground floor retail at the corner of M and First). A parking garage will provide 421 spots on three levels below grade. The new building will increase residential space in NoMa by over 50 percent. Phase 2 is also planned as a residential building. Forrester Construction is the general contractor for the project.

Washington, DC real estate development news

Friday, May 28, 2010

NoMa Bulks Up on Student Housing

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NoMa's population just increased ten-fold. On Wednesday, 317 students moved into The Washington Center's student dorms - no, wait - "residential and academic facility" at 1005 Third Street, NE. Sure, it may be a large group of temporary students, but when your entire neighborhood consists of less than enough people to fill a Metro bus, you tend to count these things.

The residential center, in NoMa's sparser eastern section, is provided by a non-profit that places an international array of students into DC-area internships. The students are NoMa’s first residents in more than a century, according to the Business Improvement District, adding to the 40 or so residents that currently live in townhouses within the BID. The project, designed by Davis Carter Scott, broke ground just last spring.

The population figures may be a bit misleading, as the gerrymandered BID boundaries narrowly miss several large multi-family housing projects such as Senate Square. NoMa BID reps hasten to add that "9300 people live within half a mile of NoMa," and office buildings are going up everywhere, so don't get the wrong idea, the place is hopping. But soon technical geographic distinctions won't matter; Constitution Square - one of NoMa's largest projects - will begin renting its 440 apartments late this summer, and the Loree Grand will also soon open its doors to 212 new residents across the street from The Washington Center.

The $38m project was developed by Paradigm Development Company, and will be sufficient to provide for approximately 80% of the interns drafted by the TWC each year, who are currently housed in apartment buildings throughout the area. In addition to the college-style design elements like shared kitchens, shared rooms, high speed internet and the nostalgia-inspiring common areas, the building will also offer classrooms, offices, a large auditorium space, a computer lab, a fitness and a lounge area.

Washington DC real estate development news
 

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