Showing posts with label Fairfield Residential. Show all posts
Showing posts with label Fairfield Residential. Show all posts

Tuesday, September 01, 2009

Columbia Pike Apartment Building Gets Ready to Open

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Virginia real estate, Columbia Pike commercial propertyJust a 5 minute drive down Columbia Pike from the planned Penrose Square, a new mixed-use project, 55 Hundred, is close to wrapping up construction, putting the finishing touches on and looking for tenants. Formerly known as the Columbia Village Project, the building at 5500 Columbia Pike in ArlingtonColumbia Pike commercial real estate comes in at a not-quite-inspiring 10 stories, but taller than others on that area of the Pike. The new building's plan was approved in 2005 to act as a western "gateway" for the Columbia Pike Special Revitalization District. Fairfield Residential's mixed-use project includes 234 residential units, 308 parking spaces in three levels below grade, and 7,500 s.f. of retail on the first floor. The site plan was originally approved by Arlington for Trammell Crow Residential, which sold the property along with the plan to Fairfield. The building was designed by WDG Architecture. Just last month Fairfield lost its hold on another of its apartment buildings, in southwest DC, when the property was foreclosed. One-bedrooms rent from $1,300 to $2,700 and two-bedrooms range from $2700 to $4000. 55 Hundred offers residents a rooftop swimming pool, a 24-hour athletic center and a club room, with pool tables and a Wii system. Though the building's website boasts its accessibility to the metro, residents would have to take a least one bus, sometimes two, to get to a nearby metro station. With easy access to the highway, residents may opt for the a more Virgina-style commute, i.e. by car.

Virginia commercial real estate news

Friday, August 21, 2009

Southwest IM Pei Apartment Sold at Foreclosure

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The View from SW waterfront is slightly less auspicious now for Fairfield Residential. A source familiar with the project has confirmed that The View, designed by IM Pei in the '60's and purchased by Fairfield in 2003, has been sold at foreclosure to Titex Marina View, LLC, an Atlanta, GA based LLC and subsidiary of Titex Real Estate Advisors of Delaware. According to SWDCBlog, in a late night, covert lit drop (notes slipped under residents' doors), Fairfield notified current residents of the ownership change and assured tenants they could continue to rent, for now.

Fairfield purchased The View, located at 1100 6th Street SW, and the adjacent parking lots neighboring the Southwest Waterfront project, and hired Esocoff and Associates to redesign the aged building as a mixture of new construction and interior renovations on the two landmarked forty-six year-old I.M. Pei towers. Another residential tower (see rendering below) was to have replaced the surface parking, but that never quite got off the ground and the parking lots are still going strong.

Fairfield modified its PUD in late 2008 because the south tower of the project had initially been planned as a condo, but market forces required financing as rental apartments. At the time, Graham Brock of Fairfield discussed the limitations of the financial system and how they had affected the project. Brock said the "existing residents in the Pei towers wanted the option of home ownership, but then we struggled to find ways to finance that building and get those residents to qualify for loans. The market changed and the deal we had come up with wasn't as strong anymore." It would appear even the rental option was not strong enough to sustain Fairfield's hold on Pei's work. In retrospect, maybe condos, now scarcer, would have been the better option.

Beginning in mid-April 2008, Marina View Trustee LLC and Marina View Towers LLC (co-grantors of the property with Fairfield) refinanced their $14.5 million loan with Wachovia Mutlifamily Capital, Inc. The next day, Wachovia signed over its Deed of Trust with Marina View Towers for the sum of $10 to Fannie Mae, and with it the first lien of the Deed of Trust. On July 14th of this year, Fannie Mae signed over the Deed of Trust to Tritex Marina View. On July 28, Tritex designated substitute trustees from the law firm Lerch, Early & Brewer, Chtd. Tritex has been involved in a series of large real estate transactions over the past few years, taking advantage of a commercial market that is weak, and getting weaker.

Thursday, March 12, 2009

Unwanted Condos Get Affordable in Germantown

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Maryland real estate newsProlific affordable housing providers, AHC Inc. - whose resume includes developments such as The Shelton and Macedonia in Northern Virginia - have just inked their first deal with Montgomery County. Using a total of $5.4 million in loans from County's Housing Initiative and Community Development Block Grant Funds, AHC has purchased 29 new condominiums at Fairfield Residential's Ashmore at Germantown development for the purpose of converting them in to longFairfield Residential, AHC, Ashmore at Germantown, Maryland real estate-term affordable rentals. According to the developer, "After the units are leased, AHC will refinance the property and return a portion of the funding to the County to be recycled into additional affordable housing initiatives."

While certainly not a boon to the development’s marketing strategy, the sale is certainly a relief for Fairfield; this past November, when faced with a declining market and a glut of unsold units, the developer put 45 two and three-bedroom units at the Ashmore up for auction - with some going for as little as $140,000, or one-third of the initial asking price, for those counting. Despite being sold to AHC at well below original point (the developer picked them up for approximately $186,000 each), the units at the Ashmore still boast standard amenities, including “custom cabinetry, ceramic flooring, crown molding” and a community center with a pool and fitness center.New condos in Shaw, Washington DC real estate

For the County’s part, they seem pleased to have funded an arrangement that will provide affordable housing, while sidestepping the obvious the downsides of providing for a ghost town smack in the middle of the County (see the current market conditions in Florida for numerous examples of less fortuitous outcomes).

“Creating and preserving affordable housing is one of my highest priorities,” said County Executive Isiah Leggett in a statement announcing the sale. “I am pleased that the Housing Initiative Fund is being used to acquire more than two dozen condominiums and make them affordable for eligible residents.”


Maryland real estate news

Friday, August 01, 2008

Marina View - New Towers Likely in Fall

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Fairfield Residential will go before the DC Zoning Commission late September for approval of PUD modifications for their Marina View Towers apartment project. One of several developments along the Southwest waterfront, including Southwest Waterfront, Arena Stage and the Waterfront Mall, Marina View, at 1100 6th St., will deliver apartments, public spaces, and a restaurant at completion. Redesigned by Esocoff and Associates, Marina View will be a mixture of new construction and interior renovations on the two landmarked forty-six year-old I.M. Pei towers. Under the PUD modifications submitted July 3, Marina View will now be completely rental, a change from the developers original plan to make the South Pei tower a condominium building.

Graham Brock, Project manager at Fairfield Residential, said changes in the market led the developer to convert to rental units. "We planned condominiums for the South Pei tower because existing residents in the Pei towers wanted the option of home ownership, but then we struggled to find ways to finance that building and get those residents to qualify for loans. The market changed and the deal we had come up with wasn't as strong anymore. So we met with the residents again and I think everyone came out whole."

Work is already underway in the 128-unit North Pei tower; the developer had to bifurcate all of the systems and transfer tenants; all residents are now in renovated units and the developer is completing the opposite side of the building. Brock said they hope to start work in the South Pei tower in the coming months and complete the historic renovations in the next six months.

As for the new towers that will replace two surface parking lots and climb to 112 feet, Brock said depending on the market, condos could become a possibility, but for now, they too will be apartments. Construction will likely start in the fall on the South tower, which will deliver 156 units and is the only building of the four that will offer ground-floor retail. Brock said it will deliver 8,500 s.f. with 5-6,000 s.f. reserved for a restaurant. The 168-unit new North tower will follow once the South tower's parking garage is completed.

The project will also include amenities such as a small public park on 6th street and 12,000-15,000 s.f. amenities building that will include a pool, gym, lounge, and business center.

Tuesday, June 03, 2008

Columbia Pike: A Streetcar Named Desire

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Once tagged as the land that urban planners forgot, "destination" seems to be the new buzzword for developers with a hand in the Columbia Pike Corridor revitalization. Breaking from its existence as a pass-through to DC and back, developers are launching increasingly urban initiatives to attract offices and businesses to the corridor. And now in addition to the high-density mixed-use projects that are taking shape, planners in Arlington and Fairfax County are designing a streetcar that would run from Bailey's Crossroads (Skyline) in Falls Church, down Columbia Pike to the Pentagon City Metro.

"It's an initiative that’s been in works for quite some time, it's been approved and we are in the evolution and implementation of that right now. There is a desire to try to improve both the streetscape and transportation systems (see now the tie-in to Tennessee Williams?). We recognized that with revitalization and increased density there will be more people using the transportation systems," said Pamela Holcomb, Managing Director of the Columbia Pike Revitalization Organization (CPRO), an organization formed in 1986 to resuscitate the ailing thoroughfare.

The "modified streetcar alternative" that was selected as the most appropriate model and that will now go forward is a tram-like trolley. Because Columbia Pike is so narrow, the trolley would run on either side of the street with inlaid rails that allow cars to coexist with the tracks. "This is not seen as a cutesy idea the way some places have done it. It is not for tourists, these modern light rails are intended for efficiency. This will attract businesses," Holcomb said.

It seems those working on the project imagine a more European-style tram reminiscent of Rome and Amsterdam, despite the slow speeds of those systems, that will run with traffic on either side of the street, a unique solution, at least in the DC area, to transportation challenges. Construction on the trolley is slated to begin in 2010 with delivery in 2014.

The trolley will arrive none too soon for developers tasked with integrating a new community with little sense of commonality and that, for its new found density, will stretch over three miles from end to end, but extend no more than one block deep in most places.

Tim Jasper, Project Manager for Columbia Village, said he has seen the benefits of streetcars and thinks the trolley will benefit the developments.

"I pushed for the Scottsdale trolley project too. I think the fact that we are not really on a Metro line here in Columbia Pike makes transportation a little more difficult, there are tons of buses. I think it would be a way cool idea; its kind of a different angle," said Jasper.

The Columbia Village project at Columbia Pike at S. Greenbrier, which developer Fairfield Residential LLC is working to re-name, will bring another mixed-use project to the strip. The site is the only one in Columbia Pike that allows heights over six stories and will, therefore climb to 10 stories (if you got it, flaunt it). The project will include over 234 residential units and approximately 7,500 s.f. of retail space with three levels of below-grade parking.

But other projects are also in the queue. "We are excited about the number of projects on line at Columbia Pike; it will really turn it into a destination (there's the buzzword) for people looking for apartments and retail in the area and make it a much more exciting place," said Margaret Smith Ford, Partner at Woodfield Investments', which is now building the Siena Park project at 2301 Columbia Pike. Designed by WDG Architects, Siena Park will eventually offer up 188 rental apartments, 32,000 s.f. of "neighborhood-serving" retail and restaurants, and 14,000 s.f. of office space. The $88 million project - replacing the old Safeway on the site - will also include three levels of underground parking.

By the time the trolley is finsihed, the Carbon Thompson and B.M. Smith Associates' Penrose Square will be completed as a mixed-use development and a stop on the trolley line. The developers have also donated a parcel of land in front of the development for a new town square for Columbia Pike; Arlington County is charged with its design.

Behind the green space will be a 57,000 Giant supermarket with 325 residential units above it that will be completed in 2011. Penrose Square will offer structured parking (325 retail and 400 residential spaces) and 40,000 s.f. of other retail space; vendors have not been chosen.

Andrew Gutowski, Senior Vice President of Carbon Thompson and Penrose Square project manager said the company strongly supports the trolley. "I've lived in Europe and have seen trolleys and trams and how they can help the community," he said.

He added that the trolley line and grocery store would have a mutual symbiotic relationship, the trolley bringing the store customers, and the store giving residents another reason to use the new form of transportation.

While the exact trolley brand has not been selected, Holcomb said the primary purpose is to more efficiently move people down the pike. Fear not, bus lovers, public buses will still be used during rush hour. As construction continues along the pike, the trolley team is in the process of environmental planning and engineering studies.


Also in the area is DSF Advisor's Halstead at Arlington, a 269-unit residential project with over 40,000 s.f. of retail and 450 spaces in an underground parking garage in the Southwest corner of Columbia Pike and South Walter Reed Drive. An example of a neighborhood-rebuilding project, the development will restore the facade of the Arlington Hardware building and will build a new location for the Arlington Free Clinic.

Monday, November 19, 2007

Changes to Eckington Project to be Decided Tonight

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Tonight, NoMa West Residential I LLC will request a Planned Unit Development modification for the design plans for 618,000 s.f. of development on a 190,000-s.f. parcel in Eckington (or NoMa, depending on whether you are marketing the project or already live there). The vacant site at Eckington Place and Harry Thomas Way, NE, which falls within the NoMa BID, had already been approved for development as of October 2006, but since then both the applicant, Fairfield Residential, and the initial proposal, have changed. The new P.U.D. application seeks construction of only 1,000 s.f. of retail and a total 617,318 s.f. of residential space to be split amongst 600 units in three separate buildings.

Initial plans for the site were drafted by Fairfield (FF Realty, LLC) on behalf of the site-owner CSX Realty Development Corporation back in 2006. The Zoning Commission subsequently approved the P.U.D., signed June 22, 2007. Unfortunately for FF Realty, a new developer has stepped into their shoes, changing the design plans and ultimately the scope of the development.

Under the old plans, three large residential buildings, 27 townhouse units and five, four-story single family townhouses were to be constructed over 4.3 acres, with Q Street dissecting the property in order to "establish [a] street grid," according to a Zoning Commission summary. In total, a maximum of 636 residential units comprised of 739,951 s.f. of residential area would have been created combined with 15,084 s.f. of retail space for a total cost of $150 million. The modified P.U.D. reduces the amount of residential space by more than 120,000 s.f. and cuts the retail portion of the site by 90%.

The only remaining design from FF Realty's old plan will be the three mammoth buildings and the Q Street dissection. The first structure, Building 100, will have about 120,000 s.f. of floor area measuring 57 feet in height; Building 200 will house 250,000 s.f. of space at 64 feet and Building 300 will also have about 250,000 s.f. of space and will measure 61 feet in height. In addition to shaving the townhouses off of the plan, the new developers have also proposed to rezone the site from its approved C-3-C District, which allows 100% lot occupancy and permits building heights up to 90 ft, to C-3-A which reduces lot occupancy to 75% and allows a height of no more than 65 ft.

The modified P.U.D. will be considered for final action tonight. Prior to ZC's decision, they have required that NoMa West provide the Construction Management Plan and further detail as to the design changes.

Sunday, July 22, 2007

DC Council Approves Sale of 6428 Georgia Avenue; Park East Back on Track?

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Last week, the DC Council gave unanimous approval to the sale of 6428 Georgia Avenue NW, a 5,184-sf lot containing a vacant building of 7,000 sf (formerly Blockbuster Video), to Georgia Avenue Investment Partners, LLC (Ellis Denning) for almost $4 million, bringing to a close the short, odd tale of this Brightwood property. A year ago, Ellis Denning actually owned this land, and had plans to construct Park East (pictured), a condo-retail complex on the site. But in August 2006, the DC government, threatening eminent domain, managed to purchase the lot from Ellis Denning for $3.9 million with the intention of building a firehouse for Fire Engine Company 22. Soon after, opposition to this plan was raised, with many pointing out that a firehouse would be inconsistent with efforts to revitalize this stretch of Georgia Avenue as a livable, pedestrian-friendly space. With this in mind, the DC Council passed a bill to sell the lot back to Ellis Denning at the same price for which it was purchased from them. Ellis Denning is expected to now move forward with its plans to build a 5-story complex on the lot, but now with 39 apartment units rather than condos (12 units will be affordable housing). Design is by Hickok Cole Architects.

Washington DC real estate development news

Monday, July 02, 2007

"Conversion Reversion" Hits Leesburg Project

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Washington DC commercial property listingsAs mentioned in our "DC Condo Growth to Slow" column from Friday, the number of condominium units coming to market is less than originally projected, as developers pull back in the face of uncertain market perceptions and cancel new projects, or reverse plans to convert apartments to condo units. The latter progression – apartments to condos, then back to rentals, or "conversion reversion" – is what is now being reported for a major residential development in Leesburg. In 2005, Reston-based Comstock Homebuilding Cos. announced plans to convert Bellemeade Farms, a 316-unit garden apartment community located on Gateway Drive just off Route 7 that it had just purchased from Fairfield Residential, into condominium units. However, this past February the company, after upgrading a number of units and actually selling 58 condos in the new project, decided to scale back the number of condo conversions in the community. And now Comstock has decided to forgo the project completely, just last week closing on the $48 million sale of the community to Chicago-based Waterton Associates. Waterton will now develop the property as, once again, rentals. Waterton has also worked with Comstock to purchase back the already-sold-as-condo units. Rentals to condos to rentals … to who knows what next time – stay tuned.

Washington DC real estate and retail news

Tuesday, May 22, 2007

Bon Voyage to Vaughn Place Condo Sales

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After two years of marketing and sales, the Carlyle Group of DC and Bethesda-based Ross Development have ended sales for Vaughan Place condominiums at McLean Gardens on Wisconsin Ave and 38th Street, NW, and have turned the project back into rental apartments. The 574 units included three living options – “The Tower” which offer 1 and 2 bedroom units, townhouses, and terrace homes that included studios and 2-bedroom, 2-bathroom units. Less than half of the units were reported sold as condos before the decision to revert the remaining units to leases. Sales by McWilliams Ballard began in the winter of 2005 and were halted in April of this year. Rents are now starting from $1,750/month.

Several condo projects in DC have gone rental in the past months in and around the DC area. While institutional lenders have continued to impose pre-construction sale requirements on residential projects, often demanding the same sales quotas considered reasonable only two years ago, public perceptions about the market have meant increasingly fewer buyers are willing to sign contracts up to two years before a project’s completion. The gap in between lenders' requirements and actual sales volume has been the catalyst for many of the post-sale conversion to apartments recently, often against the judgment of the development team.

Past projects have also converted to leased apartments for developers’ fear of buyers walking away from their deposits at the last minute, particularly in projects that had higher levels of investors. Representatives for Vaughan Place would not comment on the decision.

Wednesday, April 25, 2007

Two New Marina Views for Southwest

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The urban renewal of the 1950s left Southwest a forgotten section of DC, but recent projects are bringing new excitement and livability to the area. One such project is Fairfield Residential LLC’s Marina View Towers (click image to see rendering of project layout). The developer is renovating the two existing Marina View Towers at 1100 6th Street SW and adding two additional residential structures, a development that will be a mix of apartments, condos, a large central garden, and 8,000 s.f. retail space. Designed by I.M. Pei, the two original towers are of historic status and, thus could not be demolished; instead, they will undergo complete interior renovations. The north existing tower will become a 128-unit apartment building while the southern tower will be converted into a 120-unit condominium building. The final piece of the project is a 12,000-15,000 s.f. amenities building for residents that will include a pool, gym, lounge, and business center.

Taking the place of the two towers’ surface parking lot will be two new 112-foot towers each with approximately 145 rental apartments. Designed by Esocoff and Associates, both buildings will offer parking for residents, the north tower with three underground levels and the south with four; the new south tower will also include 8,000 s.f. of retail space.

Also being redeveloped in the developer-described “oasis” that is Southwest is the former Waterside Mall into “Waterfront” a mixed-use development that will share a driveway with Marina View. “It (Southwest) is not a hotbed because there are not a lot of available sites. There are the Forest City renovations, PN Hoffman, and Bernstein are working on projects in the area as well, but I do think in the next two years we will start to see a lot of cranes up in our section,” said Graham Brock, Project Manager at Fairfield Residential.

Brock added that while development in the area is picking up, the market will have a large influence on the final outcome of the project. “No one wants to sink each other. We all understand that a critical mass needs to be reached to support retail, we have to build to allow retail to succeed,” he said.

This critical mass will include the 12,000 s.f. of the project that are currently allotted for affordable housing, a number that may increase as current residents decide whether or not to stay in their units. Current residents can choose to be bought out by the developers, to buy a condo, or to rent an apartment at the project’s completion. The Planned Unit Development states what the values for the condo and rental options would be as a benefit to the city based on how many tenants stay in each option.

While plans are currently contingent upon the PUD and votes for the various conversions, the northern tower is tentatively scheduled to break ground later this year with completion in 2008; renovations on the southern tower are slated for summer 2008.

Thursday, November 16, 2006

Eckington Fairfield Residential Project Now Off?

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Despite earlier reports that groundbreaking would start in June 2007, it now appears that Fairfield Residential and CSX Realty Development will not be pursuing their $150 million mixed-use development at Eckington Place and Harry Thomas Way, NE. Word on the neighborhood Bloomingdale blog is that CSX has decided to not sell the land for this project. The development, to be located on 4.3 acres across the street from XM Satellite Radio and north of the Fedex center just off the intersection of New York and Florida Avenues, was to feature three buildings containing up to 675 condo units, 15,000 sf of retail, and almost 800 parking spaces, with about 70 of the units reserved for workforce housing. The project was to also extend Q Street NE through the project, and connect it to the nearby Metropolitan Branch Trail (which travels under New York Avenue and then becomes elevated over Florida Avenue alongside the Red Line tracks). 

Washington D.C. real estate development news

Monday, October 09, 2006

Eckington Fairfield Residential Groundbreaking Now Set for June 2007

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Despite earlier reports that it would be breaking ground this October, it now appears certain that Fairfield Residential and CSX Realty Development will officially break ground on their $150 million mixed-use development at Eckington Place and Harry Thomas Way, NE, in June 2007. This project, located on 4.3 acres across the street from XM Satellite Radio (pictured) and north of the Fedex center just off the intersection of New York and Florida Avenues, will feature three buildings containing up to 675 condo units (though some of these may become rentals depending on the market), 15,000 sf of retail, and almost 800 parking spaces. About 70 of the units will be reserved for workforce housing (for households earning less than 80% of the area median income). One interesting fact about the project is the plan to extend Q Street NE through the project, and connect it to the nearby Metropolitan Branch Trail (which travels under New York Avenue and then becomes elevated over Florida Avenue alongside the Red Line tracks), which will permit residents to reach the New York Avenue metro stop without having to risk their lives crossing traffic on New York/Florida Avenues. The first phase of construction (a 173-unit building and all retail) is scheduled to be done in September 2009.

Washington D.C. real estate development news
 

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