Showing posts with label MAC Realty Advisors. Show all posts
Showing posts with label MAC Realty Advisors. Show all posts

Thursday, October 27, 2011

Kelsey Gardens Construction Could Start by Next Quarter

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In yet another vote of confidence for Shaw, Kelsey Gardens has now been purchased by the Jefferson Apartment Group, setting up the pins for yet another sizable construction project across from the CityMarket at O that could be under construction as soon as next quarter. The subsidized housing project has been vacant for several years, since the low-income, architecturally disappointing projects were closed down years ago in a bid for redevelopment. According to Bruce Levin of MAC Realty Advisors, which brokered the transaction, Jefferson paid $16,650,000 to purchase the entity that controls the site, keeping all entitlements in tact, meaning Jefferson can take over the PUD approval and existing demolition permits, allowing work to begin as early as Q1 of 2012. Metropolitan Development had purchased the austere collection of buildings in 2004 for $7m, and planned the project as Addison Square, wrangling $18 million from the city in tax abatements, as well as a zoning change to allow the density in the form of a Planned Unit Development - with the qualification that 54 of the 280 units be set aside for tenants making 60% of AMI. Jefferson settled on the purchase 2 weeks ago. Kelsey Gardens is just a few blocks south of Progression Place, a large residential project now well into construction and the Wonder Bread building, plans for which are now being hashed out, as well as the Howard Theater. A small slice of the Kelsey Project was cleaved from the site this spring when Capital City Real Estate bought a strip of land along P Street to build six 2-unit townhouses, for a total of 12- 2bed/2bath units, each around 1100 square feet. The CityMarket at O is also in the early phase of its construction. Lessard Architectural Group designed the project, which will include 14,700 s.f. of retail space along 7th. Jefferson Apartment Group also recently took over the lead role in developing the apartment project 14W, which is redeveloping the former Anthony Bowen YMCA. Washington D.C. real estate development news

Friday, August 05, 2011

Part of Kelsey Gardens Redevelopment Moves Forward

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Commercial real estate news - Addison Square in Shaw by Metropolitan Development
A couple of highly anticipated commercial developments in Shaw - CityMarket at O, Addison Square (Kelsey Gardens redevelopment) - have been stalled due to a lack of financing, caused by a delay in receiving loans from the swamped U.S. Dept. of Housing and Urban Development (HUD).  But a break-off-piece of Addison Square will now go forward, with the land in control of a new owner/developer. 

Twelve townhouses, formerly a part of Addison Square, will be built at 8th and P St, NW (751 P Street) by Capital City Real Estate (CCRE), which bought this part of the PUD from Metropolitan Development in March. The project consists of six 2-unit townhouses, for a total of 12- 2bed/2bath units, each around 1100 square feet. Anthony Bozzi, of CCRE's brokerage company Stages Premier Realtors, confirmed that construction will be underway soon, and sales will begin next spring, with a price point aiming for $500,000 per unit. Bozzi added that the project will come across visually like a string of rowhouses, retained from the original Lessard Group design. Though there is no parking designated at each unit, townhouse owners will have the option to buy a spot in a garage that will be built whenever the rest of the Kelsey Gardens redevelopment moves forward, but exactly when that will be is unknown. Metropolitan had hoped to sell the entire PUD back in March of 2010, however developers can now pick it up piecemeal, or investors can align with Metropolitan Development, who has the property listed for sale.

Washington D.C. real estate development news

Wednesday, August 03, 2011

Donatelli Selling Multi-Family Buildings in Petworth, U Street

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Donatelli Development Inc. will sell off two of its existing multi-family buildings, a newly completed building in Petworth and the transformative Ellington apartment building on U Street.

Donatelli's 49-unit residential building at 3801 Georgia Avenue NW has been close to delivery for the last few months, and the development team had been considering both leasing units as apartments and selling them as condos. Now the vacant building has been put on the selling block by MAC Realty Group.

Donatelli is also unloading the 190-unit Ellington apartment building, completed in 2005 and currently asking (and getting) some of the higher rental prices in the city. A source says that a "well-known" pension fund is under contract to purchase the building. Comparing the sale to the sale of the 185-unit View 14, a transaction that grabbed headlines when UDR Inc purchased the building for $104 million - $616 per residential square foot or $520,000 per unit - the source tells DCMud that the Ellington will trade for "a similarly attractive price." Donatelli had long pondered the idea of selling the Ellington as individual condos.

The Griffin, Donatelli's second Petworth project, was "designed as for-sale condominiums" according to MAC, though Donatelli never initiated sales. Speaking to the rental market in Petworth is Park Place, another Donatelli mixed-use development that delivered in 2009 across the street, the leasing manager says the 161-unit apartment building is 95.6% leased.

Designed by Eric Colbert & Associates, the 7-story Griffin is comprised of one- and two-bedroom units that range from approximately 660 to 1,100 square feet.

As a 38-year-old corporation, Donatelli has made investments in up-and-coming areas of the D.C.-metro market for years. In addition to The Ellington, Park Place and The Griffin, the Bethesda-based corporation also developed Kenyon Square condos and Highland Park in Columbia Heights, designed as condominiums but later switched out to rentals. Donatelli is currently building an addition to Highland Park that will add more rental units.

Washington D.C. real estate development news

Thursday, March 17, 2011

St. Patrick's Day Special: Kelsey Gardens for Sale

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Kelsey Gardens is for sale. Well, still. Okay, erstwhile developers of the 280 unit apartment building in Shaw's burgeoning development strip put the property on the market exactly one year ago, but now are rebranding - just a bit - their city-sanctioned project next to the (possibly, someday) O Street Market.

Metropolitan Development had enlisted the help of Ideal Realty Group in March of 2010 to market the fully entitled project, which had been rebranded from Kelsey Gardens of low-income, crime plagued housing project fame, into Addison Square, a new mixed-income project embodying more modern concepts of lower income housing. Metropolitan sought a joint venture partner, financier, or outright sale of the property. But one year in, Metropolitan has dropped Ideal Realty in favor of MAC Realty Advisors, and dropped Addison as a marketing name.
Kelsey Gardens adjoins the O Street Market along 7th Street as would be projects looking for a suitor but - also along the 7th Street corridor - the new Shaw Library, Progression Place (underway), Howard Theater, and 2 potential housing projects at 7th and Rhode Island (1, 2)

Metropolitan paid $7m for the property in 2004, and has secured from the city $18 million in tax abatement, as well as a zoning change to allow the density in the form of a Planned Unit Development - with the catch that 54 of the 280 units be set aside for tenants making 60% of AMI. A sale of the property would require a purchaser to follow the plans, or be required to start the zoning process anew. Bruce Levin of MAC says his brokerage has compiled a substantial portfolio of apartments since its inception just a year ago, including View14 which is also on the market, but pulls no punches about his predecessor's inability to sell the plans, calling the past year "the low point" for marketing such projects. "But the market is very robust right now," says Levin. "We're crushing it" he says of the firm's portfolio.

It wasn't supposed to take this long. Neat signs still announce the project "Coming in 2010", and Metropolitan Construction Manager Jim Wurzel said in January of 2010 that he was "hoping we can start construction this summer." But ANC Commissioner and Shaw Main Streets founder, Alexander Padro was more sanguine at the time."We're probably talking 2011 or 2012 before anything is even torn down."

Lessard Architectural Group designed the project, which will (theoretically) include 14,700 s.f. of retail space along 7th. For the sake of Shaw, let's hope MAC crushes it here, and quickly.

Washington D.C. real estate development news
 

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