Showing posts with label new apartments. Show all posts
Showing posts with label new apartments. Show all posts

Friday, December 04, 2009

The Policy, Kalorama

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Sponsored Announcement

UIP Property Management, Inc. presents The Policy, located in the heart of the Kalorama Triangle at the corner of 20th and Kalorama Streets, NW. The Policy is a fully renovated, depression era building built in 1929. The Policy features 62 light filled, spacious apartments including studios, 1br/1ba and 2br/2ba apartments. The Policy has the luxurious feel of a high-end hotel with its grand lobbies featuring custom mahogany mill work and intricately patterned marble floors. The apartment homes were each fully renovated with condominium level finishes, including granite counters and vanities, stainless appliances, individual combo washer/dryers, individual, central heating and air conditioning, new kitchen and bath tile, restored hardwood floors and many large closets. The building also includes a controlled access entry system with 24 hour video monitoring, a bike storage room featuring a bike ramp, and additional storage lockers available for rent. If you want to live in the heart of the city or if you are looking to upgrade, starting at $2,2000, call us today at 202-244-3811 or visit us at our website www.uippm.com.

Monday, August 24, 2009

Ashton at Judiciary Square

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Sponsored Announcement

Ashton at Judiciary Square is the seductive intersection of Manhattan swank and DC power. Ashton, a contemporary upscale building, brings high-end rentals to downtown. A welcome new residential addition to Penn Quarter, the sleek 12-story glass building boasts 49 spacious apartments and a parking garage, with amenities to match: marbled foyer with inlaid tile, 24-hour concierge, nearly 10 foot ceilings, and a choice of interior styles. Ashton comes furnished or not, short-term (3 month) or long-term leases; panoramic skyline views are standard.

Top floor suites are luxury itself: 3 bedrooms, 2 baths, 2700 s.f., and views from far southeast to Rosslyn and everything in between. Beyond lush apartments, life at Ashton means a gourmet catering kitchen, hotel-style guest suites and an HDTV lounge for residents. Walking distance to Judiciary Square Metro and easy entry to I-395, the Ashton offers VIP access to DC and beyond.

Starting at $3,979, contact 877.289.3162 for information, or visit the Ashton website.

Monday, June 29, 2009

Ballpark: Build It and They Will Come, They Might Even Stay

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DC real estate, Onyx on First, Southeast DC, Nationals Stadium, Washington DC commercial property, new apartmentsIt's a good thing that the Nationals' standing as perhaps baseball's worst team ever will likely have no effect the residences of the surrounding neighborhood. The Capitol Riverfront Business Improvement District (BID) has issued its second quarter residential statistics for 2009, showing how desirable the area is to reside in, and it looks like the cliched Costner-ism of "build it and they will come" is working...for some more than others. EYA's Capitol Quarter townhome development appears to be the leader of the pack of with "88 of 113 (market rate) units sold" - though sales began in the fall of 2006. With prices starting at $630,000, EYA can be content with its position as the only new single-family home project in the area, and their only competition in the area are the dreaded c-word – condominiums – and its Capitol Quarter has generated a slew of favorable media coverage for its tre trendy green construction practices and subsequent “LEED for Homes” certification.Onyx on First, Southeast DC, Nationals Stadium, Washington DC commercial property, new apartments Proof positive that condos are indeed still on the sluggish side, Texas-based developer JPI’s pair of Capitol Riverfront condos. Or at least they were considered as condos before the Big Crash - The Axiom at Capitol Yards, The Jefferson at Capitol Yards and Faison's Onyx on First (pictured) – are now all renting as apartments. But according to the BID, the buildings have achieved 60% occupancy of their collective 960 units. That leaves approximately 384 empty units on the market, despite the fact the first completed building, The Jefferson opened its doors one year ago this month. It’s presumably that same dearth of buyers that made JPI go rental with their third area building, 909 at Capitol Yards; so far with less success than its predecessors. According to the BID report, only “25% of the 237 units” at 909 – but the project began renting only in the spring of this year. The developer has been trying to court the young, urbanista demographic for the building by advertising amenities like yoga studios, communal Nintendo Wiis and a residents-only bar/pub. JPI's tentative plans for a fifth and final 415-unit apartment building at 23 Eye Street still remain on the table, at least officially. Valhal Corporation’s Capitol Hill Tower Condo-op is still trudging along with "80% of 344 units sold." That would seem an admirable rate of occupancy had the building not opened early in 2006, with sales almost a year before that. Not mentioned in the BID stats is the Cohen Companies' Velocity condo project, the 200 unit condo nearing completion, but for which sales are reportedly not, well, high velocity. Nonetheless, the BID reports that, in total, there are now “an estimated 1,863 residents living in the Capitol Riverfront , with over 2,000 residents expected by the end of the year.” You could be one of the lucky 137 by year's end. Ghost town or boom town? You be the judge. 

UPDATE: Says Ted Skirbunt, Director of Research & Information Systems at the BID: "JPI’s buildings were always going to be rental from the beginning. The only building thus far to convert from condos to rental apartments is the Onyx."

Washington DC commercial retail and real estate news



Friday, June 26, 2009

The Monty Makes (Another) Go of It in Bethesda

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Montgomery County Maryland commercial real estateThe would-be developers Monty, LLC will head back to the Montgomery County Planning Board on Thursday, July 2nd to shore up their final site plan for The Monty - a high-rise residential project on a The Monty apartments, Bethesda, SK+I, Parker Rodriquez landscape architects, Woodmont Triangle1-acre lot in Bethesda that currently hosts several vacant storefronts from 4915-4917 Fairmont Avenue and 4914-4918 St. Elmo Avenue in the Woodmont Triangle. Since its initial approval in May 2007, the 17-story residential development has grown (via an update to the developer's plans this past March) from 133 apartments to include "a maximum of 200 units" for a total of 210,188 square feet of new Bethesda real estate. Described by Planning Board staff as "an attractive urban infill redevelopment project,” the project is still planned to subsidize 30 moderately priced dwelling units, 7,700 square feet of ground floor retail and 211 underground garage spaces. One of the Monty’s more interesting flourishes will be the 5,480 The Monty apartments, Bethesda, SK+I, Parker Rodriquez landscape architects, Woodmont Triangle, Washington DC retail for leasesquare feet of (mandatory) public use space. A so-called “pedestrian promenade” on the building’s south side will include art installation, composed of a chain link backdrop and live bamboo, by artist Dan Steinhilber and the landscape architects of Parker Rodriguez. Once complete, the piece will “provide an animated experience as a person moves through the space” for a quasi-hallucinogenic stroll that would seem more Burning Man than Bethesda (and make it a sure-fire destination for area Zendik pamphleteers. Eew.) SK & I is performing the architectural design for the building. Since the first of this year, both the County’s Transportation and Environmental Planning divisions have both lent their final approval to the re-jiggered development scheme, as have Planning Board staff. Though the developer has not stipulated a final timeline for construction, once complete, it will stand directly across from the site of another Woodmont Triangle high-rise, the also delayed 4900 Fairmont development. The project has been approved in the past, but just might possibly happen this time. 

Montgomery County commercial real estate news

Sunday, June 21, 2009

Debonair Development Coming to Woodley Park

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Woodley Park may soon become still more debonair now that the owners of the Debonair Cleaners at 2610 Connecticut Avenue, NW, Shahram and Maria Taginya, have taken on Annapolis-based developers Ashbourne Developments LLC to construct a four-story residential building directly behind their storefront.Woodley Park construction, Monarc Construction, Studio 27 DC Entitled, surprisingly enough, the Debonair Residences, the project will include "up to" 14 residential units and span the length of the existing one-story commercial outlets on site - Fusion's Alley restaurant and Baskin Robbins, to name a few - from 2608-2612 Connecticut Avenue, NW, directly next to the Woodley Park-Zoo/Adams Morgan Metro. A rear-entry garage will be built at basement level for residents coping with the scarcity of parking along the retail strip and be accessible from 24th Street. Plans by Studio 27 Architecture include balconies overlooking 24th, with a fourth-story roof terrace, but the historically protected commercial building facing Connecticut will be simultaneously “renovated and restored to a condition respectful of the original architecture” - i.e. the original height and roofline will remain along Connecticut Avenue. Washington DC commercial real estate According to Ashbourne President Crispin Etherington, a June 15th meeting with the local ANC 3C went “swimmingly,” though the project’s scheduled appearance before the District’s Historic Preservation Review Board (HPRB) has been pushed back to July for unspecified reasons. Ashbourne is currently projecting a third quarter 2009 start date for the Debonair “with delivery in the spring of 2010,” though a final construction schedule is contingent on HPRB approval. Monarc Construction will serve as general contractor.

Washington DC commercial real estate news

Wednesday, June 17, 2009

Founders Square Readies for Demo in Ballston

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It looks like Old Man Economy might have finally started taking his pills again. After gaining approval from the Arlington County Board in July of last year, the Shooshan Company's ambitious plans for Founders Square, a five-building, mega mixed-use development in Ballston, seemed about as promising as a GM-backed pension plan. But despite slippery start dates in all types of construction, Shooshan's Vice President of Development, Kelly Shooshan, tells DCmud the project is still on track for its originally scheduled 2009 Arlington, Shooshan, RTKL, Virginia, Paradigm Developmentgroundbreaking and that the company will be seeking a general contractor before the summer is out. "We're looking to probably be bidding the project in the middle of the summer and will probably start construction sometime in the fall or early winter," said Shooshan. Located on 4.6-acre parcel bounded by North Randolph Street, Wilson Boulevard and North Quincy Street in Ballston, the RTKL Associates-designed development will replace the industrial and non-tax paying bus lot known simply as the WMATA site, a gas station, a recycling center and a tre chi-chi Super Pollo chicken joint. Founders Square is intended to house 26,000 square feet of retail space (8,000 of which the Shooshan Company has since farmed out to Paradigm Development), 730,000 square feet of office space in two towers, and another two worth of housing for a total of 378 residential units. “The buses have been gone since March 27th,” said Shooshan. “When we start the project, it’ll start with demo…the site is just a one-story building, so it’s a very small portion of the construction timeline.” “Super Pollo will be relocating to the new retail building and there are several other tenants that have expressed interest in the other two spaces in the retail building. It’s very small retail, only 8,000 square feet. The first office building is a secured office building, so it won’t have any retail in it." The secure building will, though, have enhanced security features suitable for defense-related businesses. Arlington, Shooshan, RTKL, Virginia, Paradigm DevelopmentThe development’s residential units are tentatively scheduled to hit the market as rentals and all five Founders' buildings will aim for a LEED certification. In the meantime, the developer has yet to definitively budget the project, as it is, in the words of Shooshan, “evolving over time with the present market conditions.” "There’s such a large spread right now with construction prices decreasing every minute, it’s really hard to give a formula on the whole entire project,” she said. In 2008, Shooshan completed Liberty Center in Ballston, a 21-story, 469-unit residential building. Despite continued development, the rough and tumble Arlington 'hood has somehow managed to keep its street cred intact.

Arlington Virginia commercial property news

Sunday, June 07, 2009

Industry Insight: Steve Schwat of Urban Investment Partners

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Since co-founding Urban Investment Partners (UIP) at the turn of the millennium,UIP Steve Schwat, Urban Investment Partners, Washington DC real estate, Macklin, Columbia Heights UIP principal Steve Schwat has overseen a diverse portfolio of real estate and development projects in Washington, DC and Prince George's County. In addition to owning and/or managing roughly 2800 rental units throughout the city, the firm has developed several for-sale condo projects, including The Archbold in Glover Park and Providence Square on Capitol Hill.

As the area condo market began its steep descent a few years back, UIP turned its focus to a practice Schwat calls the "value add" - a program that provides "substantial rehabilitation" to blighted or vacant buildings with updated amenities and streamlined utility systems. Schwat spoke with DCmud about UIP's expanding list of services and the state of DC development in general from their newly acquired Connecticut Avenue offices, directly beneath one such "value add" property currently under renovation: the historic Macklin apartment complex at 2911 Newark Street, NW.

Can you tell us a bit about how UIP came together and the work you do here at the firm?

I’m one of the original principals. There are three of us. We started back around 2000 and I have been in Washington since 1980, when I went to school at GW. I’m serial entrepreneur of sorts. I’ve owned a number of different businesses and I have a background in sales. My initial interest in real estate was doing single-family homes, and then I did my first condominium project in the early 80s, by renovating an older historic-type building. I sort of caught the renovation bug.

I enjoy starting companies, administrating companies and getting them running. What been as a hobby in real estate turned into a full blown career. My two partners, both of whom are Dutch, have been in real estate for a very long time. There was a combination of their deep experience in real estate investing and my knowledge of Washington and ability to create a functioning operation.

UIP doesn’t only operate as developer, but offers general contracting and property management services as well. Can you profile the organization for us?

UIP was always the rental group and all of our rental properties are owned under some kind of UIP entity. Drummond Development was our for-sale company and, if we do a for-sale project, it’s done under Drummond – just to keep the different types of investment separate. Then we have Urban CM, which is our construction group, and we currently do our own construction on projects up to $5 million. That may expand sometime in the next year or so if we do bigger projects.

Our property management group started in January of this year. We hired Dave Barton, who was running Randall Hagman’s residential management group, and when he resigned, they sort of sent him off with his staff and about 700 apartment units. So, we now manage our own properties. Before that, we were hiring third-party property managers…[but] we’d always envisioned having our own property management company, simply because we were constantly dissatisfied with the level of performance we got from other companies.

As it turned out, as the industry changes and the capital markets change and businesses are consolidating, we’d been considering it for so long that it didn’t seem like a consolidation move. In the end, in a market where you’re starting to worry about your ability to do as many deals this year as you did last year, it’s certainly a benefit to bring a fee-based entity in. UIP Steve Schwat, Urban Investment Partners, Washington DC real estate, Macklin, Cleveland Park, commercial property for sale You were giving away 5% before and now you’re bringing it in yourself. That’s not to say property management is highly profitable business. For us, it’s not yet, but it’s highly profitable for us as asset holders and asset managers.

How do you go about finding and selecting properties for rehabilitation? They all seem to be historic, yet something with an architectural history like the Macklin seems like a more obvious choice than say, 1921 Kalorama.

The prominent history, from an investment perspective, is probably fifth down on the list of the top five priorities. It’s certainly more fun to do architecturally significant buildings than it is to do historically insignificant buildings...What we look for in a property if we’re going to do a "value add" is “Can we increase the rents? Can we decrease the expenses? Does the building need the improvements that we’re talking about? And is there a method within DC rent control that’s going to allow us to achieve those goals?”

That’s really the key when you’re marketing inside a rent controlled environment like the District of Columbia. It’s not a matter of looking for loopholes; it’s a matter of utilizing the system in a legal way, taking buildings that are in need of substantial rehabilitation, putting it all together, and, in the end, doing what is a justified renovation of the building.

But, in that, you have two things that directly conflict. One is the city’s desire to maintain affordable housing. [The second is that] if you’re going to pour a million dollars into a building to renovate it, that’s something that will cause you to increase, not decrease the rent. Dig one level deeper and that conflict becomes a reality where you have people living in grandfathered buildings with antiquated heating, cooling, and electrical systems…If you were to build that building today, it would never meet code. But because it’s been grandfathered in over so many years, it technically gets past the code. But that doesn’t mean UIP Steve Schwat, Urban Investment Partners, Washington DC real estate, Macklin, commercial real estateit’s safe or that the electrical system doesn’t need to be replaced.

Within rent control, there are a number of tools you can use to increase rents. But you can’t just take a crapped out building and increase the rent because it’s still crapped out. You can’t take a building that you wouldn’t live in…and just raise the rents because that’s not very moral. So there’s a balance of working within the rent control environment and achieving that perfect storm of, “Is the property currently requiring improvement? Is the property currently renting below market rate? Is there a tool within a rent control that we can use to increase the rents while working with the Office of the Tenant Advocate and the Rent Administrator?...[That is] separate from my political opinions on what preserving and providing affordable housing should be. That is not to say that I agree 100% with the District, but there is the law and you have operate within it.

That said, some of the District’s rent control laws are antiquated and somewhat backwards in their thinking. The concept of maintaining affordable units in an otherwise upscale building has some inherent issues that are problematic...If you build $700,000 houses or condominiums, is it appropriate to have a $200,000 condominium in that building? Issues like amenities and monthly maintenance fees are also in direct conflict with one another.

Does UIP view new construction as profitable arm of the business? Or is the company content with sticking to renovations culled from DC’s vast inventory of vacant buildings?

UIP Steve Schwat, Urban Investment Partners, Washington DC real estate, Macklin, leasing commercial property, ShelbyWell, a vacant building is what we see as a “value add” building. So, yea, we’re all over that. And, yes, potentially for condominium sales, I think the market – although it dropped off precipitously at some point after 2005 and has remained low – still has absorption in DC. There are still people looking to buy condominiums. For instance, The Shelby at 1706 T Street or The Macklin at 2911 Newark Street, both have condominium registrations associated with them, so they could be sold as a condo at some point in the future. But that’s not our plan or the way we underwrote them. We underwrote them as rental properties and we renovated them as rental properties.

Ironically, coincidentally, fortuitously, though, a renovation of a rental property…is very similar to the renovation you do for a condominium because you have to self-contain utilities and make it simple, so that someone can own it. There’s a lot of synergy there in renovating a building for rental, where you’re reducing your expenses. Part of our whole “value add” strategy is not only increasing the rents, but also decreasing your expenses from five, six grand per unit per year to something less than three grand because you’re not heating the building with a highly inefficient furnace that burns all day long…as opposed to replacing it with a self-contained unit that the tenant is responsible for. It’s amazing how green a technology that is…If leave, I turn it off; I come home, I turn it on.

The definition of “value add” is in how you exit and, if there’s one thing I’d like to say, it’s that “It’s the exit, stupid”…I like to talk about my condominium experience because we did a lot of “value add” renovations with condos. People go, “Oh no, condos,” but the sale of a condominium and the sale of an apartment building is the same thing. It’s just a contract selling one on a wholesale basis and another selling condominiums on a retail basis. A condominium unit is generally worth more than a rental unit, but, the point, is it’s a really a matter of what the equity wants and what the market is saying.

We have a friendly competitor that recently completed a condominium building on Vernon Street and they’re having a really high velocity of sales. We just finished an apartment rental two blocks from there and we rented out all our units in less than a month. There are strong market indications for both. We thought we’d start to see the rental ceiling – what’s the highest we can rent these units for – and we haven’t seen it…With the inventory higher now than it was two years ago, people have a choice. If you’re building something in a bad neighborhood or an undeveloped neighborhood or uncharted territory, I think you’re going to have problems. The only time you didn’t have problems was when supply and demand were so imbalanced that people were writing contracts just based on paper plans…We’re certainly a lot closer to reality today than we were three years ago. Three years ago, it was more important what the appetizers at the opening party were than how people wrote UIP Steve Schwat, Urban Investment Partners, Washington DC real estate, Macklin, Columbia Heights, DC commercial property broker, the Macklincontracts.

With a well located property, you can sell condominiums today. We’re just over the last few months, after two years of not even mentioning the word condominium, I actually had a meeting with an equity partner who said, “We’re not afraid of condos. If you show that you think it’ll work, we’ll do condos.” And I think the market is saying just that.

Does that mean we’ll being seeing more from-scratch, new development from UIP in the future?

We’re just starting to look at ground-up construction. We’re starting to look at developable property that we stopped looking at for a year or so - some as rental, some as condo. For a while, you couldn’t buy developable land for a price that you could rent at. Seller anticipations are starting to come into line with buyer expectations. There was that time when if you had a vacant building for sale, it was a hundred grand a year because it was assumed you’d do a condo and sell it out at three hundred grand a year…Now you got the guys that bought the buildings for a hundred, paid a little more money to get rid of the last two or three tenants…carried it for a year and they now have a vacant building – with a big fat tax bill, a nasty interest carry cost each month and nobody that is willing to finance a condominium.

Ok, so go rental? But if you’re on 10th Street, NW, an area that’s not supporting $2000 or $3000 a month rentals, how are you going take a hundred grand a unit, spend another seventy grand to renovate it and then rent it for $1200 a month? You’re losing money, so no one’s going to finance that.

There’s a lot of that type of property out there and that’s the type of property that we’ve been looking a lot at lately. There a lot of distressed owners – I won’t call them sellers yet – and they’re trying to figure out how to get out.

Given the tumultuous state people like that have found themselves in, what advice would you give to fellow DC area developers?

UIP Steve Schwat, Urban Investment Partners, Washington DC real estate, Macklin, Columbia Heights, retail for leaseI’d go back to the basics and say that the money is in the buy. You can’t underpay for a property, you can only overpay. And once you’ve overpaid for that property, only time will help you erase that. So you have to buy property…and look at it on an income producing basis. The question is, “Can I buy it, fix it up and rent, while staying cash positive?” If you can’t, nobody’s going to finance it. And if no one’s going to finance it, why would you invest a million dollars of your own money to generate fifty grand a year in income? There are plenty of alternative places to put that money.

Where do have to be these days? DC is faring a lot a better than other areas these days, but investors don’t want to invest in DC real estate unless...you can assure them going in. I don’t see much stuff being sold for less than seven (cap rate). Maybe some AAA, pension quality development, like Mass Court, will go…but there’s not a lot of that kind of product out there. But if you’re talking about the kind of stuff that we buy – 20, 30, 40-unit buildings and small retail stuff – you’d better be at an eight cap.

[Look at] the 14th Street corridor or U Street or Adams Morgan. Christ, look at 18th Street and the vacancy right here in Cleveland Park. You’d better have a pretty good deal – a good buy, a good tenant and reasonable cap rate – if you’re getting into a small retail or small apartment building. And the interesting thing is that’s what we like to do. We like to find that opportunity.

With that in mind, what’s next for UIP in over the course of the coming year?

I see us moving forward with a very aggressive and very prolific acquisition strategy. Last year, we acquired some $60 odd million worth of real estate and bought five buildings with our equity partners. This year, we’ll be closing on two properties over the next couple weeks. We sold one or two earlier this year, which was opportunistic and advantageous…I seeUIP Steve Schwat, Urban Investment Partners, Washington DC commercial real estate, Macklin us making between half a dozen and dozen acquisitions over the next six to eight months.

I’ve got a stack of potential properties. We’ve got a couple deals that are small retail, a couple deals that are small residential, we have a couple big, multi-hundred unit deals and a couple that are potential bank deals. And they’re all in DC. We own property in PG County – Hyattsville, Riverdale – and we are good at managing those garden-style walk-ups as well. We own a bunch of that and we’re looking a lot of it too, but I’d say that’s probably 20% of what we do. The 80% of what we look at is DC, from Southeast to Northwest, and distressed owner deals, bank deals, failed condo associations, failed tenant associations and failed development plans. We’re looking at a lot of that.

We’re looking at some properties that are owned by non-District headquartered companies. There are a lot of larger commercial real estate companies that got into the District and are now trying to get out. They hate the District, they hate rent control, they hate TOPA. We don’t love rent control either, but we’re damn good at it and we’ve been doing it for ten years.

Monday, June 01, 2009

Arlington’s First LEED Gold Apartments Get a Name (and a Game Plan)

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As reported last month, the Arlington County Board has approved the very first LEED gold-certified residential project in their fair portion of Northern Virginia. Now, Erkiletian Real Estate Services (ERES) informs DCmud that while the building may not quite start on time, at least it has a name – The Tellus (as in, "Tell us if going green is an actual selling point") – and a means to achieve the US Green Building Council’s second highest rating. Quoth the press release:

The Tellus will use storm water retention for on-site irrigation, obtain a portion of its power from a green source grid, and incorporate on-site solar. A beautifully landscaped outdoor plaza using native, drought-resistant plants will replace an old impervious parking garage. Bicycle and smart car options will be available to residents. Additional green building elements include low-flow plumbing fixtures and modern recycling systems. Plans also include a $75,000 public art project in partnership with Arlington Parks, Recreation & Cultural Resources.

The Lessard Group designed the building that will replace the Arlington Courthouse’s aging Executive Office Building at 2009 14th Street North and include 254 rental residential units, 8,127 square feet of office space, first floor retail and an additional 2,257 square feet of "flex" space. A further selling point is the Tellus’ planned 26,000 square foot park that, from its perch atop a neighboring three-story parking garage, claims to offer views of downtown DC in all of its monumental gridlocked glory.

The current office complex on site, however, still stands and a date for demolition has yet to be decided. Though originally set for a third quarter 2009 start, ERES Development Manager, Bill Denton, says merely, “Construction plans are coming together well.”

Thursday, May 21, 2009

Southeast Seniors Get New Housing

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A vacant lot at 2620 Bowen Road, SE in the Barry Farm community will soon be home to the Bowen Senior Apartments – a 37-unit apartment building for independent sexagenarians of Ward 8. Specifically described as a non-assisted living operation, the 23,502 square foot project is being spearheaded by the Bowen Group LLC – a partnership between Seattle-based senior care developers Second Family Inc. and property owner Shilda Frost-Labule.

"[My] history is that I’ve been a registered nurse for over the last past 30 years, and I have a history in working with pediatrics and elderly care," Frost-Labule told the DC Board of Zoning Adjustment in January 2007, shortly before receiving approval for the project. “I entered a RFP to provide housing for persons with disabilities in 2002, and during that time, I had several conversations with Department of Health, Department of Aging, and the Housing Authority, and they all were supportive of the project, stating that there was a great need for assistance with the elderly in the Southeast area…[That’s] when I bought the property.”

Designed by EDG Architects of Bethesda, the $3 million project is being funded through a combination of private loans, four housing trust funds and tax credits. Beyond providing merely new residences for area residents ages sixty and up, the development will also offer residents a wellness center to “provide services for individuals that might have chronic illnesses,” a multipurpose room and a shuttle service to provide “access to Metro, to shopping, to social, cultural events, as well as medical appointments.”

Once completed, the Bowen development will count the Howard Hill Apartments, Oxford Manor Apartments and another vacant parcel set aside for a future Hope VI housing project among its new neighbors. Hamel Builders will oversee construction when it begins later this year and will be accepting sub-contractor bids until 5 PM on June 9th.

DHCD Seeks Developers for Vacant DC Properties

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Washington DC's Department of Housing and Community Development's (DHCD) Property Acquisition and Disposition Division (PADD) has issued a Solitication for Offers for six long-neglected sites throughout the city with the intent of redeveloping them into a mix of affordable units and workforce housing. All of the residential properties are either vacant lots or dilapidated residential complexes: 3401 13th Street, SE; 4 -14 Q Street and 14-16 Florida Avenue, NW; 1715-1717 28th Place, SE; 1335 R Street, NW; 922 French Street, NW; and, lastly, 1713 New Jersey Avenue, NW – the latter being a site initially purchased in January's vacant property auction, but returned to DCHD after its would-be owner defaulted on the first payment.

"For some [of these properties], this isn’t their first showing. This isn’t the first time they’ve been out there. We’ve been looking for opportunities to…convert them into affordable housing…We’re stepping up our efforts to re-introduce these properties, so they don’t just sit and cost the city money to maintain,” said DHCD spokesman Angelita Colon-Francia, who also detailed for DCmud just how and why these six sites were selected from the District’s hundreds-strong catalogue of vacant properties.

“Some were eminent domain, some were tax foreclosures, some were inter-agency transfer of property, but, basically, these are properties that have been in our inventory for a long time…What we’re trying to do is to get them back into use and generate affordable and workforce housing out of them,” she said.

Prospective developers are welcome to bid on as many, or as few, properties as they see fit. The scope and size of the various revitalization efforts, however, will depend on area zoning statutes, as some sites are designated for single-family use, while others are zoned for multi-family development. The wide variety of locales and regulations governing the various sites hasn’t allowed DHCD to predict exactly how much housing will be generated after the projects are awarded – but nonetheless, they’re adhering to strict set of guidelines that makes a clear distinction between which will sites will be required to host affordable and/or workforce units.

“The bottom line is that all of them have a requirement that all buildings have 30% of the units identified as affordable at 60% or less of the Area Median Income (AMI),” said Colon. “There are two exceptions to that: the New Jersey Avenue property and the one on French Street. For those, we’re looking more at workforce. They’ll have to be at or below 120% AMI.”

As of Tuesday, 11 potential bidders have taken up DHCD on their solicitation and Colon encourages developers and non-profits “with the capacity and qualifications” to apply. To that effect, DHCD will be holding a pre-bid conference on June 8th to “fill in the blanks.” The meeting will begin at 2 PM at DHCD headquarters at 1800 Martin Luther King, Jr. Boulevard, SE.

In the meantime, the solicitation is available in hard copy format only and can be picked up at the DHCD offices. Final proposals are due to agency by 3 PM on June 24th. Colon-Francia says the selection process timeline will be contingent on the number of responses received.

Tuesday, May 05, 2009

Georgia Commons Starts Up in Petworth

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Neighborhood Development Company, Donatelli Development , Petworth, Georgia Avenue, Muriel Bowser, Jair Lynch, Georgia CommonsThe contractors of Meridian Builders joined Mayor Adrian Fenty and Ward 4 Councilmember Muriel Bowser yesterday to oversee the demolition of an old Petworth carpet store at 3910-3912 Georgia Avenue, NW. It’s a site that will soon host the Georgia Commons – a 30,000 square foot, mixed-use project from Jair Lynch Development Partners and Affordable Housing Partners with 119 out of its 130 new apartments geared towards working families. But the developer stresses that this is not your typical affordable housing project.Washington DC commercial real estate for lease, DC real estate agent

"It’s generally for families of four making 50, 60, 70 thousand dollars – that’s the market we’re talking about. It’s much different than the general impression of what people think low-income means," said developer Jair Lynch. "We think the remainder may be higher in the 80 to 90 thousand range. It’s not a drastic change.” 
 
The Office of the Deputy Mayor for Planning and Economic Development (ODMPED) selected the development team – which also includes EDG Architects and Frank Schlesinger Associates - two years ago following a competitive solicitation process. With features including a green roof, high efficiency heating and cooling systems, and "green screen" shielding, the project received an extra boost courtesy of the LEED Neighborhood Development pilot program, which acknowledges green and neighborhood-building features for buildings that fall short of traditional certification. "This is one of the few projects in the country that was admitted into it," said Lynch. "They're moving towards acknowledging and certifying projects that are beneficial to neighborhoods, rather than just giving ratings for a building's efficiency...I think there are only three or four [such projects] in the District versus a pool of under of fifty across the country."

The seven-story, $35 million development will also feature a new ground-floor location for Mary’s Center for Maternal and Child Care– its third in the Washington area – that will provide physical, mental and oral health services. With “guaranteed care” and twice the patient capability of their current locations, the new facility will not be just a free clinic, but a primary care center for both middle and working class residents alike. Sharon Baskerville, CEO of the DC Primary Care Association described it as “a means of leveraging the city’s investment with private dollars.”

Apart from gathering those community benefiting features together under one roof, the past 18 months did provide some other unique obstacles for the development team. While ODMPED had to provide $5 million in gap financing to get the project moving, a laundry list of issues had to be addressed before construction could proceed. Said Lynch:
Whether it was the 18 lawsuits that the Deputy Mayor’s office worked diligently on for a year and a half, whether it was getting the permits out of [the Department of Consumer and Regulatory Affairs] with Councilmember Bowser, whether it was the mandatory exclusionary zoning that we anticipated coming, whether it was the collapse of the financial systems for the last six months, this project has persevered time and time again. We’re not quite there yet, but we hope in the next month, now that [the Housing Finance Agency] has their board members, [the Department of Housing and Community Development] is committed and the rest of our partners are here…we’ll start be able to this wonderful new project.
Neighborhood Development Company, Donatelli Development , Petworth, Georgia Avenue, Muriel Bowser, Jair Lynch, Georgia CommonsGeorgia Commons is just one of numerous Georgia Avenue projects that have steamrolled ahead in recent months. This past March, the Neighborhood Development Company opened the 72-unit Residences at Georgia Avenue, while, in approximately a month and half, Donatelli Development will hold a ribbon cutting for highly the anticipated Park Place project. To Mayor Fenty, himself a former Ward 4 councilmember, it’s evidence that change has taken hold on the prominent Northwest thoroughfare and in the surrounding Petworth neighborhood.
“On this four block stretch, you’re probably talking about 400 new apartments…For seventy years, not one new apartment was built on Georgia Avenue,” said Fenty. “Just in the past couple years and leading into the near future, there has been lots of development…When [this project] is finished, it won’t only be attractive. It’ll be a fantastic asset and resource for the community.” Georgia Commons is tentatively scheduled for a fall 2010 opening.

Washington DC commercial real estate news

Monday, May 04, 2009

Live/Work for Alexandria's Main Drag

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Virginia architect-cum-developer Gaver Nichols is gearing up to begin work on a new trend for Alexandria’s main drag, a project he is calling live/work housing. The Lofts at Del Ray Village - a three-story, 14,096 square foot development that will resuscitate a vacant lot at 2707-2711 Mount Vernon Avenue - will add much needed rental apartments, and offer tenants the opportunity to work from home from ground floor office space.


"It’s a unique mixed-use structure and the first form-based, code-designed building on Mount Vernon Avenue with a living/working space concept. It’s a brick structure with aluminum...roofs, aluminum panels at the top and rooftop decks," said Nichols. “Conceptually, it’s like the traditional neighborhood warehouse that’s been renovated with a modern top.” Residents of the apartments are not required, however, to utilize the commercial space below them.

Standing on The Lofts’ top two floors, the four rental units will range in size from 2,053 to 2,949 square feet and each include two bedrooms. The ground-floor will include 4,500 square feet of office space (plus basements) that Nichols says would be well-suited to a small office or bank, a corner plaza at Raymond and Del Ray Avenues and a 16-space surface parking lot. It’s a development scheme that Nichols has been pursuing since initially acquiring the property in 2005.

“We took an empty lot that none of my developer clients wanted,” he said. “I decided to buy it with a couple of guys, took them through the development process and the city rewrote the zoning concept for us to allow for the live/work use concept.”

Having already been awarded approval by the Alexandria Planning and Zoning Board, Nichols now awaits building permits, at which point his in-house general contractor will begin construction. “I could have them as soon as two weeks from now, if everything goes well…All these permutations make [the project] very unique, but it's very difficult to get through the process,” he said. The build-out is expected to be underway by July with construction slated to take at least a year.

Alexandria Virginia real estate development news

Wednesday, April 29, 2009

FDA Office Gets Residential Revamp in Rockville

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Developers AvalonBay Communities are nearing the end of two years plus of planning for the redevelopment of the US Food and Drug Administration offices at 12720 Twinbrook Parkway in Rockville. The 32-year-old, 50, 235 square foot "office/flex industrial building" currently on site will soon be razed to make way for the Avalon at Twinbrook Station – a new, SK&I-designed residential complex that will add 240 units to the rental market.

"We've been presenting this plan to the neighborhood for the past two years and, essentially, now we’re [entering] the formal approval process. The City of Rockville was going through an entire…master plan recreation for Twinbrook neighborhood,” said John Cox, a Senior Vice President at AvalonBay, of the project’s origins. “When they created the new Twinbrook neighborhood plan, [the City] endorsed our use on the site.”

With the backing of both the local community and city planners, the development team will deliver more than two hundred apartments – ranging in size from 450 square foot studios to 1200 square foot two-bedroom "lofts" – with 12.5% set aside for affordable housing. The bulk of Twinbrook Station will top out at four-stories, but also include a portion that steps down to a three-story “townhome façade along the majority of Halpine Road.” It’s a design scheme that has allowed the developers to conceal the project’s parking garage by surrounding it with residential units on three sides – with the exception being a portion abutting the future site of 7-story office building currently in development by Uniwest Commercial Realty.

AvalonBay will soon be submitting their final site plan to the Rockville City Council for approval and is planning for construction to get underway late next summer. “I don’t believe there is a scheduled hearing date yet, but, obviously, we’ve had numerous meetings with [City Council] staff and public committees,” said Cox. “We’re thinking [we’ll start in] probably the third quarter of 2010.”

District Officials Decry Condos, Celebrate Affordable Housing in Columbia Heights

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A cadre of District officials, including Mayor Adrian Fenty and Congresswoman Eleanor Holmes Norton, gathered in Columbia Heights today for the re-opening of the 230-unit Hubbard Place affordable housing complex (formerly the Cavalier Apartments) at 3500 14th Street, NW. Spearheaded by the Somerset Development Company and the 3500 14th Street Tenants Association, the $52 million renovation has not only reinvigorated a Washington building recently added to the National Register of Historic Places, but has secured - and ensured the longevity - of a once notorious Section 8 public housing project as well.
"Just a few short years ago, fire marshals had to stand on each floor to assure the safety of the residents. It was dangerous to walk in the halls or ride the elevators…This building has been made safe again for the residents who live here…But this time with a twist,” said Somerset principal Nancy Hooff. “It has affordable rents [and] it’s near public transportation and shopping. Smart growth, indeed.”
According to the Office of the Deputy Mayor for Planning and Economic Development, residents of Hubbard Place can look forward to updated amenities that include “new elevators, the creation of new community spaces and a computer lab, secure access, new kitchens and baths, windows, roof and all new common areas.” The city block-straddling development also includes a new home for the Latin American Youth Center, which provides educational and vocational services to area youth, as well as two new businesses: the Black Lion Deli and George’s Shoe Repair. In the view of Eleanor Holmes Norton, the dramatic shift in Hubbard Place's fortunes can be attributed directly to tireless efforts of the building’s residents.
“There is no way in which the city and the federal government could have done a thing with Hubbard [Place], if there had not been a determined band of residents who said, ‘We’re not going to let this place go’…I’m just pleased to see something that I can point to that [the US Department of Housing and Urban Development] has done these days,” said the congresswoman, not quite jokingly.
The local government, however, did play a prominent role in gathering the formidable sum required for the large-scale renovation procedures, as overseen by the architects of Kann Partners and the project’s general contractor, Hamel Builders. Out of the development’s $52 million budget, the Department of Housing and Community Development provided $8.5 million for the acquisition of the property, with the District of Columbia Housing Authority pitching in an additional $4.6 million for historic preservation. The building upgrades were funded primarily through $26 million in tax exempt bonds issued by the District of the Columbia Housing Finance Agency. It’s a role that District officials, like Ward 1 Councilmember Jim Graham, were eager to hang their hat on.
“We have enough condos,” said Graham. “We can build condos where there once vacant lots surrounded by hurricane fences. But we are going to keep our diversity and we’re going to keep our low-income housing. We’re going to build new low-income housing…We’re going to do all this because we care.”
Hubbard Place is the second such affordable housing renovation opened by the city in as many weeks. Last week, Mayor Fenty presided over the grand re-opening of Jubilee Housing, Inc.’s Ontario Court project at 2525 Ontario Road, NW, in nearby Adams Morgan. New condos are being built in Washington DC.

Tuesday, April 28, 2009

Arlington's First Green and Gold Building

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In a major coup for Erkiletian Real Estate Services' (ERES) mixed-use redevelopment of the Executive Office Building, the developer has gained both a density bonus and approval from Arlington County Board. The reason? In a first for Arlington, ERES is pursuing a LEED Gold certification for their new building - a "green" rating second only to Platinum (but who can afford that nowadays).

Located two blocks away from the Courthouse Metro at 2009 14th Street North, the aging seven-story office complex and adjoining parking garage on site will be razed in the coming months to make way for a sixteen-story titan of eco-friendly development. At present, plans prepared by the architects of the Lessard Group call for 254 rental residential units, 8,127 square feet of office space and 4,354 square feet of retail - plus, for good measure, an additional 2,257 square feet of flexible office/retail space. Couple that with a 26,145 square foot public plaza on top of the project’s three-story parking garage -which, according to the Board, will host "a scenic overlook offering views of national monuments in Washington, DC" - and Arlington legislators have reason to be pleased as punch.

“This building has it all – high-quality housing, ground-floor retail and office space and a public plaza that will offer great views of the national monuments,” said Board Chairman Barbara Favola via press release. “We get all this in a building that is built to a Gold LEED standard. This is the sort of project we want to see more of in Arlington.”

The caveat is that while developers can aim for green standards, there is no guarantee that, once built, the project will qualify as planned. A final determination will made by the US Green Building Council based on five criteria: sustainability, water efficiency, energy and atmosphere, materials and resources, and indoor environmental quality. There's no word yet on exactly what type of features Arlingtonians can look forward to bragging about once the building is completed. When DCmud last reported on the as-of-yet untitled project in December, ERES was projecting a third quarter 2009 start date for construction – shortly after they begin work another 200-unit residential building at 621 North Payne Street in neighboring Alexandria.

Alexandria real estate development news

 

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