Morning Real Estate Review

Shakespeare Theatre Company sues landlord Landsburgh Theatre (DCist) STC says its rent went up 700% in violation of the agreement that created the venue in the first place.

Mayor Gray brings back Michael Kelly to run Dept. of Housing and Community Development (CityPaper) Kelly had left DC for a similar position in NYC, but Kelly has been brought back to replace John Hill, who moves to DMPED.

New Dodd-Frank rules could limit mortgages to plain vanilla offerings (HousingWire)  A study by K&L Gates says that Basel III rules could causes mortgage lenders to shy away from all but the simplest loans.

Builder confidence edges up in June (HousingWire) The NAB has issued a report saying that lower interest rates has given a push to buyers across the country, giving builders a better feeling about the market.

WPC Breaking Ground on Wheaton Residential Project

Washington Property Company breaks ground on the Solaire, a 232-unit residential building at 10194 Georgia Avenue, next week.  Located on the former site of the First Baptist Church, WPC acquired the 1.65-acre parcel in 2005 and, as part of the deal, relocated the church to Olney, adding to the long list of projects approved in a quickly developing Wheaton town center.

Montgomery County approved the site plan last October for a Preston Partnership-designed six-story, u-shaped structure, opening to the south, with a swimming pool and greenspace in the interior courtyard.  Designers used a "variety of masonry and glazing" as well as "small parapets and height variations ... to minimize the sense of building mass." Beneath, developers will build a two-level parking garage with 230  spaces. A public statement notes such ubiquitous amenities as "granite countertops, stainless steel appliances, fine cabinetry, wood laminate flooring."  

According to a WPC press release, the developer owns more than eight million square feet of commercial space in the Washington, DC metropolitan area and currently has over 1.6 million residential square feet under development.Clark Builders Group is the General Contractor, Gables Residential will provide property management and leasing services.  Leasing is expected to begin in September of 2013.

Wheaton, Maryland real estate development news

Akridge Applies for Permit to Demolish 1200 17th St.

Akridge has applied for a permit to raze the 8-story office building it recently purchased at 1200 17th St. NW, and replace it with a greener office building.  Architectural firm ZGF will design the new structure.

The development company bought the property from the National Restaurant Association with partner First Potomac for $39.6 million last October, and plans to spend $100 million to build a 170,000 s.f. office building on the site. Developers hope to achieve a LEED rating on the new building.

According to the Business Journal, the companies hope to open a new building by 2014, a date that would require demolition to begin soon.

Don Morris, senior project manager of Balfour Beatty Construction, says the developer will scrape the site and erect an entirely new building in its place.  The current building dates to 1964.

Washington, D.C. real estate development news

Morning Real Estate Review

DC leaders to defend law that requires hiring locals on construction projects (Washington Post)  A suit by builders against a law demanding local hires will be contested by the District, with a rally today at the Wilson Building.


MGM and Peterson to develop casino at National Harbor (PR Newswire)  MGM, operator of numerous high profile Las Vegas casinos, has signed an agreement to operate a new casino to be built close to the beltway.

Chief sustainability officer at Tower Companies talks shop (Forbes) David Borchardt talks about the greening of office space and commercial profitability.

"Pinball" houses used by agents to sell other homes (Washington Post)  Homes with unrealistically high asking prices make others nearby look better by comparison.

Arlington announces energy heightened efficiency program for new buildings (Arlington, VA)  Under the new regulations, developers will be given additional density for higher LEED rankings - buildings that achieve LEED Silver or higher.

Your Next Place

This fantastic 1920s-era home has all the subtle charm and panache of that simpler era - note how coyly it seems to peek out from behind the beautiful garden and fence, like a silent film actress or something.  But inside it has all the modern cutting-edge finishes - fully remodeled everything, central air, etc. - that you could ask for.  I didn't know whether to put in an offer or propose to it.  (Doesn't matter - either way, the answer would've been contemptuous laughter.)

If you like natural light - and who doesn't, aside from, like, hoarders - this is the house for you.  Everyplace claims to be "bright!" but this place actually is.  Extremely bright.  I was a little hungover the day I saw this place and when I walked into the family room, with its wall of windows, I felt like I was actually melting, vampire-style.  (I mean that in the most complimentary way possible.)

There's a beautiful parlor for all your parlorin', a huge living room, and a spacious family room with fireplace. From there you go through french doors out to the gold standard for all screened-in porches; the perfect place to sleep during the summer, or sit late at night and "think" (i.e. sneak a cigarette).

Out back is a flagstone patio and a standalone brick garage that's nicer than many actual houses.  There's also a vibrant perennial garden featuring all sorts of flowers and shrubbery, etc.  I'm not really into gardening so I didn't really know what a "perennial" garden was, so I asked a couple who was standing nearby.  The husband explained it was a garden that grew back every spring by itself, without any planting required.  The wife nodded and then said, "what it really means is that you don't have to do any work."  We all nodded in silent agreement:  this was the best kind of garden.

1410 Manchester Lane NW
5 Bedrooms, 4 Baths
$875,000

Washington D.C. real estate news

The Big Deal

4344 Forest Lane, NW

Washington, DC 20007

8 bedrooms, 5.5 baths

6,635 square feet/$25,195 yearly taxes

DOM: 0

List price: $3,350,000

Sold price: $3,350,000 

May's largest residential sale was a renovated Tudor in Wesley Heights.  Details were scarce as it was entered into the MLS as a comparable.  Listing agent Nancy Itteilag said one of her clients that lived down the street was searching for a similar house and a deal was struck before it hit the market.

The home has hardwood floors, five fireplaces, an updated kitchen and baths, a two story addition and a slate patio.

*photos via MLS.  Listing courtesy of Nancy Itteilag, Long & Foster

Bethesda Industrial Site to Be Remade as Residential Complex

A moribund, paved-over industrial site just off of Little Falls Parkway in Bethesda is slated to be replaced with a 30-townhome housing development.

The 1.8 acre property at 5400 Butler Road is bracketed by Little Falls Parkway and Butler Road, between River Road and Massachusetts Avenue, and surrounded on three sides by parkland.  Presently the site of the BETCO complex of buildings and surface parking lots, plans call for the site to be razed, the pavement removed, and replaced with a Lessard Group-designed "scale-appropriate residential community" of 30 single-family garage-centered homes.

"We actually just got our planning board approval last week for the site plan and preliminary plan," said Stephanie Marcus of lead developer EYA Development.  "We hope to start construction at very end of this year or early in 2013."

Five of the townhouses (16.67%) will be moderately-priced units, and just under forty percent of the new site will be green space, up from basically zero percent at the current site.  Plans also call for about 2 parking spaces per market rate unit and one per MPDU, totaling approximately 64 spaces.

The developers have made several optional concessions, including
removing the existing pavement at their own cost, throwing in an extra MPDU (they're only required to include four), installing stormwater management at their own cost, and setting the amount of green space at 38%, 8% above the requirement.  The project will also remedy the BETCO plant debris' encroachment onto nearby parkland.

The plan itself is somewhat unremarkable - let's face it, a development of townhomes excites pretty much no one - but it's essentially making something from nothing, and in the big picture the removal of the pavement, remediation of parkland encroachment, and significant addition of greenspace, more than makes up for what may be lacking aesthetically.


Bethesda, Maryland real estate development news