Morning Real Estate Review

Silver Line Marks Milestone (Transportation Nation) Builders of the Silver Line to Dulles Airport put in place the final span of the bridges that will carry the rail through its first phase of construction, expected to complete in late 2013.

"For Sale By Owner" founder resorts to using broker to sell his home (Daily Mail) Online market spent 6 months trying to sell his $2m New York City flat through his website, then gave in and hired a real estate agent who got above asking price.

Council Member Graham's Heavy Hand in Metro Award (Washington Times) Graham improperly used his office to steer Metro development project to a donor.

Mortgage Rates Hold Steady at All Time Lows (Mortgage News Daily)  While the stock markets have been moving and Bernanke has begun his testimony before Congress, rates are staying stable.

Number of borrowers falling Behind on Payments Flattens Out (HousingWire)  After dropping earlier this year, borrowers falling behind on mortgages rose to 2.5% in June, as Bernanke calls progress in housing market "frustratingly slow."

Today in Pictures - Francis A. Gregory Library

The Francis A. Gregory Library opened on June 30th at 3660 Alabama Avenue. Like the Bellevue library, which opened in early June, DC's newest library was designed by a partnership of Adjaye Associates and Wiencek & Associates, with Jair Lynch as the development manager.

Washington D.C. real estate development news

NDC's Renovates Columbia Heights Eyesore

Local developer The Neighborhood Development Company (NDC) has commenced work on Columbia Courts, an 11-unit boutique condominium project at 1225 Fairmont Street, NW in Columbia Heights.  Columbia Courts will replace the unattractive apartment building at the same address, the appearance of which has been even worse by sitting vacant and unkept.

"We just recently broke ground," says Juan Powell, Principal at NDC.  "Well, I shouldn't say break ground - we're doing a comprehensive renovation of the existing structure.  Gutting it, redoing everything.  We started renovations last month and we expect to be done by September or October."

NDC won the rights to redevelop the building at 1225 Fairmont through a competitive solicitation process overseen by the District of Columbia Department of Housing and Community Development (DHCD).  The property had previously been under the control of the Development Corporation of Columbia Heights (DCCH), which, in conjunction with five tenant households, made a winning bid of $427,000 for the property at a 2001 HUD auction.  But by 2010, the building had fallen vacant, and the District was soliciting bids for a new development.

Columbia Courts will feature a large interior landscaped courtyard, balcony units, and below-grade parking. And while all the units will be designated "affordable," they will all include finishes such as "wood floors, hard surface countertops, and stainless steel appliances."

NDC Builders, an affiliate of The Neighborhood Development Company, is the general contractor on the project, and PGN Architects spearheaded the redesign.

Washington D.C. real estate development news

Your Next Place

Yes, another penthouse.  What can I say, penthouses are spectacular!  Do you really want to read a post about a basement efficiency?  How about this, if you're really sick of penthouses, just sit down, write a letter outlining your specific objections, and then tear that letter up into little pieces and throw it away, because come on, man!  I'm doing my best here.  (Sort of.)

This spectacular two-level penthouse is the perfect intersection of quality and location.  On one hand it's got tons of windows, high ceilings, and gleaming hardwood floors.  Downstairs boasts a fireplace and a chef's kitchen, and upstairs you have three bedrooms and a stunning roof deck from which you can see the Washington Monument.  And on the other hand, it's perfectly situated just a couple blocks above U Street, and a few blocks below Columbia Heights.  Anything, literally anything, you could possibly want, you'll be able to find in one of those two neighborhoods.  Unless you're a perv, in which case you'll have to go to, like, Thailand or something?

The penthouse also comes with garage parking, and access to the enclosed courtyard below.  Also, I have reason to believe that this building is a lucky one.  True story: I attended a party here last summer where I met the girl of my dreams.  We hit it off and left together, it was perfect.  And then on the way home she got pulled over, failed her breathalyzer, spent the night in jail, and never responded to any of my subsequent texts.  So yeah, the building is lucky, the intersection down the block, not so much.

1421 Chapin Street NW PH-302
3 Bedrooms, 2.5 Baths
$754,900

Sentinel Square, Trammell Crow's Three Phase NoMa Project, Reaches Halfway Point

Trammell Crow's massive three-phase NoMa development, Sentinel Square, is officially at its precise midpoint.

"We just hit the bottom of the hole for Phase 2," says Tom Finan, Managing Director at Trammell Crow.  "Now we're starting to work our way up.  We broke ground back in February and we're on track to deliver in October 2012."

The Phase Two office building, at 1050 First Street, is slated to offer approximately 280,000 square feet of office space over twelve stories.

The Smith Group/JJR-designed building may or may not feature ground floor retail space.  "That's something we're going to look at," says Finan.  "It's going to depend on the market.  That intersection is becoming a sort of crossroads for that area, so it might be a good idea.  But as of right now, it's still up in the air."

The first phase, a similar but larger 12-story 400,000-s.f. LEED Gold office tower, also designed by Smith Group/JJR, was delivered in June 2010.  The third and final phase, another office building, is still in pre-planning stages.

"We're not going to really get down to Phase Three until we have the second phase delivered and leased and stabilized," Finan said.

Sentinel Square II was financed on spec by European companies Helaba and Nord LB, which collectively put up $181 million towards completion.  Though financing a project of this scale on spec is somewhat unusual (but so were 1812 N. Moore and CityCenter), investors were reportedly reassured by the fact that Trammell Crow has already leased 85% of Sentinel Square I, to such tenants as the Department of Veteran Affairs, and other federal agencies.

Washington D.C. real estate development news

Morning Real Estate Review

Construction up .9% in May (HousingWire)  A surge in home building led to the biggest gain in 5 months, with construction now 7% above last May's numbers.

The mother of all housing bubbles: Norway (AEI) While America's housing market has slid over the past 6 years, Norway's just keeps rising.

Supreme Court passes on RESPA case (HousingWire) The Court fails to address a 9th Circuit decision that lets a party sue under RESPA without showing actual harm.

Habitat for Humanity finishes phase of Ivy City project, starts another (Washington Post)  The new "passive houses" provide low income housing with minimal energy consumption.

Morning Real Estate Review

McGraw Hill says construction will be up 2% this year (San Fran News)  The firm says that tepid growth in the economy will lead to small growth in 2012 over last year's construction numbers.

JBG will hold on office tower at Rosslyn's Central Place (Washington Post) As Monday Properties fails to sign a tenant on its new office under construction next door, JBG decides to start the apartment building and hold on office space.


Mendelson promotion a win for NIMBYs (CityPaper)  The new Council's Chair has a history of opposing development during and before his tenure as Councilmember.

The housing recovery, in 2 charts (Washington Post)  There are signs that the housing economy is improving, though modestly, in several national and regional indicators.

Georgetown Park still without new tenants (Washington Post)  Two years after buying the mall, Vornado is still negotiating leases and the future of Georgetown's mall.