Your Next Place

This penthouse loft is fit for a king or, more practically speaking, someone gainfully employed with really good credit who can qualify for a mortgage.  Which in America these days is pretty much as rare as actual royalty.  (If you just thought, "But Franklin, I'm all of those things!", do me a favor and punch yourself in the face.)

This wide-open dramatic space sports exposed ductwork, windows upon windows, and sky-high ceilings.  Finishing touches include maple hardwood and porcelain tile floors, and a gas fireplace that will almost certainly not - but might - seep gas into the unit until your home is a massive combustible cube of invisible accelerant just waiting for a spark to come along and let hell loose.  (This message sponsored by the Association of Wood-Burning Fireplace Manufacturers.)  The bedrooms have wonderful views and lots of light and space, and feature Elfa closets, which is a lot like the system you use for your clothes storage now, except with more of an emphasis on organization and accessibility, and less on just sort of throwing them anywhere except the corner with the cat's litter box (unless you're drunk).

Outside, there's a five hundred square foot private terrace that features a hot tub.  Yes, you too can be a cliche! (Fine, I'm only saying that because I'm insanely jealous. Not only do I not have a hot tub in my apartment, I don't even have hot water. Apparently if you don't pay your gas bill for three years, they'll cut you off.)

2020 12th Street NW #808
2 Bedrooms, 2 Baths
$849,900

Chinatown: Monument Looks to Expand Foothold

A few lots on H Street near the intersection of 7th and H, NW are some of the last undeveloped lots in Chinatown / Penn Quarter.  If things go as planned, Monument Realty's 10-storey Gallery Tower will occupy the vacant parcel at 627 and 631 H Street NW, just a block from the corner.  The future 10-story building, with a design by architect Chris Morrison with Cunningham Quill, is due for delivery in 2014.  The site formerly housed China Doll Gourmet, which closed in 2006 and was razed shortly thereafter.

Monument Realty acquired the empty parcel in 2011 after foreclosing on the note it bought from Yeni Wong in 2010.  Wong had plans to develop the whole corner, but failed to secure financing when financial markets soured around 2008.  Douglas Development scooped up the neighboring corner lot to the west - 675 H Street NW - last year during the same week Monument clinched 627-631, from the auctioneer.  Douglas also owns the Vapiano building to the east of the Gallery Tower spot.

Gallery Tower rendering
courtesy of Monument Realty

According to one company representative, Monument hopes to expand its foothold in the neighborhood of Chinatown / Penn Quarter.  According to director of marketing Natasha Stancill, Monument's acquisition team is looking for opportunities to develop a residential parcel close to the future Gallery Tower site. She said the firm was excited about its plans for Chinatown.  "We are looking at other possibilities in the area because it is such a vibrant, exciting part of town," Stancill told DCMud.

The Gallery Tower building plan calls for two floors, or 11,000 square feet, of retail and another 60,000 s.f. office space on floors three through 10.  The project went through zoning, Office of Planning (OP), area neighborhood commission (ANC), and Chinatown Design review approvals processes when Yeni Wong controlled the property.  According to the project's development manager Pam Frentzel-Beyme, the first two floors will likely house a restaurant.

Frentzel-Beyme said the building's location would be its biggest selling point. "You can't beat being next to Gallery Place, and the design is really modern but also compliments Chinatown's history."  A lot of Chinatown's office space, she noted, is in historic buildings where tenants don't get the great views that she said Gallery Tower, with its large, modern windows, would one day offer.

The  former China Doll Gourmet was on the site

Developers describe the future Gallery Tower, with floor plates that are less than 8,000 square feet, a "Class A boutique space." "We'll be targeting the type of tenant that is not going to want much more (than 8,000 square feet)," Frentzel-Beyme said.  She said Monument would be targeting businesses with a "fun and creative employee base", such as design or architectural firms.  "They are young, they might want to grab dinner, go over to the Verizon center, but don't necessarily need 50,000 square feet of space."

Gallery Tower is now in the building permit process and Monument says it will break ground in the first part of next year.

Floor plan courtesy of Monument Realty

Floor plan courtesy of Monument Realty

Floor plan courtesy of Monument Realty

Washington D.C. real estate development news

Morning Real Estate Review

Millers unveil plan for H Street Crowdsourcing (CityPaper)  Sons of Herb Miller will sell shares in Maketto, the new H Street restaurant, for $100.

Mendelson calls for hearing on assessment scandal (Washington Post)  The newly minted Council Chairman reacts mildly to the flap over lowered assessments, but says the Council should investigate the matter thoroughly, starting with hearings.

Mortgage delinquencies increase (Mortgage Bankers Assn) The latest MBA survey shows residential delinquencies increase to 7.58% of all outstanding loans in the second quarter, an 18 basis point rise over the first quarter of 2012.

Mortgage rates edge higher for 2nd straight week (Washington Post)  The average 30-year fixed rate is now 3.59%, up slightly from its all time low.

Urban home prices rose in second quarter (HousingWire) According to an NAR survey, homes in 110 of 147 metropolitan areas rose in value during the 2nd quarter, due to tightening inventories.

Today in Pictures - Jefferson at 14W

 

Back in December of 2010, Perseus Realty and Jefferson Apartment Groups (JAG), an Akridge affiliate, broke ground on 14W, replacing the former Anthony Bowen YMCA with apartments and a new YMCA.  The project had languished for years before finally getting the cash infusion from JAG that finally got it going (despite a faux-groundbreaking), and is now reaching its final stage of construction.

The HOK and Dorsky Hodgson & Partners-designed project will feature 231 rental apartments, a brand new, state-of-the-art 44,000 s.f. YMCA, and over 12,000 s.f. of ground-floor retail. The new gym and apartments will deliver later this year.

Washington D.C. real estate development news

Morning Real Estate Review

Surfeit of new apartments could change Washington DC's rental market (Washington Post)  With 6,000 new apartment units expected to open between now and the end of the year, experts say the glut could end rising rents in the District and possibly lead to something closer to a renter's market, though current buildings have high occupancy levels.

Apartment construction goes into expansion mode (Costar) Developers are delivering increasing numbers of new apartments as vacancy rates decline and rents rise in the uncertain economy where home buying is still not where a skeptical public wants to put its money.

Fannie Mae reports net income of $5.1 billion in 2nd quarter (Fannie Mae)  The post-bailout company is benefiting from an improved housing market, going from $2.7 billion in income last quarter due to lower delinquency rates and improved home prices.

Norton to hold hearings on lack of construction jobs at DC projects (E. H. Norton)  The Congresswoman issues statement of disappointment that contractors on federal jobs aren't hiring enough DC residents.

Threat of shadow inventory subsides and leads to price rises (HousingWire)  A Freddie Mac report says that while vacant and unused properties still exist in large numbers, their presence is declining, causing a general rise in housing prices.  In related info, the vacancy rate for rental properties has fallen to its lowest level since 2002.

Why the housing market is on the long road to recovery (CNBC) As foreclosures ebb, housing prices will shift upward, but only slightly.  Despite the bright spot, a number of other factors, like high levels of underwater homes, will continue to weigh down the market.

The Ground Floor

Howard University is getting Fro-Yo.  A lease has been signed with fro.zen.yo, a self serve frozen yogurt chain.  It will be located in the Wonder Plaza, the retail strip adjacent to the Howard University bookstore.

Izakaya Seki, a Japanese restaurant, has opened at 1117 V St, NW.  The restaurant, which is housed in a refurbished barber shop, offers Japanese specialties (sushi) plus a variety of grilled dishes, saki, Japanese beers and whiskey.

J. Crew, the traditional-with-a-twist clothing store, has opened their third location in DC in the Penn Quarter neighborhood at 950 F St, NW.  The store will offer both men's and women's clothing.

National Harbor welcomes two new retailers: Blink Blanco, a globally influenced fashion boutique, and Angst Girl, a clothing store for the "edgy, restless, and rebellious" young woman.  Both concepts are from the White House | Black Market group.

Tacos El Chilango, the first brick and mortar location of the popular Arlington food truck, has opened at 1119 V St, NW.  The menu offers nine different types of tacos, agua frescos and Mexican sodas.

Morning Real Estate Review

AIA "modestly optimistic" about construction future (Electrical Marketing) American Institute of Architects says growth in non-residential construction will slowly rise through 2013, and that a spike in industrial construction will make non-residential rise 4.4% this year, much stronger than the 2.2% forecast.

FBI investigating developers' tax deals with DC government (Washington Post)  The District wrote off more than $2.6 billion last year when developers appealed assessments, but appraisers and tax officials complain about the process as feds investigate.

Slowdown in commercial real estate transactions mutes expectations of real estate recovery (National Real Estate Investor) After a strong first quarter, a slower second quarter takes some momentum away from the market.

JBG puts equity stake in L'Enfant Plaza up for sale (Washington Post) The Chevy Chase developer bought the complex in 2003 for around $200m, and is now offering a piece of ownership as it overhauls the underground food court.

HARP refinancing continues to surge (Mortgage News Daily) The federal program grew to a 33% share of all Freddie and Fannie refinances, up from 20%.  The number of homeowners using the program skyrocketed in June.