District Issues New Development Rights Near Stadium, Buzzard Point

The DC government today issued a request for proposals for up to 300,000 s.f. of development rights near the ballpark and Buzzard Point, inviting developers to bid on land within the "Capitol Gateway" overlay areas of southwest and southeast DC.

The District of Columbia, through the Office of the Deputy Mayor for Planning and Economic Development (DMPED), is putting development rights up for bid in the form of Combined Lot Development rights - additional square footage for landholders within the overlay.  The areas are designated for mixed use development, under the current regime developers are able to combine two lots and transfer density between them.  The initiative unveiled today adds an additional 300,000 s.f. of development rights within the zone, increasing the density within the high-growth corridor that lines the Anacostia waterfront.

The Request for Expressions of Interest was issued in an 8-page publication - a more streamlined version than past requests, reducing the technical compliance burden on developers. Responses to the request are due August 31st.

Washington D.C. real estate development news

Morning Real Estate Review

Bidding wars return, home buyers get creative (Washington Post)  Forget just having good credit - as the stock of homes for sale thins, bidding gets competitive, sometimes in weird and creative ways.

The politics of the reemergence of U Street, a short history of redevelopment (The Atlantic)  A thoughtful response to the Post's story on changing demographics on U and 14th Streets:  not as black and white as you think.

Happy birthday Pierre - lauding the prickly genius of DC's designer (Huffington Post)  The genius behind the grids of DC was never fully appreciated during his life, thanks in part to his difficult personality, but still inspires cultish fascination in addition to his post mortem redemption.

Archstone files for initial IPO (Wall Street Journal)  The apartment behemoth, which owns residential buildings nationwide - including a concentration in the Washington D.C area, files for up to $100 million in common stock to pay down debt.

Georgia Avenue Walmart construction to begin next month (Washington Post)  The mega-retail store would be the second to start construction in the District, following 77 H Street, NW.

Donatelli to build new apartments at Minnesota-Benning (Washington Post) The developer of Columbia Heights makes plans for a northeast DC neighborhood that has failed to realize the promise of development.

Today in Pictures - NoMa West

One of Washington D.C.'s largest residential developments is nearing completion. Mill Creek Residential Trust, LLC is putting the finishing touches on NoMa West, three five-story buildings on a 4.3 acre site that will add 603 wood-framed, mostly market rate apartments to the NoMa neighborhood (that some insist is really Eckington, but that fall inside the NoMa BID map boundaries). The Preston Partnership, LLC is responsible for the design, and R.D. Jones & Associates designed the interior.

Whatever neighborhood it falls in (note that the project was once called Eckington Place), the project is nearing completion and is across the street from MRP's Gateway project, the combination of which will bring an actual neighborhood to what could have been recently described - charitably - as desolate.  (Pictures were taken last month)

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