MRP Breaks Ground on Washington Gateway

Earth movers arrived at the Washington Gateway site in NoMa several weeks ago, signaling the imminent groundbreaking of the $360 million Washington Gateway, and now MRP Realty officials have acknowledged that construction is in fact beginning on the mixed-use project.  A groundbreaking ceremony will be announced shortly.

In February 2012, DCMud reported that MRP had moved equipment to the site for preliminary work, but nothing substantial followed.  Now, officials say that construction is beginning on a 14-story, 400-unit apartment building at 100 Florida Ave., NE.  The promotional material states that the building will feature a "brick and metal panel exterior with floor-to-ceiling glass at the prominent corners."  The residential building will be the first of several phases that will eventually include an office component. SK&I designed the building, Davis Construction is the general contractor.

An important component in the growth of NoMa neighborhood, Washington Gateway is bordered by the intersections of New York and Florida Avenues to the west and the Metropolitan Branch trail to the east.  It is also situated one block from the New York Avenue Metro Station and neighborhood amenities including Harris Teeter.

Washington Gateway will join Archstone's First and M 469 luxury apartments and Mill Creek's Trilogy NoMA project (pictured, at left) which includes 603 units, just to name a few of the "3,500 residential units delivered or under construction."

Update:  Developers say the project will be in 3 phases, with 2 and 3 being office buildings.  The project will break ground Sept. 12.

Washington D.C. real estate development news

Georgetown Project Renovation Begins Tomorrow

District officials will hold a ceremony on Tuesday morning for construction of The Montrose, formerly known as the the Henry and Anne Hurt Home, at 3050 R Street, NW in Georgetown.  Developers will turn the vacant property into 15 condominiums through demolition of non-historic portions of the building and renovation of the main building.

In September 2010 the Deputy Mayor for Planning and Economic Development (DMPED) selected the joint venture of the Argos Group and Potomac Investment Properties to redevelop the historic Hurt Home mansion at 3050 R St., NW.  Disposition of the property awaited negotiations and plans for the building, but on July 11, 2012, the property was recorded as selling for $7,750,000 according to DC Recorder of Deeds.   Neither pricing nor floorplans have been established, though a construction fence now surrounds the building and some interior work has begun.  The Montrose, named for it's proximity to Montrose Park, is scheduled for completion in late 2013.

Three wood additions will be stripped from the back of the original brick exterior, while the interior will be almost entirely gutted and rebuilt.

The Argos Group's other projects include The Station (pictured above), located at 524 9th Street NE, a mixed income historic condo conversion and The Firehouse, located at 1340 Maryland Avenue NE, a mixed income residential condo conversion.

Washington D.C. real estate development news

Morning Real Estate Review

How Trump landed the Old Post Office (Washington Post)  The Donald - and daughter Ivanka - put their luxury brand to use in persuading the GSA they would create the best hotel, even if they "overpaid" for the property.

Trulia files for $75m IPO (Forbes) The on-line residential real estate company files one year after Zillow did the same.  Trulia has reported $29m in revenue this year.

The incredible disappearing home inventory (Wall Street Journal)  Inventory has been down nationwide, including 48% in Phoenix.  The nation as a whole notice a 20% decline, with the middle tier of housing prices going down the most.

Low mortgage rates boost serial refinancers (National Public Radio)  Historically low rates has led some to refinance repeatedly, though some see the upturn in rates as the end of the refinance market.

Your Next Place

I genuinely loved this newly-renovated U Street rowhome; as you can see in the pics, it's one of the most open, brightest rowhome spaces you'll ever see.  From the front door you can see all the way to the glass doors leading to the patio - and not just through a narrow hallway.  You could legitimately use this apartment as a single-lane bowling alley, though I think we can agree that that's a pretty stupid idea.  (Though that assessment could very well change after a few drinks.)

The living room area is flooded with light through the oversized bay window, and leads naturally to the dining area, which flows naturally to the eat-in kitchen furnished with stainless steel appliances and granite countertops.  Upstairs, the master bedroom is also generously proportioned, and outfitted with a custom walk-in closet that, let's face it, is far too nice for your wardrobe of Adidas tearaway pants and threadbare kickball t-shirts.  The en-suite master bath features dual vanities ("Do not ever use my vanity, even if you're literally on fire" sign not included), a glass stand-up shower, and a soaking tub for when you've, I don't know, been sprayed by a skunk or something?  (I literally couldn't think of a single other reason why you'd need to soak.)

There's also a fantastic stone patio out back, where you can sit and look at all the people in the surrounding apartment buildings looking down at you in your yard and thinking, "I wish I lived in a place with a backyard patio.  I knew I shouldn't have majored in English."  And being just a block above U Street, this place is also very close to all the very best bars in DC, which of course is defined as "bars where I know the bartenders and drink for free."

1347 V Street NW
Washington, D.C.
2 Bedrooms, 1.5 Baths
$759,000

Gensler Out, BBG-BBGM in as Watergate Architects

Interior restoration work on the famed Watergate Hotel has been quietly moving forward for weeks now and DCMud has confirmed that hotel owner Euro Capital Properties has engaged the firm BBG-BBGM as the new architectural firm on the project.

BBG-BBGM replaces Gensler as the architectural firm working on the hotel at 2650 Virginia Avenue, NW in DC's Foggy Bottom neighborhood.  Architectural firm Gensler, which completed conceptual designs for the project, has not had any involvement since October, according to a source.

Thomas Luebke, FAIA, secretary with the U.S. Commission of Fine Arts (CFA) said the Commission gave preliminary approval under a courtesy conceptual review of the designs for the restoration last July 2011.  The CFA asked Euro Capital Properties to make a few minor changes.  But Luebke said the CFA has not seen plans since.  "If there is a final proposal, we would love to see it," Luebke said.  Designs submitted to the CFA last year showed very minimal changes to the exterior of Italian architect Luigi Moretti's iconic 1960 structure.

The Shipstead-Luce Act of 1930 designates that exterior changes to properties within a geographic overlay area - the Watergate complex falls within that area - are subject to final approval from the Commission in order to promote design sensitivity.  Under Federal Law, the project must have CFA's stamp of approval on plans for exterior work before the DC permitting authorities can issue permits for exterior restoration work.

Final plans for the hotel must also be approved by the Historic Preservation Review Board (HPRB) in the Historic Preservation Office of D.C. Office of Planning.  According to city staff, HPO staff last met with BBG-BBGM in January 2012 to discuss details of the initial restoration plans, but has not received any new plans from Euro Capital Properties. 

Plans to renovate the hotel have seen challenges since the property was sold to Monument Realty in 2004.  With the hotel still open, Monument plowed forward with plans to revert the building to its historic use as co-operative residences, but pre-sales slumped in 2006 and legal problems beset the conversion.  Monument stalled and closed the hotel in 2007.  Monument's lender PB Capital Corporation foreclosed on the hotel and put it up for auction in 2009 but there were no bids.  
Euro Capital Properties bought the hotel in 2010 with plans to turn the property into a $300 a night luxury hotel.  Euro Capital principal Jaques Cohen has said his company plans to invest $70 million in the project, according to The Georgetown Current.  Progress on the Watergate Hotel restoration again seemed to hit turbulence last fall when some residents of the Watergate complex's co-op residential units voiced opposition to the developer's restoration plans.  Neither Euro Capital Properties nor BBG-BBGM had responded to DCMud inquiries at the time of publication of this article.

 
















Washington D.C. real estate development news

Morning Real Estate Review

Builders started less project in July (Washington Post)  Constructions starts were down nationwide last month, but permits are now on the rise.  While construction of single-family homes is down, apartment construction is up.

New federal rules change the appraisal process (Washington Times)  All high-risk mortgages would have to have an appraisal first.

HUD to auction $1.7b in home loans (Bloomberg) A host of non-performing, federally insured home loans will be put on the block.  The sale consists of 9400 loans.

Today in Pictures - NPR Home in NoMa

Under construction since the summer of 2009, work is winding down on National Public Radio's new home in NoMa.  Three years may seem a long time for a mid-sized office building, but developer Boston Properties first had to abate the toxic substances from the 83-year-old Chesapeake and Potomac Telephone Companies Warehouse before they could begin building on top.

Initial work was secretive, as NPR refused requests to release initial plans or renderings of the project, which bears an unfortunate resemblance to the FBI headquarters downtown.  Hickok Cole Architects designed the addition to the historic warehouse, which is providentially set back from the historic structure.

Washington D.C. real estate development news.  Photos courtesy Rey Lopez