Your Next Place

This stunning townhouse sports a limestone facade, which means that, what, it'll dissolve like tissue paper if exposed to Coca-Cola?  I only vaguely remember high school science class, as I was sleep-deprived and sexually frustrated the whole time.  And high.  (I just got really depressed, writing that paragraph, when I realized that nothing has changed.)

The house features a one of a kind recessed arch "porte-cochere" entrance, which is French for "always leave the outside light on or a homeless person will sleep there."  With almost six thousand square feet of space, this house sports four fireplaces AND an elevator - I was almost disappointed when I looked into the elevator and there wasn't another small fireplace inside.  The formal dining and living rooms are "Great Gatsby"-level nice, and the kitchen is huge, with a glass-enclosed eat-in dining area that looks out onto the rolling backyard.

The master bath is incredibly glamorous; you could shoot a rap video in here.  It's got more mirrors than suburban hotel's honeymoon suite (with none of the hidden cameras!), and twin vanities separated by a plush little bench, so whoever finishes getting ready first can sit there and offer super helpful unsolicited advice to the other.  ("I'd never tell you what to wear, but that dress makes you look like an obese wet clown.")  There's a stunning, presidential-quality office (with a fireplace), and au pair suite for the stunning eastern european you hired to take care of your kids.  (I'll let you decide if "kids" in this context is a euphemism or not.)  Out back is a flagstone patio, surrounded by greenery and wrought-iron fencing.

The top level is a huge entertaining area that opens onto an equally huge roof deck; I feel like the buyer of this house should have to sign a legally binding contract promisng to throw parties here.  Not using such a fantastic space would be like buying the Mona Lisa and then locking it into a closet.  It belongs to the world!

2328 Massachusetts Avenue NW
4 Bedrooms, 4.5 Baths
$3,295,000

Hine School Project: Planning Not Quite Done

Sometimes ‘final’ doesn’t mean final. Exhibit A: the DC Zoning Commission’s meeting on Monday night to take final action on Capitol Hill’s Hine School development.

Developers Stanton/EastBanc may have arrived at the meeting expecting a resolution of zoning issues, but it turned out that the commissioners weren’t quite done. A host of questions arose that the developers will need to respond to by October 29th, and the topic will be taken up again by the Commission, probably on November 19th.

The commissioners spent almost an hour going over details of the project and materials that the developers had turned in following the most recent zoning meeting on September 10, and came up with new questions. Many of the issues were quite technical, covering topics like the District’s First Source hiring policy and the construction management agreement; others, such as whether trucks would have adequate space to unload, were slightly broader. But the result is a slowed down process for Stanton/EastBanc, which may have to re-open discussions with the local ANC in order to resolve the questions that the committee posed.

“We were obviously disappointed that the final vote didn’t happen last night, since we’re on a tight timeframe; we need to move forward to close on land and start construction,” explained Mary Mottershead, EastBanc’s head of development. “Some of the items won’t be ready for completion when we need the [permits] for building,” she worried.

The Hine School project—which will include residential units and ground floor retail in Capitol Hill’s busy Eastern Market area—has moved slowly since it was awarded to the developers September 2009. Intense community engagement has necessitated a bevy of meetings and consultations, and numerous revisions, and these final zoning commission meetings are the result of roughly 15 hours of hearings that occurred over the summer.

Still, even as the development team responds to the questions that arose, they are focused on the future, said Mottershead. “We’re still moving forward,” she said. “We’re working on construction drawings and permit plans, and we’re hopeful the next meeting will be the last one.”

Washington D.C. real estate development news

Arts at 5th and I Finally Moving Forward?

At a Mount Vernon Square Neighborhood Association meeting last night, a Donohoe Companies representative explained the firm’s new plans for the long, long, long awaited Arts at 5th & I project, which was initially announced back in September 2008.

The good news: the project, located just off Massachusetts Avenue at the corner of 5th and I streets NW, is apparently finally moving forward, according to its developers. The bad news: completion won't be until 2016, and the ‘arts’ element that gave the project its name has largely disappeared, and the development itself seems to have been distinctly scaled back from earlier iterations.

Renderings from the project's website

Jad Donohoe explained the company’s plans to roughly 15 residents gathered for the community organization’s monthly meeting, though he didn't have any new visual images to release. The new concept includes a boutique hotel with an entrance on 5th Street, and an adjoining apartment building facing I Street that will hold roughly 140 units and max out the height. The project will include at least 4,000 square feet of ground floor retail space; most of that will be dedicated to a large restaurant connected to the hotel and also accessible from 5th Street, but plans include a smaller space on I Street as well. Three levels of underground parking will be accessible from an I Street entrance.

The firm’s initial plans were considerably more ambitious. They included a high-end hotel, residential units (including almost a third that would be tagged as affordable), intriguing artsy elements like a jazz club and art gallery, and a range of retail options like a bicycle store, hardware shop and bookstore.

Not all of those bells and whistles are totally gone. Approximately 8 percent of the new apartment building’s units will be affordable, and Zenith Gallery may utilize some space in the hotel’s lobby. And Donohoe pointed out that the company is still communicating with the Boisdale Jazz Club, a London-based chain of nightclubs.

But the new plans are much more somber, and that’s largely the result of unfortunate timing. Donohoe Companies won the city’s bidding process in 2008, and funding for projects like this one simply dried up (though that funding had dried up before the bid). Since then, a range of plans have been presented but never acted upon, and the site is currently used as a parking lot and weekly outdoor market. That gives this version a distinct advantage—as long as it becomes a reality. “This isn’t as grand as we’d have liked, but we want to get it done,” said Donohoe.

The timeline goes something like this: On November 13, the Deputy Mayor’s Office for Economic Development will hold a surplus meeting to sign the land over to the Donohoe Companies. The city will package the documents and pass them along to the City Council by the end of November, and the City Council should approve them sometime early in 2013. The company will spend the next 13 months working with architects, getting permits, and acquiring financing before breaking ground in early 2014.

“That’s generally pretty quick, though it sounds far away,” explained Donohoe. The project would be done 24 months later.

The gathered residents didn’t seem to mind the long time horizon; most were relieved to hear that the project was finally moving forward. Donohoe acknowledged the long wait. “I know this has been a slog,” he admitted.  And its not over yet.

Washington, DC, real estate development news

Morning Real Estate Fix

DC zoning panel dismisses suit to stop Wal-Mart (Washington Business Journal) Opponents of the Georgia Avenue Wal-Mart, who had filed a nuisance suit to stop the retailing behemoth, were dealt a (possibly) final blow as the Board of Zoning Adjustment ruled that the project could go forward.

DC is building its way out of recession (Huff Post)  Oh my gosh, there's alot of new construction going on around DC, helping the local economy out of the loo...

...then again, maybe it's not out of the toilet yet (Fiscal Times) Commercial real estate is facing a looming crisis.  "It's as bad as it's ever been..."

Administration program on target to refi 1 million homes this year (Wall Street Journal)  President Obama's FHFA program for refinancing troubled mortgages has already refinanced over 600,000, the administration reports.

Champlain Street Condos Set to Break Ground

One of the very last infill sites on Champlain Street in Adams Morgan is set to begin a transformation into a condo building in the next sixty days.

Presently a surface parking lot, the site at 2337 Champlain Street NW is being developed by Federal Capital Partners, in conjunction with Altus Realty Partners.  Designed by PGN Architects, the first renderings released to the public show a modern steel-and-glass complex that's very much similar to the neighboring condo building on Champlain, such as the Lofts at Adams Morgan, and Adams Row.

"The project on Champlain has not been named yet," according to Karen Widmayer, spokesperson for developer Federal Capital Partners.  "The project will have 41 condos with on-site parking in garage and surface lots.  It's scheduled to break ground prior to the end of the year, pending required approvals."

Federal Capital Partners acquired the site in July 2011 for $3.55 million, from WWYP LLC, who acquired it back in June 2005 for $1.9 million.  The condominium will take up the vacant lot next to the former Brass Knob warehouse, which is has also been the subject of redevelopment efforts, but will not be incorporated into the old warehouse.

Washington D.C. real estate development news

Morning Real Estate Fix

District makes first selection for St. Elizabeths site (Washington Post)  The District announces that a $5m "Gateway Pavilion" on the east side of St. E's will be ready by next summer and designed by Davis Brody Bond.

Housing recovery?  Not everyone is seeing it (Forbes) Despite some recent upbeat media reports about a housing a recovery, a closer look yields a more nuanced appraisal of the market.

Rockville's next town square may be north of its town center (Gazette)  The county is considering alternatives to the private development plans just north of the town center, as town planners remain underwhelmed by plans for the former Giant site and vicinity.

Buyers now choosing new vs. resales in homes (Globe St.)  Buyers of single family homes are choosing new vs. used due to cheap credit, lack of used inventory, and variety of new product.

PN Hoffman's "Northern Exchange" Opens on 14th

"Northern Exchange", Rendering courtesy PN Hoffman

This weekend, the former switching station for the Chesapeake & Potomac Telephone Company at 14th and R Streets, NW, built in 1903, re-opened as "The Northern Exchange," a 36-unit "loft-style" condo delivered by PN Hoffman.  Eric Colbert and Associates are behind the design, which converts the deep building with two sides of windows into units averaging about 650 square feet.  Construction is not yet complete - some units on the third, fourth, and fifth floors are still under construction, but some lower units were on view this weekend.

The newly-converted condominium building is smaller than most new loft buildings, but the design focuses on efficient use of space, which lies at the doorstep of the thriving 14th Street corridor.  While square footage is on the smaller side, ceiling height and window sizes benefit from the building's original design.  Some units feature windows over nine feet in height.

"Northern Exchange" model unit

The smallest units are 550 s.f. and feature raised living areas above the kitchen accessed by a ship's ladder.   Because of the historic use of space - the third floor housed telephone lines - some units feature 16-foot ceilings.  Developers have left original terra cotta ceilings on the second and third floors and the fourth and fifth floors feature exposed concrete ceilings. 

Some of the units slated for completion within the next three weeks still have the original heart-of-pine flooring, some of it one inch thick.  Bao Vuong, PN Hoffman's development manager on the project, said condos feature original exposed brick and some of the original steel columns.

"We've painted them with intumescent paint to try to highlight them," Vuong told DCMud. Painting the steel columns also involved fire-protecting them, not a cheap process.  "It's much cheaper to cover them up, but since they add so much character we have tried to do that," he said.  He said the units would be ready for move-in during the first quarter of next year.

Vastu, a 14th Street a interior design firm and modern furnishing dealer, worked to prepare the model units for the recent open house. "Vastu and PN Hoffman have been fortunate to work together on numerous projects over the years," Jason Claire, co-owner of Vastu, told DCmud. He said the project was also unique in that the condos were built in a historic building, unlike most other condos in the neighborhood, which are predominantly new construction.  "For the models, the look is warm, modern with a nod to a rustic industrial aesthetic picking up on the industrial architecture of the building," Claire said.