Morning Real Estate Fix

Archstone sale leaves CityCenter DC in limbo (Washington Business Journal)  AvalonBay and Equity Residential picked up the pieces from Archstone, but neither has seemed to claim its share of the downtown DC project.

A look at the Trumps' new Old Post Office (Washington Post) New renderings of the DC landmark show a preservation-oriented approach to repurposing the building into a hotel.

New FHA rules may prompt more condos than apartments (New York Times) Recently enacted FHA rules allow government-backed mortgages for mixed-use projects, allowing developers to better sell condos in their multi-family buildings.

Housing construction pulls commercial builders back on track (Costar)  With new home construction strong in both multi-family and single-family, commercial construction is being pulled from its torpor.

Tanger and Peterson break ground at National Harbor (PR Newswire) DC's "premier waterfront resort destination" sees groundbreaking on factory outlets.

Major Renovations Scheduled for Crime-Addled NoMa Neighbor

NoMa may be rapidly becoming a gleaming playground for the city’s young professionals, but some of its lower-income neighbors are about to get an upgrade, too. Tyler House, a 284-unit subsidized apartment building located at the southwest intersection of New York Avenue and North Capitol Street, will soon be undergoing a $25 million top-to-bottom renovation.

“You know the term God’s rehab?” asked owner Israel Roizman, a Philadelphia resident who runs Roizman and Companies, a management and development firm that owns mostly low-income properties on the East Coast. “We’ll be taking everything out from the inside and putting everything in brand new.”

The comprehensive upgrade will include a new building-wide HVAC system, new plumbing, improved elevators, and new kitchens—cabinets, appliances—for residents. To boot, the community center spaces will be improved and the building will include a new computer learning center.

But possibly the most important element, at this point, might be the change in lobby structure. Currently, the building has three towers but only one entrance. To improve security, Roizman will build three separate entrances, one for each tower—and each with its own security desk. “We’re trying to organize better the traffic of the building,” said Roizman. “That creates better overseeing, management, security—you won’t have kids running around all over.”

In this case, the security issue is a crucial one: last month, that corner was the site of an astounding seven shootings that occurred within seven days. “It’s the surrounding area,” claimed Roizman, who’s owned the complex for 17 years. “It didn’t happen in our building.”

Renovation plans have been drawn up by Architectural Alliance, which has offices in Delaware and Pennsylvania, and will be carried out by The Bozzuto Group. Construction should begin in February and will take about 18 months; most of the building’s almost 1,000 residents will remain the building throughout.

As for the complex’s proximity to one of the District’s most up-and-coming neighborhoods, Roizman says he isn’t planning on selling—or upgrading the building to luxury status—anytime soon. “I’ll keep it low-income,” he said. “Why shouldn’t people with less income live in a nice area?”

Washington D.C. real estate development

Morning Real Estate Fix

JBG targets empty grocery for Rockville mixed-use project (Citybizlist) JBG intends to replace the empty Giant grocery store as a complement to Rockville Town Center next door.

Rents to keep rising (National Association of Realtors)  After posting gains of 4.1% this year, rents are expected to go up even more next near, with the NAR predicting 4.6%.

DC tries to lease upper Georgia Ave building, site of failed condo project (Washington Business Journal)  A decrepit building at 6428 Georgia is for lease by the District after it foiled a condo project in order to build a fire station, then left the building sitting vacant since 2006.

Pace of home sales flat in October (National Association of Home Builders)  With lending standards remaining tight, existing home sales showed no new energy last month.

Architects' billings are up for 3rd straight month (Architect Magazine)  The upward numbers show construction in housing remains strong.

10 Questions with Deborah Ratner Salzberg

10 Questions is a weekly feature in which we interview some of the leading District figures in real estate, architecture, development, and planning. This week's subject ... Deborah Ratner Salzberg, President of Forest City Washington, Inc.

For Deborah Ratner Salzberg, real estate runs in the family.  As President of Forest City Washington, Inc., Salzberg oversees the local branch of billion-dollar development giant Forest City Enterprises Inc., the company her family founded in 1920.  A former attorney at the U.S. Department of Justice, Ms. Salzberg also holds leadership positions with many community, arts, and philanthropic organizations, including The Jewish Federation of Greater Washington, the Washington Ballet, and Arts for the Aging.

1. What's a typical day for you?

Wake up and head to the gym. Go into the office. Check emails. Spend the day balancing Forest City Washington work with community/nonprofit activites. Check emails. I generally have a lunch meeting and after work often head to a fundraiser or nonprofit event.  Head home and check emails. Get an advance start on tomorrow’s headlines on my iPad. Go to sleep and start again.


2. What or who is your biggest influence?

My biggest influences are my relatives. I work with my relatives, and they influenced my decision to join Forest City. I was surrounded by strong independent women growing up. My mother, paternal grandmother and three aunts all worked outside of the home. My father has always been my advisor, biggest fan and supporter. To this day I've never given a speech without running by him first. Although, I didn’t run these answers by him!


3. What neighborhood do you live in?

The Edgemoor area of Bethesda.


4. What is your biggest DC pet peeve?

We can’t see stars at night due to the bright lights.  It’s time to convert to directional street light fixtures.




5. What is the #1 most played song on your iPod?

Born to Run….I play it when I’m working out.


6. Favorite DC haunt?

Sterling.  My gym.


7. What's your favorite thing to do on a Sunday afternoon?

Yoga


8. If you could live anywhere in the world, where would it be?

Here, but I wouldn’t mind a second home in NY, SF, Paris or Tel Aviv.


9. If you couldn't be a developer, what would you be?

An international flight attendant. I love to travel.


10. Name one thing most people don't know about you.

I took a semester off from college my sophomore year and moved to Hawaii where I ended up working in security for McInerny Department Store.

Today in Pictures - Wonder Bread Building

One of the few true industrial buildings in DC, the Wonder Bread building in Shaw has long captured would-be architects' and developers' interest.  After the attractive but decrepit building sat vacant for years, Douglas Development put the structure through a nomination to be included in the D.C. Inventory of Historic Sites in August of last year.

With that out of the way, work began on the refurbishing the building in June, and work crews have now gutted the interior, lowering the floor, and making way for more than 50,000 s.f. of space, with 24,000 of retail on 2 levels.  Designed by R2L:Architects, the building's revival is part of Shaw's commercial rebirth, ironically just as the building's namesake declares bankruptcy.  Despite the raw look of the shell, Douglas expects to turn the building over to the first tenant in January. 

Washington D.C. real estate development news

Morning Real Estate Fix

Developers gobbling up Rhode Island Ave. (Washington Post)  With less developable land available downtown, some traditional developers are eyeing - and buying - land near the Rhode Island Avenue metro stop, and farther out.

6 questions for defenders of DC's height limits (Atlantic Cities) Limiting downtown construction has had the effect of making DC one of the most expensive places to live and rent office space in the country, so why does it persist?

A few reasons the commercial real estate market may not rise like NAR thinks (Globe Street)  The NAR's prediction that commercial real estate will improve, albeit modestly, fails to note the fiscal cliff and implications of Dodd-Frank.

DC home price gains are highest in the nation (Washington Business Journal) FHFA statistics show DC area home prices up 15% over this time last year, second only to Arizona.

Groundbreaking on new Reston apartment building (Multihousing News)  Renaissance Centro has broken ground on Parc Reston, a 360 unit apartment building.

NoMa's Trilogy Apartments Open Thursday

NoMa's newest apartments open Thursday as developers and city officials gather for a photo op to inaugurate one of Washington DC's largest apartment buildings.  "Trilogy" - 3 buildings designed by the Preston Partnership and formerly known as NoMa West - will add 603 rental units to the border between NoMa and Eckington at 151 Q Street, NE.

The first of the three buildings - Cirq, Linq, and Esqe - is now open, with the other two opening within the next few months.  Designed by developer Mill Creek Residential Trust to appeal to nearly any taste and architectural preference, each of the three buildings sports several motifs, a "highly differentiated architectural style," say its developers, that will span the centuries, architecturally speaking, with "traditional and contemporary" in Cirq, "warehouse, contemporary and art deco" in Linq, and finishing with the "highly contemporary" Esqe when it completes in March.

The project broke ground in March of 2011, but has been in the works far longer, at least since the team of CSX (as owner) and Fairfield Residential (as developer) plotted a 2006 groundbreaking for the residences.  The torch then passed to Trammell Crow Residential, and finally to the current team, who can finally spike the ball at tomorrow's ceremony.  Mill Creek is also working on an even larger project at the Dunn Loring Metro station.

Washington D.C. real estate development news