Tampilkan postingan dengan label Perseus Realty LLC. Tampilkan semua postingan
Tampilkan postingan dengan label Perseus Realty LLC. Tampilkan semua postingan

Selasa, 02 Oktober 2012

Perseus Building Office Project on 14th Street


1728 14th Street, Image courtesy Bonstra Haresign
The stoic facade of the Granger building at 1728 14th Street will be getting an overhaul, now that developer Perseus Realty has closed on the purchase.  The developer sealed the acquisition of the property - located between R and S Streets - in mid-August, John Clarkson of Perseus told DCMud on Thursday; the DC Property Sales Database shows the building sold for $4.8 million. Perseus and Ogden CAP Properties are partners in the joint venture.  Also on board is Bonstra Haresign Architects, and Andrew Poncher of Streetsense for retail leasing.  The firm is behind a number of other 14th street projects including the AME Zion church renovation and lower-level addition, the Q14 Condominiums building, as well as Studio Theater and The Aston at 14th and R, all within a few blocks down the street.

Current Granger Warehouse Facade, Image Courtesy Bill Bonstra
Plans for the site include the adaptive re-use of the warehouse building, built in 1988, and the new design includes four floors with 28,000 square feet of retail and office space.  Of the many developments slated for 14th Street, this is one of the few office concepts (Furioso's project being the other).  Clarkson, who provided an up-to-date rendering to DCMud on Thursday, said Perseus expects to begin construction on the project in February 2013 with a 12-month construction time.  The Advisory Neighborhood Commission (ANC) 2F wrote a letter in full support of the project, which also received preliminary approval from the DC Historic Preservation Review Board (HPRB) in July.

Like 1728, most of Bonstra Haresign's other 14th Street projects have also been located in the historic district, Bonstra Haresign managing partner Bill Bonstra told DCMud.  "What is really important is understanding the context and what I call the DNA of the site."  The site, 60 feet in width, likely once housed three townhouses, Bonstra said.  "That understanding allowed us to come to terms with the appropriateness of the architecture."

The project also sits in the context of a rich history of commercial buildings on 14th Street, many of them built in the Nineteen-teens and Twenties as automotive showrooms.  Back then, 14th Street was a trolley corridor and a place to window shop. "There was a tradition of retail and commercial buildings and we looked at that tradition as a model."

The design pays homage to the street's architectural tradition with a formal facade with strong center and side doors and a masonry structure, yet also incorporates generous amounts of glass, color, and contemporary planes. Design for the masonry incorporates striping, detail, setbacks, and reveals.  "What we set out to do was respect that tradition of commercial buildings on the street but also make it a building of its time," Bonstra said.  "We believe that the front elevation of this building will be a nice complement to historic buildings, but it will be a part of our time architecturally."

Bonstra said the building will contribute to the true mixed-use history of 14th Street, ultimately providing more of what the street lacks: neighborhood businesses and offices.  The property also includes two historic townhouses north of the Granger warehouse building, but Perseus doesn't have plans to alter them at this time, Clarkson said, though those townhouses might get some interior improvements in the coming year.


Washington D.C. real estate development news

Senin, 10 September 2012

West End Hotel Construction Begins

OTO Development has begun work on the Hilton Garden Inn at 22nd and M Streets, in DC's West End neighborhood.  The project had been on hold for years as a previous team sought to put a fashionable "1 Hotel" on the site, but failed to get the project off the ground.  Turner Construction, the general contractor on the project, began site work last week.

OTO, based in Spartanburg, SC, is one of the three developers partnering to build the West End Hilton, along with newly-formed partnership including Starwood Capital Group and Perseus Realty, LLC, a partnership that brought the financing needed to start constructionShalom Baranes of Georgetown is architectural firm designing the terracotta and brick, 10-story, 237-room hotel, which will feature a second-floor, landscaped courtyard, meeting rooms, a rooftop garden and pool and a green roof.

West End Hilton Garden Inn, Washington, DC
The 15,600 s.f. lot at the corner of 22nd and M has been dormant since 2008 when the site's original developer demolished the Nigerian Embassy to make way for a boutique hotel.  Starwood then planned a luxury hotel but failed to secure financing for the concept.



In 2011, developers sought permission to modify the site plans and instead of a boutique eco-luxury creation, they announced plans for a Hilton Garden Inn (a brand categorized as upscale mid-priced) with 237 rooms, along with Shalom Baranes and OTO Development as a third development partner.  Although neighbors complained about the "fanny pack crowd that would frequent the hotel, the choice proved easier to finance.

The hotel will also feature a ground-floor restaurant and bar with indoor-outdoor seating opening onto the street on the corner of 22nd and M, and is the beginning of Hilton's play into more urban areas.

Washington D.C. real estate development news

Kamis, 09 Agustus 2012

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

Rabu, 18 Juli 2012

West End Hotel Ready to Start Construction


The future Hilton Garden Inn in DC's West End
In a deal that marks a step forward for a hotel project at 22nd and M - on hold for four years - developers are set to close Wednesday on construction financing for the project, OTO Development CEO Corry Oakes told DCMud.

If the deal closes today and construction moves forward in a few weeks as developers expect, deep-rooted weeds on the prominent corner in DC's West End neighborhood may soon be gone, salving neighbors' ire.

"We're very excited about moving this long-awaited project forward and becoming part of the community," Oakes said.  He said contractors would break ground on the Hilton Garden Inn, planned for 2201 M Street, within weeks.

Turner Construction will be the general contractor on the project, Oakes said.  OTO, based in Spartanburg, SC, is one of the three developers partnering to build the West End Hilton Garden Inn, a partnership which also includes Starwood Capital Group and Perseus Realty, LLC.  Also Wednesday, the three partners were due to close on a deal consummating their joint venture agreement.

Shalom Baranes of Georgetown is architectural firm designing the terracotta and brick, 10-story, 237-room hotel, which will feature a second-floor, landscaped courtyard, meeting rooms, a rooftop garden and pool and a green roof, according to a project architect.

The corner of 2nd and M has been an empty lot for years
The 15,600 square-foot lot at the corner of 22nd and M hasn't seen action since 2008 when the site's original development team demolished the Nigerian Embassy to make way for a boutique hotel. Developers later abandoned plans for a Starwood "eco-luxury hotel", billed as a "1 Hotel", when they couldn't secure financing for the structure.  They settled on the Hilton Garden Inn brand instead, but by the time developers applied to revise their permits, many neighbors and West End leaders had already gotten excited about the "1 Hotel" concept.    


"During the zoning hearings, I was not shy about my disappointment that the concept switched from the 1 Hotel to the Hilton Garden Inn, as I felt the West End really didn't need more hotels and at least the 1 Hotel was interesting, both as a destination concept and architecturally," West End ANC2A commissioner Rebecca Coder wrote in an email to DCMud Monday. "However, at this juncture the neighborhood simply wants the corner activated."

Developers abandoned plans for this "eco-luxury" hotel
In the project's beginning, developers included Starwood and Perseus with Oppenheim as the architect.  Original plans for the site called for a 150-room, 23-suite hotel, under the Starwood Capital "global eco-luxury" hotel brand "1 Hotel", featuring an organic day spa among other features built to LEED standards.

Years passed.  The lot sat empty, but D.C. wasn't the only place so-called "eco-luxury" hotels, envisioned to cater to a niche market of über-wealthy lovers of greenness and light, weren't sprouting.  According to HotelChatter.com, Starwood's plans for a 1 Hotel in Seattle were withering too, along with the economy. Starwood started excavations for a 1 Hotel in Seattle, but later re-filled the hole and the lot reverted to a parking lot when it couldn't secure financing for the project, according to the Seattle Times.

Then, sometime between the nadir of the financial crisis and the birth of Occupy Wall Street, developers decided to change course on plans for 22nd and M after Perseus contacted more than 40 lenders, all of whom declined to finance the West End 1 Hotel project.

In 2011, developers sought permission to modify the site plans and instead of a boutique eco-luxury creation, they announced plans for a Hilton Garden Inn (a brand categorized as upscale mid-priced) with 237 rooms.  The new incarnation now included Shalom Baranes as the architect, and OTO Development, a hotel development company based in Spartanburg, South Carolina, as a third development partner.  Changes included a redesign of the exterior façades, an increase in the number of rooms and a three-foot reduction in height to 107 feet, and 53 parking spaces in a valet-operated garage.  There were neighbors who balked.

Plans for the Hilton Garden Inn at 22nd and M, West End, DC
"Some neighbors have already said they fear the new hotel will attract "the fanny-pack crowd" to the West End neighborhood," the neighborhood group West End Friends wrote on their web site last year after an ANC2A meeting when developers presented their new plans.

But if hotel site plan changes sparked West End fears of fanny packs, site developers and project architects maintain there is no need to fret about that.  "This is very much upscale for the Hilton Garden Inn brand," lead project architect Patrick Burkhart said.

Burkhart said the hotel would feature a second-floor, landscaped terrace with outdoor seating areas, and a lobby with a fireplace, monumental staircase, and a water feature with plants cascading from the second-level terrace.  The hotel will also feature a ground-floor restaurant and bar with indoor-outdoor seating opening onto the street on the corner of 22nd and M. Burkhart said the hotel marks a move by the Hilton Garden Inn brand into more urban areas, including D.C. where he said it would be the District's third.

West End Hilton Garden Inn, Washington, DC
With a new hotel, the corner will see more activity in years to come.  Demand is up for hotel rooms in the District.  According to Jan Freitag,  Senior Vice President with STR Global, a hotel industry benchmarking and consulting company based in Hendersonville, TN, data shows 10.5 million rooms were sold in the first five months of this year in the Washington, D.C. market, 1.5 percent more than last year.  "More people are coming to DC."

At least some of those people may soon be destined for 22nd and M.  Lucky for the West End, even fanny packs can be luxurious too.

Kamis, 31 Mei 2012

NoMa Greyhound Station Developers Plan Feature Park

Perseus Realty, LLC and First Potomac Realty Trust are nearing the anniversary of their purchase of the Greyhound Station in NoMa on 1st and L Streets, a site they will develop into a mixed use building.  While developers remain mum on details of the building, one public element of the plan has emerged - developers will give back a portion of the space to create a public park space will split L Street and act as a "gathering place."

Having purchased the development for $46.75 million, according to the Washington Business Journal, they are redeveloping it with assistance from NoMa BID. The station will be turned into a large mixed-use residential and office building, falling between 600,000 to 700,000 s.f., according to BID President Robin-Eve Jasper.  Developers will dedicate 80,000 to 100,000 s.f. on the first two floors for retail. Perhaps more significantly, the property owners will set back their project to allow a widening of L Street - tweaking the L'Enfant grid - to construct a park in the median that will act as a “public gathering place” and include a walkway with a staircase that will lead to the second floor of retail in the new development.

Funding for the project was in the may budget but has been redirected by the City Council, according to Jasper.

The park will create a sort of plaza to hold events such as a farmer’s market and nighttime movie showings, next to the development's rows of newly-created nightlife.

“We disaggregated what a park is conceptually,” Jasper said. “This park is a gathering space, but it isn’t a green space or a recreations pace. We’ve provided those spaces in other places, where they can work better, given how much land there is.” The park will be 60 ft. wide and 150 to 300 ft. long with an event space in the middle.
In order to “have that big plaza in the middle of the street,” Jasper said they asked the developers to voluntarily set back from the street about 25 ft.
But the plaza will also be part of the retail as a staircase will reach up to the second floor of stores, connecting the public space and the stores.

“They’ve got this monumental staircase up into the plaza in the center of their property from this upgraded L street, so it’d be like two contiguous, completely accessible public spaces and would allow them to have two-story retail,” Jasper said.

Jasper thinks this will act as a “community crossroads” that will help pull the NoMa residents and business owners together into a more coherent community.  "You need a public gathering space for a community...We have no public gathering space here in NoMa, and it needs to change. It’s not fair to the neighborhood, and the BID has been nomadic. That’s been successful for a while, but as the neighborhood builds out, it’s harder and harder, almost impossible to find a site now.”


Comparing the area’s development to those of other neighborhoods, Jasper said having the park is key to building an established neighborhood.

“That’s what makes neighborhoods work. If you look at older, more established neighborhoods, that’s something they all have in common,” she said. “So I think this neighborhood deserves the same. There are a lot of residents who have been in this neighborhood for a long time who have not had the benefit of parks. Sometimes people think this is for new people coming to the city, but it’s really not. It’s to help glue the different sides together.”

She originally got the idea of creating a non-traditional park from something she picked up at Harvard business school: looking at a whole through its various functions or “jobs to be done.” Since park includes things like gathering, recreation and fitness, she said it made sense to break up the various jobs if necessary. Hence the small park that acts solely (but she hopes effectively) as a gathering place. 

Washington D.C. real estate development news