Thursday, December 27, 2007

New Survey Added

This weekend we added a new survey to the right of the blog. We have our own opinions about what the purchasing audience was interested in receiving with their condo but wanted to experiment with some new ideas. Please take the opportunity to help by offering us your opinion about what options you would prefer upon purchasing a condo.

Wednesday, December 26, 2007

Grandview Estates Now Selling

This week Grandview Estates came on the market in Southeast DC. The community, perched high on a hill and overlooking the entire skyline of DC, is filled with European design and an awkwardly refreshing exterior. The development consists of 23 row-homes, each of which contain two bi-level condos stacked on top of one another. The homes, pictured above, have been finished unlike any other homes in Southeast DC. They boast a contemporary exterior much like that of 1024 W St NW, an ultra modern end-unit row home designed by Division 1 Architects which is currently listed by Debi Fox of DCRealestate.com for nearly $1.4 million. While I hate to compare the build and design quality of the two, you must admit the striking resemblance between the facades.

Grandview Estates is selling for between $315k and $355k depending on your unit choice being upper or lower. All units feature three bedrooms and two-and-a-half baths. These prices, while extremely competitive, are marginally higher than what I would expect the units to sell for in the current market and while the finishes look superb, we will be listing similarly sized single-floor three bedroom and two bath units for the mid $200's in the vicinity.

We'll see how the sales go....

DC Not Considered a Declining Community

With the national housing market falling with little end in site, I have to say that I am a DC based Realtor. With licenses in DC, MD and VA and with most of my business coming no further out than one county from DC I consider myself fortunate. An article this week regarding the S&P index showed the actual decline of the DC market relatively low compared with the rest of the US. While the actual stats for DC were not mentioned, many believe that within the boundaries of DC itself, prices in early '08 will stabilize and will plateau into '09. Whats more is that even cities adjacent to DC should do rather well. Montgomery County has recently stabilized, Prince Georges has the National Harbor project as well as the strong possibility of the new DC United Stadium & MacFarlane's relocation. Arlington's condo market may not fare as well as single family homes but prices may be considered somewhat isolated among a sea of other markets nationwide that have collapsed.

In addition, MacFarlane purchased 2/3rd of JBG's real estate portfolio in recent months in addition to pledging to develop $10 billion worth of development, Douglas Jemal has 4 projects that should break ground in the first half of 2008. Now, taken the fact that while each of us individually may have our own two-cents, these two men have army's of employees who can conduct the research for them to help increase their wealth, far more than anyone I know can provide. If they are willing to bet their hundreds of millions of dollars on our real estate market, there is likely a very strong basis for their decision.

As an aside, I read a book called All Real Estate is Local by David Lereah. It couldn't paint a more accurate description of the local market, based solely on LOCAL factors on price and economy.

Do you disagree??

Considering Landbanking? Lot Adjacent to DMPED's RFP for Sale


In case you didnt get that, DC's Office of the Deputy Mayor for Planning and Economic Development issued a solicitation for offers via a Request For Proposal for two sites in Deanwood, NE DC. The subject properties are 4427 Hayes St NE and 4808-4826 Nannie Helen Burroughs Ave NE. (Coincidentally I have a 6000 sq ft lot on the market on the 5000 block of Nannie Helen Burroughs for $190K). The RFP solicits for the redevelopment of the lots for "replacement housing for the residents of the Lincoln Heights and Richardson Dwellings neighborhoods." Lincoln Heights is located between Nannie Helen Burroughs and East Capitol and to the west of Division Ave NE and Richardson Dwellings is located at 260 54th St NE, of which the properties are adjacent to one another.

The RFP intends to create opportunities for local residents, create mixed-income neighborhoods, protect and expand affordable housing, decrease crime, engage residents, leverage public resources, and integrate human capital component.

The Landbanking...

This past week a completely separate lot came on the market for $250,000 on the 4800 block of Nannie Helen Burroughs Ave NE, adjacent to the properties up for the RFP. The lot size is over 10,000 and its zoned R2 but has been permitted for car sales. If anyone is considering investing, this may be the lot for you.

Contact me for more information.

Monday, December 17, 2007

Douglas Jemal: Going and Going and Going....

"...becoming Richmond's very own Trump," quoted yesterday from a posting in Urbanplanet.com regarding Douglas Jemal's recent purchases in Richmond, VA. This past week it seems as though the famed Jemal won the highest bid for, increasing his property ownership in Richmond, VA to 26 units. That may not seem like a lot so I thought I would run a tax record search for all properties owned by the local MEGA-MILLIONAIRE. According to the public records, his commercial ownership totals over 1.25 million square feet PLUS an estimated 1.9 million square feet more (the size of the buildings was not listed on the public record but the property description, zoning code and lot size are listed). Upon further research, it seems as though one of this assets may be the Chamber of Commerce building, the United Way building, as well as a 3.3 acre industrial site that seems to have been a bakery that burned down in 2002 (pending confirmation).

It looks like his reign is shall continue on...

Saturday, December 15, 2007

Poplar Point Development Summary's

Archstone Smith / Madison Marquette















Development Program

Office: 1,954,000 Sq Ft
Residential: 2,401,000
--Units: 2,088
Hotel: 255,000 Sq Ft
--Rooms: 425
Retail: 994,000 Sq Ft

Program Highlights
Large-format, big-box retail anchors
Entertainment pier extending into the river
Frederick Douglass memorial amphitheater along river
74 acres of parklands including ponds, wetlands, and open spaces
Community learning center
Youth sports center
Botanical Gardens
Boathouse
Option for MLS soccer stadium/DC UNITED

Clark Realty Capital











Development Program

Office: 1,529,300 Sq Ft
Residential: 3,823,250 Sq Ft
--Units: 3,237
Hotel: 224,000 Sq Ft
--Rooms: 280
Retail: 405,000 Sq Ft
Museum: 250,000 Sq Ft
School: 140,000

Program Highlights
International Environmental Center
National Museum of the Environment
60-acre central park 'The Preserve"
10-acre waterfront park
KIPP Charter School campus
Community Boathouse
Open air market (similar to Eastern Market), retail to include grocery and neighborhood-scale stores (with potential for large format)
Waterfront entertainment district
3-block wide 'Deck' over I-295 to connect site with Old Anacostia
Option for MLS soccer Stadium/DC UNITED

Forest City











Development Program

Office:1,262,010
Residential:4,306,000
--Units:4,084
Hotel: 348,000
--Rooms:600
Retail: 415,600 Sq Ft
Music/Art Venue: 50,000 Sq Ft

Program Highlights
"Fingers" of water-oriented parks / wetlands extend into the development areas to connect development into the river and establish a park without edges or boundaries
Development focused on giving residents, shoppers, workers, and visitors access to park, river, wetlands amentities
Floating amphitheater, riverwalk, community pier, and waterfront terraces
Focus on street-level retail similar to Bethesda Row, Barracks Row, Logan Circle and other neighborhoods
Incorporation of big-box/medium-box retail in later phases

Mid-City Urban / General Growth Properties











Development Program

Office: 250,000 Sq Ft
Residential: 2,654,000 Sq Ft
--Units: 2,486
Hotel: 130,000 Sq Ft
--Rooms: 200
Retail: 467,000 Sq Ft
New UDC Campus: 450,000 Sq Ft
Community Center: 80,000 Sq Ft
Cultural/Memorial: 100,000 Sq Ft

Program Highlights
University of the District of Columbia Extension Campus
Combination of destination, big-box retail anchors and neighborhood shops
Sports and learning complex
Aerial tram across Anacostia River to Ballpark District
70 acres of parklands including riverfront park, central wetlands, highway wetlands, and monument/memorial sites
Waterfront promenade and marina

Friday, December 14, 2007

Wednesday, December 12, 2007

Tuesday, December 11, 2007

O St Market Continues to Public Hearing


Last night I had the honor of attending the Zoning Commission meeting last night at Judiciary Square to see just what was in store for the O st Market and the adjoining Giant Grocer Store. Apparently I wasnt the only one either. The room was surprisingly full, mostly of neighborhood residents and bloggers(?). Thats right, once returning home, the first three bloggers to spread the news were DaddyFiveOh, IMGoph, and OffSeventh.

In a 5-0 vote, the commission voted to allow Roadside Development LLC's proposal to have a public hearing. My understanding was that originally, Roadside proposed a 110 foot structure on the site where the current Giant sits which caused unease with several of the commissioners. However, after proposing a lower structure at 90 feet (?) last night, the commission didn't feel that the new height would be as disruptive to the neighborhood and allowed it to continue to a hearing.

Congrats to all of the area residents who have supported the project since day one.

OffSeventh says the hearing will come in February so I'll keep you updated with the status.

For more about the project click HERE. video
(skip to the 18th minute to review just the Roadside case)

Sunday, December 9, 2007

Update: Harris Teeter at 3rd & M NE

The Bloomingdale (for now) blog added an update regarding the Harris Teeter at 3rd & M Sts NE, upon which I wrote a post. According to IMGoph's update, cited directly from the comments section of his blog, Alan Kimber, ANC Commissioner, 6C05, posted a response to one of his own posts stating "...My *understanding* is that Harris Teeter has made some level of commitment to locate at 1st & M Street NE. It is not clear how firm the commitment is, and my understanding is that a lease has not yet been signed (these things take a while). I do know for a fact that they pulled out of the (non-binding) "commitment" they had to locate at 3rd & H Street NE."

Either way, whether it is Harris Teeter or Ellwood Thompsons that may be replacing the lease as Harris Teeter backed out, the neighborhood is in dire need for a full-service grocer other than what is available at H and 6th (?) NE.

As an aside, I have been speaking with the owner of Ellwood Thompsons, Rick Hood, about their expansion into DC. They are working with a local retail broker and are in great hands. As of our last conversation they were looking at three possible areas, Columbia Heights & DC USA, the location at 3rd & M NE, near Douglas Jemals Uline Skate Arena and possibly upper NW DC.

Saturday, December 8, 2007

Ward 8 On the Rise, Giant Grocery Opens its Doors on Alabama Ave SE

For the first time in 9 years, Ward 8 has a major grocery retailer available to its residents. This arrival, spurred by the availability of a retail location on government land, marks what could be the continuation of the growth and prosperity of Southeast DC. The Giant Supermarket was eagerly welcomed by local residents and local developers, as the improvement will offer nothing but continued opportunity for investment and retailers across the river in Southeast. The previous grocery store, Safeway, closed its doors in 1998.

Friday, December 7, 2007

Curtis Chevrolet Closes to Make Room for New Development

This past Friday, Curtis Chevrolet, located at the intersection of Missouri Ave NW and Georgia Ave NW closed its doors to make room for an upcoming development.

According to the Washington Business Journal:
"Dudley Dworken, owner of the dealership, said details were still being worked out but that he would be a partner in the development." Foulger-Pratt has signed on to fill the position as development partner. The development is expected to house residential units above with street level retail along the scrutinzed Georgia Ave corridor. In upcoming years, Georgia Ave, a part of DC's "Great Streets" initiative, will be completely repaved, replanted and redesigned to create a more warm welcome into our city.

Foulger-Pratt is locally known for their roles at the Metropole, Madrigal Lofts, and 1010 Mass as Glen Construction filed bankruptcy earlier this year. Read more here.

According to the tax record, the lot is zoned c2a and is a quite sizable 145,000 square feet, thats over three acres. This might be a bit presumptuous but I have the feeling we'll be seeing a PUD application sometime in the VERY near future.

Only time will tell.

Demand Up, Supply Stable

According to the U.S. Bureau of Labor Statistics, the DC area added nearly 42,000 jobs to its labor force this past October which makes this month, the 64th consecutive month of increases.

Now, with the housing market here stabilizing and the population drastically increasing, I wouldn't be too sure that home prices will continue their current path. If you watch my post from yesterday, there are specific national housing price segments that I believe will have a bit of trouble for some time. Nationally, stay under $417k and you should be ok. Fortunately, the local market has faired comparatively well despite the sub-prime mess amongst much of the nation but here those $500k+ continue to surprise me.

What women want...

Recently, during several of the condo conversion projects we have been representing, I have taken note that most of the purchasers happen to be women. Why, you ask? Well, after going through an about.com article this morning, there is much more logic behind the mentality of the female mind (not that I cant disagree). Surprisingly, Elizabeth Weintraub, the home purchasing and selling expert for About.com, has been able to eloquently summarize where our local market is and what to focus on if you are considering selling your home to target the majority of the market (THIS MEANS YOU DEVELOPERS).

Based on the stats on the site,
* More than one in five home buyers is a single woman.
* Twice as many unmarried women are buying homes than single men.
* Single women make up more than one-third of the growth in real estate ownership since 1994.

Trends for Single Women Home Buyers

* 3 out of 4 women spend less than $200,000.
* Prefer 2 bedrooms or more.
* Less likely to choose new construction.
* Buy in city over suburban areas.
* Will compromise size & cost to get other amenities.
* Will not compromise on location or quality of neighborhood.
* Prefer condominiums with well run homeowner associations over single family homes.
* Smaller spaces are acceptable.
* Desire security and / or gated access.
* Like to engage in social interaction with neighbors.
* Want close proximity to stores, shopping and fitness centers

Want more?

According to the 2006 Census, Washington, DC has the higest female to male population in the entire country, ranked 51 out of 51. The current ratio is 88 males to every 100 females. Take these statistics into account, target the sale of your home, condo or development towards the tastes of females (I have yet to meet a woman who dislikes a jacuzzi tub) and chances are you home will sell faster.

Thursday, December 6, 2007

Fed Predicted to Lower Rates .5%, NOTHING WILL CHANGE

Interested in the future of Poplar Point? Presentations displayed December 12th.

This coming week, on Wednesday, December 12th, the four remaining Poplar Point development proposals will be presented at Birney Elementary School in at 2501 MLK Jr Ave in SE.

According to the DMPED website,

What: The four short-listed teams of developers that responded to the District’s Request for Expressions of Interest (RFEI) to develop Poplar Point will present their proposed vision for the site to the community. The District is seeking a development partner to transform the approximately 130-acre site along the Anacostia River in Ward 8 into a world-class waterfront neighborhood.

Who:
Mayor Adrian M. Fenty
Chairman Vincent C. Gray, D-At Large (Invited)
Councilmember Marion Barry, D-Ward 8 (Invited)
Councilmember Kwame R. Brown, D-At-Large
Councilmember Yvette Alexander, D-Ward 7 (Invited)
Deputy Mayor Neil O. Albert

Development Teams
Archstone-Smith/Madison Marquette
Clark Realty Capital
Forest City Washington
General Growth Partners, Mid-City Urban, Doracon

When: Wednesday, December 12, 2007 at 6:30 pm

Where: Birney Elementary School
Multipurpose Room
2501 Martin Luther King, Jr. Ave, SE
Washington, DC 20020
Ward 8


****If you dont plan to attend but would still like more information, I will be recording the event and will be posting it on here the day after the meeting for everyone to watch****

Thanks to JDLand.com for the notification.

Wednesday, December 5, 2007

Jesse's back and he is better than ever!!!!

So, after a long awaited new posting I feel refreshed and rejuvenated and I am back, this time for good. Since this past vacation meetings and presentations have been so hectic its been absolutely ridiculous to keep up. Between 6-7 more development projects we should be signing on to the presentations that have been occurring, I havent been able to even consider dedicating the time to continue posting. To all of you avid readers, my sincerest apologies, however I can promise the best is yet to come.

Friday, November 16, 2007

Harris Teeter Coming to a Corner Near You (New York Ave Metro)

Thanks to the Bloomingdale (for now) Blog, we have been informed by the ANC Commissioner, 6C05, Alan Kimber, that Harris Teeter ****MAY**** be headed to 1st & M st NE, in a recently approved PUD named Constitution Square. Currently, however, nothing has been documented in reference to a signed lease. The basis for the new location comes as the grocer backs out of a non-binding commitment they had for another location at 3rd & H st NE.

From DCist...

"Harris Teeter had originally been interested in an approx. 40,000 sq. ft. space at 3rd & H Streets NE owned by Stuart Development, but the grocery store chain has since pulled out of its non-binding agreement with the developer in favor of the New York Ave. Metro location. The PUD for the 3rd and H space was approved in part on the premise that there would be a full-service grocery store in the development, so Stuart Development has apparently been pursuing a variety of grocers, including Trader Joe's, but no company has committed to lease all or part of the space for a grocery store yet."

Harris Teeter in Adams Morgan Schedule to Open March '08

Its official, this week the it was announced that the Harris Teeter at 1631 Kalorama Rd NW will be opening in March of '08.

Refer to Whats one of the most important developments in Adams Morgan right now?

As a result the DC Dept. of Transportation will begin implementation of a new one-way street grid starting in January of 2008 in order to accomodate the ease of new traffic due to the opening of the grocer.

The new configuration will be as follows...
1600 block of Kalorama Road traveling West.
2500 block of 17th St. traveling North.
1600 block of Euclid St. traveling East.

Thursday, November 15, 2007

MacFarlane Never Stood A Chance for Poplar Point

As of last Thursday, the city received seven proposals for Poplar Point, two of which had DC United in mind (see Poplar Point RFEI Draws Seven Proposals).

This morning I had the privilege of attending Marcus & Millichap's annual Investor Symosium where, surprisingly, both the Deputy Mayor for Planning and Economic Development, Neil Albert, and a Principal for MacFarlane Partners, Bradford Dockser, were panelists, and I had the opportunity to ask, first hand, what the future held for the team and why the team did not submit a bid for Poplar Point. Originally I thought it was the pride of MacFarlane in response to the actions that were taken by Fenty against the team, however Brad's response to me was actually much clearer than originally thought. The simple fact was that in order to submit a bid, you must be a developer. MacFarlane Partners is not (however, JBG is, and MacFarlane just acquired 50% of JBG's portfolio. The acquisition could have provided a substantial option for the team but wasn't utilized).

Additionally, after meeting with Brad, I approached Neil and posed the same question about the site regarding the proposals that were submitted. His response was that they are reviewing four of the seven in serious consideration for the project and that two of the four did incorporate DC United as the main attraction for the site.

Only time will tell where DC United chooses as their new site. In my opinion, DC Government would be ridiculous not to choose to incorporate the team at the new site, risking not only losing a main attraction to the city but upwards of hundreds of million dollars in tax revenue from the ticket sales of the team itself.

Wednesday, November 14, 2007

Another Condominium Goes Rental

Donatelli Development already has seven retailers signed up for their retail spaces on the ground level. Unfortunately, thats about all of the success their recent development has had. Their newest building, Highland Park building in Columbia Heights at 14th & Irving, "features 229 luxury residential units, [222] underground parking spaces, a beautifully landscaped rooftop with panoramic city views," and was being represented for sales by Domus Realty.

Sadly, this project is the first of Donatelli's that has had to undergo the change back into rentals as they need to generate income to subsidize their loans. Their past projects, the Ellington on U St NW and Kenyon Square just across from Highland Park.

The retailers include:
Potbelly Sandwich Works
Five Guys Burgers
Fries and Pete's Apizza
CommonWealth, a British Pub
Zinnia, a Caribbean restaurant
Signal Financial Federal Credit Unio
Boundless Yoga

Tuesday, November 13, 2007

Metro Sells Land at Takoma Metro

This past week WMATA agreed to the sale of a 6.8 acre parcel at the Takoma Park Metro stop to famed developer EYA. While the project plans that EYA must be approved by both the Federal Transit Administration and the District’s Office of Planning, EYA's history of successful planning and development should prove them worthy to continue. Their plans include 85 townhouses, each with two-car garages. Under Federal Law, Metro is allowed to sell their surplus land only if the buyer's development will increase ridership and therefore income for the system.

While some local residents felt that the sale and future development will only increase traffic congestion and endanger residents who walk to the metro, others felt that the sale should improve the neighborhood and local businesses.

EYA's current, future and past projects include
Hyattsville Arts District (Current)
Centerpointe (Current)
National Park Seminary (Current)
The Brownstones at Park Potomac (Current)
Harrison Square (Past)
Capitol Square (Past)
McMillian Reservoir Development (Future)

Monday, November 12, 2007

DC's Circulator Bus Route to be Expanded

As development across the city brings resident density fluctuations of owners to new parts of the city, accommodations must begin to be made...DC is doing a fine job of adjusting. Between the addition of the Purple Line connecting Bethesda and Silver Spring (I know they are in Maryland) to the addition of the two new trolley routes in Anacostia and H St, it would seem as though most of the transitioning areas are covered. However in light of recent development projects such as the new stadium site in Capitol Hill and the Washington Convention Center, additional accommodations are in the works.

Today, WMATA announced the addition of two new Circulator lines in the city. The new routes will connect Union Station to the new Stadium site in Southeast and the Washington Convention Center to Adams Morgan. The city emphasizes that the new routes should aid the developing areas revitalize more rapidly.

They are expected to begin their new routes in Q3 of 2008.

Forget EVERYTHING I Just Wrote

The Washington Business Journal contradicts everything I just said. According to their recent report, prices this October in the immediate DC area are UP when compared to the same period of time in October, 2006.

The largest jump in prices were most notably increased in Arlington and Alexandria...cities known locally to predict the future of the DC area. Well, how can this be? In the previous blog post CNN Money predicts home prices to fall 25%, Moody's predicts prices to fall 12-14% and I expect increased losses through the end of March, 2008. WBJ's report proves us wrong. According to the article,

"The average selling price for a house in D.C. rose nearly 6 percent to $499,526 as compared with the city's prices in October 2006. Alexandria prices increased 6 percent to $490,476 and those in Arlington jumped 7 percent to $556,517. In Montgomery County, homes cost on average $317,221, up 2 percent from last year."

I don't understand it very much either...

AAAAHHHH!! When Will it End? Prices Expected to Fall 25.1%


This morning while flipping through my RSS feeder I came across a disturbing prediction from CNN Money. Actually, disturbing doesn't even begin to describe the reaction from their analysis for the price decline in the DC Market. According to a November 11th article titled "25 Real Estate Markets Poised to Fall," DC ranks number 10 out of 25. The majority (80%) of the other markets consist of California and Florida.

Now the news...
CNN Money expects DC area prices to decline another 25.1% over the next five years with the home price/rent ratios currently at 26 when they average in the 16 range. Their disclaimer under the article states: "Note: People typically won't spend more in monthly costs to own a home than they would to rent. While prices soar from time to time, sending the ratio to exceptional heights, the relationship eventually should return to its historical average."

While this may be some of the most shocking and quite ridiculous news I have heard in a while, one cannot help but to call it a complete overestimate for falling prices. In a recent Moody's study I read commissioned by Countrywide Home Loans, they predict prices will fall until quarter 2 of 2008 and bottom off, and losses may sum up to another 12-14% from this past July.

The big picture...

While I do believe that prices are a bit overinflated, there is a bit of skepticism as to how much further prices may fall. During the next 12 months...
-17,000+ soldiers are returning to Ft Belvoir from overseas
-50,000+ additional jobs will be coming to the DC area, mostly governement
-the US government will have a complete turnover of positions

This may not seem like much when compared to the area, but when compared to the population of DC, currently at 581,000+, a 9%+ increase in job growth will have a significant affect on the local market. I do realize that many if not most of those who will be employed will not live in the District, but even 20% of those new employees living within the city limits will have a significant effect on the market.

Sunday, November 11, 2007

Poplar Point RFEI Draws Seven Proposals

As many have been following the recent stories regarding the fate of one of DC's last 100+ acre sites, Poplar Point may not turn out the way many had originally thought. For three years now the owner of DC United, Victor MacFarlane, and city officials have been negotiating the price the owner would have to contribute to develop the site DC United's new stadium. At least until Fenty. Months ago, when Fenty and MacFarlane were unable to come to common terms as to the cash input MacFarlane would need to contribute to develop the site, Fenty publicly announced his intent to allow other developers the opportunity to submit their proposals for what they would do with the prime piece of property. As of this past week we have seven interested parties. According to the Washington Business Journal, those parties are:

  • Archstone-Smith, one of the developers of the old convention center site, and D.C.-based Madison Marquette
  • Clark Realty Capital, based in Arlington, which has done mixed-use developments at Fort Totten and the Vienna Metro station
  • Forrest City Enterprises, based in Cleveland, developer of the Yards in D.C. and other property around the Washington Nationals ballpark
  • A three-member team formed by General Growth of Chicago, Mid-City Urban LLC of Silver Spring and Doracon Contracting of Baltimore
  • City Interests
  • Urban-City Ventures LLC
  • Capital Area Regional Center Jobs Fund
As you can see, MacFarlane is not on the list. Now, council member (and former mayor) Marion Barry, wants his voice heard. He feels that the cities long-term negotiations with the team should continue and the new site would be ideal not only for the team but for the economy of Anacostia.

As a result of the RFEI, MacFarlane met with the comptrollers from both Virginia and Maryland in an attempt to find a more suitable site outside the city. No information has risen as to whether or not his plans to leave will continue.

A Bit Shocking at Best! 2110 11th St NW; The Beauregard

Thanks to JustNewListings.com, we have some insight on to a former Ken Taylor Real Estate development and the disappointment of one buyer. According to one reader of the blog, the recent purchaser settled on a unit at the breathtaking Beauregard Condos at 2110 11th St NW. They described their experience with Robertson Development...
" I am in need of a DC Real Estate Attorney not a settlement agent. My client purchase new construction 7-8 weeks ago and everything you can possibly think of have happened since they moved in. The unit has flooded twice because they forgot to connect the pipes in the walls in the utility room and to the washing machine, the living room ceiling is leaking even though the unit above is vacant, for 2 weeks they could not park in the space they paid, a contractor was at the unit to repair something and scratched the granite, there is a bad odor coming out of the pipes in the bath room etc……. I understand that there are a number of the units with the same flooding “pipes” problems."

The blog post goes into three more unsatisfied owners.

What makes this situation marginally laughable is the fact that when my broker, Ken Taylor, withdrew the listing contract, their representation only became worse...and they have only reduced their $500k+ prices by $2500 despite the market change.

Good luck with those sales.

Wednesday, November 7, 2007

Radio-One Profits Fall 40%



In an article released by the Washington Business Journal, Cathy Hughes, owner of the Radio One empire of 50+ radio stations may have already seen its best days.

The cause? An ever increasingly competitive listening audience may just not be tuning that dial to radio anymore, or as they put it "a challenging radio industry environment." I for one haven't listened to the radio in years. Between the music hard drive I have in my car to streaming music from Pandora or Musicovery to my laptop and bluetoothing it to the car, radio may just be a medium of the past.

Who cares!

Well, Cathy Hughes already signed a lease for Broadcast Center One at 7th & S Sts NW, that half-acre former Wonder Bread factory thats about to break ground next year. With profits down nearly 40% in one quarter, who knows what the future may hold for the lease-holder of Douglas Jemals property.

Is H St the next U St? You better believe it.

As many of you seen the articles about development on H St NE, this hot-spot of development shows more promise than most of the entertainment and shopping strips anywhere else in the city...with the exception of a few.

According to a Bisnow.com article, H St will prosper in more ways than one can imagine...
1-proximity to Union Station/Amtrak
2-proximity to Metro Rail
3-dense retail and shopping
4-upcoming trolley line in 2009
5-DEVELOPMENT (Landmark Lofts & Senate Square - Rentals)
6-DDOT "Great Streets" initiative will invest $30 Million in improvements
7-height restriction limits
8-property value

On top of what going on at H St, with in several blocks are some of the cities largest developments, including Douglas Jemal's Uline Skate Arena at 3rd & M St NE, the Marriot Hotel at New York and Florida Ave, the ATF Building, & Akridge's proposed condos at Union Station.

This is one place I would keep my eye on over the next two years.

6 Hours Left to Bid


Monday, a house began being auctioned off by Bid4Assets.com, which was seized several years ago by the U.S. Marshals for drug trafficking.

According to the Examiner, "As of Monday afternoon, there had been one bid of $235,300 placed on the three-bedroom, 1 1/2 bathroom row house located at 714 Madison St. NW. The D.C. Office of Tax and Revenue values the property at more than $460,000. Similar homes in the neighborhood have sold for as much as $520,000 in the last few months."

I would price the home a bit closer to the $380k range...so if this bidder wins at $235k (which is still the highest and only bid), the purchaser may walk away with a nice check.

The auction ends today at 2 PM.

The Rumors are TRUE


While driving down H St NE yesterday coming from Benning Rd towards Union Station I looked up to the right...to the recent development named Senate Square, but the sign I saw was not the same sign seen flying high last week. This new sign said "APARTMENTS!" What? Thats right, Senate Square Condos has gone Luxury Rental. Take a look.

And now the Senate Square site is SenateSquareTowers.com, advertising their luxury rentals. I wonder what happened to the buyers that already settled?

Wednesday, October 31, 2007

O St Market May Have a Hiccup

Thanks to the ANC2C02 RSS feed, it was noted that at the last meeting, Roadside Developments initial plans to build to a height of 110' may not be as promising as it once was. At the recent meeting, the Zoning commission seemed a objectionable to the variance submitted by the developer to go to the increased height under their PUD, or planned unit development. According to the article, "Commissioners Jeffries, Parson, Chairman Mitten, Vice Chairman Hood and Commissioner Turnbull stated that 110ft seemed to be too disproportionate and "not tailored to the neighborhood."

Mortgage Applications Surged in October

In October alone, mortgage companies saw a 3.8% in applications over September, they say mostly cause by refinances. I think there is more to it than just refinances. With the fiscal year coming close to its end and prices down 7% nationwide, some of those hesitant buyers might be coming out of the wood-work, looking for their all time low price before the upcoming spring fever hits. With recent PR stating nothing but positive figures for our economy, the Fed rate cut today, and the possibility of reestablishing subprime mortgages with stated income loans, next year might just be better than everyone thinks.

More HERE

Fed Cuts Rate to 4.5%

Today, to keep the economy booming the Fed cut the rate to 4.5%, a cut that economists say will be the last of the reductions for quite some time.

More HERE.

Just What in the Heck is Going On?

Someone Please Help Jusitfy What is Going On!!!!!

For the past 8 months now we all know just what has been going on with the real estate market. Despite many of our initial thought a bubble did burst (though not as badly as many thought). However, over the past few days I have noticed what seem to be shocking and somewhat controversial articles about the U.S. Economy.

Yesterday
S&P announces DC is one of 10 worst hit cities for real estate pricing
Mortgage Apps climb 17% for the month of October
Oil prices at $93 a barrel
NACA and Countrywide team up
Housing permits down

Today
106,000 jobs created in October
Fed to lower rate again
GDP is Up
Fed sees tame inflation

So, readers out there, what are your thoughts about the economy and our local housing market?

From Washington Convention Center to Washington Convention Center


This week the Washington Convention Center officially took on its new name. From this point forward it will now be called the Washington Convention Center. Well not entirely. On Monday the Washington Convention Center became the Walter E. Washington Convention Center in honor of D.C.'s first elected Mayor, Walter E. Washington.

As an aside, according to the Washington Business Journal:

"The convention center, which has 703,000 square feet of exhibit space and 150,000 square feet of meeting space, is facing increasing competition with the impending arrival of Gaylord Entertainment Co.'s convention complex at the National Harbor in Prince George's County. Gaylord will offer associations and meeting planners 400,000 hotel rooms and 470,000 square feet of meeting space on an isolated complex, a move that has D.C. tourism officials worried."

Tuesday, October 30, 2007

Ferry Trial between PG and DC a Success


Yesterday an announcement between Kettler and MetroMarine Holdings may mark the beginning of DC area water travel. The two companies successfully ran the "Potomoc River Express" ferry service between Quantico, VA and the Navy Yard in DC. The trial came as the beginning of a new market as local companies will compete for river access during the riverfront development boom in upcoming years.
Kettler, one of DC's largest real estate companies, and MetroMarine Holdings, based out of Alexandria who designs public-private ferry partnerships, have been working together for years to alleviate the increase in local land-based transportation. With the success of recent real estate developments and more on the way, their vision is becoming a reality.
Local governments are in support of the ferry service as well. The Prince William County Board of Supervisors said, "This passenger service on the Potomac River has been a vision since the late 90's. If anyone can make this a reality, it's Kettler."
In order for the trial to occur, the companies shipped down a ferry from a Boston service line that operates daily between Boston, MA and Providence, RI. The MS Provincetown III was chartered for the trial. It is a 100-foot, 149 passenger ferry most similar to what is expected to be making the run's locally. The trial run took 55 minutes to complete.

No date has been set for an official ferry line.

More:
Yahoo
Business Journal
PR-Inside

Takoma Park - Am Immigrant Sanctuary

Unlike many of the local cities in surrounding areas, Takoma Park remains firm on their immigration policies: "Welcome." This past week the Town Council voted once again to maintain their "sanctuary" status for illegal immigrants. Not only does this vote maintain their laws against enforcing federal immigration policies but illegals are also allowed to vote in local elections.

Friday, October 26, 2007

Developer Gets 60 Days in Jail Plus $35,000 in Fines


Thanks to Mari of InShaw.com we found a report of a local developer has been sentenced to two consecutive 30 day sentences for "one count of False Statements in a Condominium Registration Application and one count of Failure to Post a Bond or Letter of Credit for 45 R Street NW."

The developer of the aforementioned row home is not only the owner but related to a local real estate agent with Fairfax Realty out of Falls Church, VA. Mudasir Khan's conversion took place in 2005-2006 and was converted into a two unit building, the top unit selling for $499k and the bottom for $411k in April and March of 2006, respectively. Thank god DCRA requires a two year letter of credit for situations such as this but I cannot say what a shame it is that the owners have to deal with the problems now.

I ran a search on the MLS for every property that Amir Khan, the relative/agent has conducted a listing on and there four more conversions for which he was the listing agent for the whole building as well as over five to ten single family homes where it states on MLS that the agent is related to the owner. (You fill in the pieces here)

The condo building addresses are:
2721 13th St NW
1621 E Se NE
1637 A St NE
611 Quincy St NW

If you or anyone else you know lives at or near these buildings I would have them check their bond documentation in their condo docs. If you don't know what to look for, email me.

Investors, Developers - Reduce Construction Costs by 37%

Sound too good to be true?

Think again!

This past Wednesday several clients of mine and I headed to Berwick, PA to the Deluxe Home factory to take a look at what could very well be the future of condo conversion construction. As the real estate market has taken a beating from not only the media but from consumers as well the only logical outcome could be a significant drop in prices and as a result lower margins for developers. Several weeks ago one of my clients Stuart Kushner, developer of Maricor Gardens Condominiums, came to me with an idea. How about modular multi-family housing? At the time I hadnt given it much thought, blowing off modular as housing for the past generations.

After much research we came across a manufacturer who was approved by DC for construction, Deluxe Homes, whom we approached to gain insight into the world of off site construction and I must say I could not have been more wrong in my initial impressions. After a long three hour drive we arrived at a small Detroit-like town where it didnt seem like there was much to do besides hunt or fish (neither of which I do). As we walked into the factory site there were pieces of homes laying everywhere, plastic covered sections lying on what seems to be a 50+ acre site with hundreds of huge boxes. Still skeptical, we followed Bill Nash, a rep for Deluxe inside the factory and he showed us how the units are built, the quality of construction and the ease at which homes, condo buildings and commercial buildings can be constructed in up to 12 by 64 foot sections, trucked to the site and stacked like Legos using a crane. The quality far surpassed my every expectation. Bathrooms looked like they were custom built, walls looked perfect, floors, kitchens and wiring looked as if it had been installed by master craftsmen. But that wasnt the best part...we were shocked when he told us what they cost vs. conventional stick-built construction...nearly 37% off.

In running analysis for developers such as Kushner, the typical magic number for construction seems to be $165 per square foot but these modulars, installed and finished were estimated at an astonishing $105 per square foot, nearly 37% off of the largest cost for any developer. Talk about a savings.

To help understand what a savings that is, lets take a 20,000 square foot building anywhere in DC, zoned R5A.
Assuming the lot is buildable we would be able to build
8,000 sq ft footprint (40% lot occupancy = 20,00 *40% )
18,000 sq ft building (0.9 FAR = 20,000*0.9) + Cellar @ footprint size
=Total Construction of 26,000 square feet

Conventional Construction
26,000 * $165 = $4,290,000

Modular Construction
26,000 * $105 = $2,730,000

Thats a total savings (increase in profit) of over $1.5 million on the exact same building. Now, in a market where prices have come down over 5% and to sell quickly, reductions must be made on the initial listing coming close to nearly 10%, thats could quite possibly be an increase in profitability close to 20% (after all additional cost) over conventional construction and sales.

For one example of a finished building using modular construction, there is a building at 12th & K NE.

What are your thoughts on modular housing in DC?

Tuesday, October 23, 2007

Now You've Done it Macy

This past week Macy Development caused themselves to face a $15,000 dollar fine for cutting down a 65-foot tall oak tree in Southeast DC, the largest fine offered by the city.

While I may not have much cause in publishing this information, I attribute this post to my client whom I'll call the 'Soul' and has had more difficulty with Macy than anyone should have to go through with a developer after purchasing a unit.

We support you 'Soul.'

More on Macy Development

Macy Development, What did you do???

Oh Macy...

Macy, Macy, Macy, Oh Why Have You Done This Macy Development?

Surprise: DC SFH Volume Sales Down, Prices Up

Yesterday a fellow blogger, Keith of DCHousingPrices.com, released his monthly analysis of the local real estate market. After what seems to be an extremely thorough report some surprising results seem to have arisen out of his data. From what I understand, while the DC market volume is down nearly 10% this year when compared to 2006, average single family home prices are up over 11% for the year (as compared to condos which are down 1.5% for the same period.

Surprised?

Me too.

Residents in Anacostia Plead with Mayor Over Controversial Poplar Point

As I returned from my weekend in New York this morning and opened up my feeds, I couldn't help but see an overwhelming amount of sources repeating the same thing..."Fenty, Keep DC United in DC." As you may have read in last weeks post, MacFarlane, the owner of DC United, is now considering taking his team (and the tax revenue generated by the team) outside of District boarders in response to Fenty's RFEI for Poplar Point. As a result, not only have DC officials responded by promising to find MacFarlane's team another site in DC but a second coalition of Anacostia are publicly pleading for Fenty to revert back to the original plan to bring DC United to the 110 acre site. Their plead comes with the emphasis on MacFarlane's involvement with the community and the immediate areas overall economic growth.

As quoted from a Washington Post article:

"D.C. United has been in the community for quite a while now working with the community," said Sandra Seegars, an advisory neighborhood commissioner in Ward 8. "The new mayor comes in and takes us back to step one. We don't need to start over again."

Under MacFarlane's plan, total development would reach 8.5 million square feet -- twice the amount of space envisioned by the Anacostia Waterfront Corp. MacFarlane offered to pay for the stadium, expected to cost from $150 million to $200 million, if the city would contribute $350 million in infrastructure for the development project."

Thursday, October 18, 2007

NEW FEATURE

Now you can search local developments via Google Maps, the new link is to the right. [More Developments Added Daily]



View Larger Map

Broadcast Center One Begins


This past week DC approved the application for Broadcast Center One, located at the intersection of 7th & S streets NW, just around the corner from the historic Howard Theater.


Douglas Jemal, the famed developer known for transforming this city, is the owner of the site for Broadcast Center One. The site, which was purchased for over $21 Million several years ago, is currently the vacant Wonderbread Factory and an eye soar.

The lot itself is just larger than half an acre but the development will be going through a Planned Unit Development (PUD) process to allow for increased density and possibly height than the current zoning allows.


According to the National Capital Revitalization Corporation (NCRC) the new development will have 21,000 square feet of retail space with 202 residential units, over 76,000 square feet of commercial space, and 250 underground parking spaces. In addition, the city is requiring a portion of the retail and residential to be affordable.

As per the NCRC, the development must have 10 percent affordable retail and 25 percent affordable housing. This housing must be five percent lower than the recently imposed 30 percent requirement imposed by DC Mayor Fenty several months ago.

The proposed expected completion was 2010 based on breaking ground earlier this year so I would expect the closeout closer to 2011. Radio One, under the guidance of founder Cathy Hughes, has already signed a letter of intent to occupy the new development. Hughes was noted for mentioning her long awaited return to the roots of her company in DC and Broadcast Center One should provide the perfect place for her to do so.

With the revitalization of Shaw and the development at the McMillan Reservoir, the area will be a completely different neighborhood within three years. It’s going to be absolutely amazing.

Wednesday, October 17, 2007

Housing: The magic number is 417.

This morning I came across an article basically saying that if you are looking to sell your home, it could take until 2009 to find the right buyer at the right price. The statement came from Doug Duncan, chief economist for the Mortgage Bankers Association (MBA), who expects prices to fall another 2-4 percent next year and a 22 percent drop in new home sales and a 12 percent drop in existing home sales.

While the article came mostly of deepening worries about the housing market, the final paragraph shocked me...it reads

"There's one group of home buyers, home sellers and loan originators who will have an easier time of it than everyone else: those dealing with "anything that's conventional and conforming," Duncan said. In other words, 30-year fixed rate mortgages for borrowers with good credit under the "jumbo" cutoff of $417,000."

From CNN Money

Maryland Welcomes DC United

Less than a week after MacFarlane originally announced his intentions for seeking a new home for DC United outside the boundaries of D.C. the Maryland Comptroller responds by welcoming MacFarlane's initiative and aiding however possible.

Just yesterday DC United owner Victor MacFarlane and team president Kevin Payne met with MD comptroller Peter Franchot expressing one anothers interests. The meeting comes amongst the severing of ties between Mayor Fenty representing Poplar Point and the owner over. The disagreement began when Fenty required MacFarlane to contribute $200 million to the Poplar Point development but MacFarlane was unwilling to offer more than $150 million...hardly a difference worth noting in the scheme of both the multi-billion dollar project nor the net worth of the billionaire. Since the dispute, Fenty published a request for expressions of interest (RFEI) from global developers with experience in waterfront development. The proposals are due this Friday, October 19th.

In spite of the meeting with the MD Comptroller, DC officials promptly responded by publicly stating their intentions to find a new home for the team within the limits of the city, a feat hardly worth believing...that is unless they can find 13 contiguous acres needed for the stadium site (or call on Douglas Jemal who to my research may be the single largest private landholder in the city).

MacFarlane has not responded to the cities efforts nor his intention to stay in the city.

Monday, October 15, 2007

PN Hoffman Named Fourth Fastest Growing Company in Metro Region


According to this weeks Washington Business Journal, PN Hoffman was named the fourth fastest growing company in the area between 2004-2006. According to the Journal, PN Hoffman saw 175% growth over the time period and nearly quintupled their revenue, from just under $10 Million in 2004 to just under $50 Million this past year.

"One Day, Washingtonians will be able to stroll along the sidewalks of the Southwest waterfront in D.C. and grab a bite to eat or window shop. And PN Hoffman Inc. is one of a handful of companies that hopes to turn that vision into a reality.
The developer of upscale condominium residences and mixed-use properties in the Washington area is one of two companies chosen to develop the Southwest waterfront, an $800 million mixed-use development near the new Washington Nationals stadium. PN Hoffman and Struever Bros. are planning for hundreds of economically and socially integrated housing units, a cultural component focused on education and maritime history, a hotel, a gourmet grocery store, casual and upscale dining, parks, open space and a promenade. Construction is expected to start in 2009 and to be completed in 2016.
PN Hoffman has been developing mixed-use projects in the Washington area since its launch in 1993."

Sunday, October 14, 2007

Discovery Channel: 'Build It Bigger' to Feature the New Nationals Stadium Oct 17th

Do you have a TV? I don't, but this Wednesday night, October 17th, 2007 at 8 PM on the Discovery Channel, Danny Forster will be featuring our new Nationals Stadium and the duration of construction.

Series Description:
"In Washington, DC, 800 workers attempt to design and build a $650 million baseball stadium in less than two years. Danny Forster finds out if they can finish the 41,000-seat Nationals stadium, complete with the largest scoreboard in the US, on schedule."

Show Schedule

Poplar Point Coalition Created Saturday as Opposition to Fenty Grows


Ward 8 Council members Marion Barry and Yvette Alexander announced the creation of the Poplar Point Coalition yesterday, just days before the RFEI's are due from developers for the development of the 130 acre site known as Poplar Point. The announcement comes as tension has been building between the DC United owner, Victor MacFarlane, former DC Mayor Marion Barry, and with not only the city government but most notably with Mayor Fenty. Several months ago a disagreement between Fenty and MacFarlane led the mayor to announce the opening for bidding from developers for the site despite years of negotiations between MacFarlane, Barry and Fenty.

Now MacFarlane has taken the opposition to another level by announcing his intent to begin looking for possible stadium sites outside the city boundaries, an act that is nothing short of explicit defiance. It seems as though the creation of the coalition yesterday comes just days short of the deadline for RFEI proposals (Oct 19th) and MacFarlane's new site search, possibly to hasten the parting of ways for MacFarlane and DC.

Saturday, October 13, 2007

Monument Realty Sues WMATA for $100 Million

This past week Monument Realty filed a lawsuit against WMATA for $100 Million for the 2.2 acre site they expected to be purchasing but was instead contracted for sale to Akridge Development for $69 Million. Monument Realty was the selected developer for the Half-Street project at Half & M in Southeast DC at the site of the new Nationals Ballpark. The sale came as a shock as the Anacostia Waterfront Corp named Monument the official developer of the surrounding area and was under the impression the Southeastern Bus Garage would be included in the contracted developments for the area. What seems more surprising is the fact that Monument submitted a $60 million offer with an escalation clause stating it would increase its bid $250,000 above any higher bidders but still lost the sale to Akridge.

So far the city has not taken any action to settle the case.

Thanks to JDLand.com for the photos.

Thursday, October 11, 2007

Whole Foods May Open in Penn Quarter

According to Shawington, of the Life in Mount Vernon Square Blog:

"Support our neighbors to the south & SIGN THE PETITION TO BRING WHOLE FOODS TO PENN QUARTER. Douglas Development has recently purchased the space at 7th & E originally slated to become a Balduccis back in the day. The Dowtown Neighborhood Association has been working to attract another grocer since that deal fell thru. As announced at the last DNA meeting, DD is reportedly trying to work out a deal with Whole Foods now and the neighborhood is demonstrating the demand for a grocer by this petition. So if you live near, work in, or shop in Penn Quarter, take a moment and fill it out!"

Also see DCist Artice Whole Foods in Talks for Gallery Place Space

This entry by Whole Foods marks the second possible entry into Penn Quarter by a grocery store. The first was a Safeway at 1010 Mass Ave.

Buyers Get Ready! DC September Sales Down 42% in '07 vs '06

So whats going on with the market? As the market has taken a turn downward in recent years it has taken cities like DC and New York almost 8 months to feel the same pain many other areas of the country have been feeling in recent months. Well, its finally here. Recently the Greater Capital Association of Realtors released the reports of September and the numbers are not looking to good for sellers. According to the GCAAR DC condo sales volume is down 29 percent this September when compared to last September (286 units vs 204 units) and single family home sales are down 42 percent (304 units vs 176 units). GCAAR STATISTICS

What does this mean?

It means that DC may undergo a bit of a price reduction for those in need to sell over this winter, at least in my opinion until the third month in 2008. We have been noticing corrective measures and unusual incentives offered by buyers but its time to take everything to the next level for the interim. Possibly upwards to 5 percent for the time being, and NOT after the property is on the market for a month and you consider a reduction...the discount MUST be accounted for upon initial listing of the property, when traffic is expected to be highest during the first three weeks of exposure. Reductions coming after the initial listing are only going to cause future buyers to add additional discounts. Cutting the price from day one will cause significantly increased market interest.

Not to worry....

My expectation is that we will have a much more *stable* spring market, back to the normal ebb and flow of market trending rather than the "binge and purge" effect that is taking place now. Sales will remain consistent throughout next spring, summer, and fall and interest rates will remain at historic lows. Additionally, with the upcoming (and hopeful) turnover in the government, our local market will undergo a home selling and purchasing trend unseen anywhere else in the country adding to the stability of our market. In addition, local job growth forecasts upwards of 50,000 jobs over the next year, all of whom will need a place to live, stay and settle so while for the time being the market has hastened, the long term success of this city is inevitable.

MacFarlane & Payne Stand Up to Fenty: Poplar Point or No DC

Just yesterday Victor MacFarlane, owner of DC United, and team President Kevin Payne finally took a stand against recent rival Mayor Fenty. According to a press release, MacFarlane and Payne have officially announced their intent to take DC United's stadium outside of the DC line if Poplar Point negotiations are not reinstated, thereby requesting 13 acres of the 130 acre site for the stadium and a negotiated lease for RFK Stadium. This release marks the first opposition to Fenty's recent [request for expressions of interest] for the site since Marion Barry was noted stating that he would in no way support anything but DC United. The RFEI originally intended to create competition among global developers with interest. The RFEI's are due October 19th, 2007.
According to the Examiner, MacFarlane and Payne wrote“However, given the uncertainty around the [request for expressions of interest], the unhurried pace of the negotiations with the federal government on the land transfer, and the fact that our current situation is not financially feasible, we have begun discussions with surrounding jurisdictions about alternative stadium sites."

For a background on the site see:
I stand corrected, DC puts out RFEI on Poplar Point
Barry Shuns Fenty in Rejection for Poplar Point Bid by MacFarlane

Thursday, October 4, 2007

DC's New "Hip-ness" Gives NYC a Run for its Money (NYT article)

Capital Gains

O St Market Update


As many of you have passed by and seen the 1881 Market Building at the corner of O and 7th Streets NW, there may finally be movement for the development of the building. The most impressive news is that the building may soon be housing the cities largest Giant Grocery store anywhere in the city! At the recent ANC2C02 meeting, this past month, Roadside Development presented their latest illustrations for the behemoth $250 Million dollar project.

Roadside Development is known for many of their incredibly popular developments such as the Cityline at Tenley (the Best Buy Building), and Potomac Town Center. This upcoming development should be their most impressive yet. Their proposed plans include the 65,000 sq ft Giant, 600 rental & condominium units and a 180 room hotel. Given that the project is "proposed" they will be applying for a PUD, requesting for the city to allow them for the mixed use development, and I believe they will get it due to the fact that the lot is 4 acres big. Someone please correct this statement if it is wrong but it is to my understanding that if you have a single conjoined lot of 2.5 acres or more, the city will significantly favor the PUD application approval and the likelihood is increased four-fold. In addition there will be several retail locations and a restaurant.

Its a great move for the area, not much has been done here in quite a while but between this development and Broadcast Center One (Shaw, the New Entertainment Hub for DC), the area is sure to change over the next two years. For more info, read my previous blog on the market HERE.