Thursday, October 18, 2007

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.

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