Tuesday, August 2, 2011

JBG Buys More Land in the U Street Area

The development company, JBG is everywhere in the U Street area.  From 14th and S with it's new condo project, to Atlantic Plumbing on 8th and V, to the new hotel site at 13th and U, to the new project at 14th and U, JBG is adding nearly 800 residential units and almost 80,000 square feet of retail.

Now the developer giant has recently purchased the three parcels of land along Florida, between 7th and 9th Streets, NW.  The highest bidder of the WMATA land at $10.2M, JBG is looking to add 250 residential units and up to 25,000 square feet of retail space to this area.

With all of these projects happening in the U Street/Shaw area, population growth will expand at an alarming rate over the next 5 years.  The increase in retail and convenience will most likely cause property values to sky rocket. 

Let's hope most of the people moving to the area don't have cars.  For more information on the Florida Avenue parcels, click here.

Monday, August 1, 2011

Utopia Project at 14th and U

Looks like we are more apartments and retail space coming to the corner of 14th and U Streets, NW.  The 9 stories high building will have about 220 apartments and 30,000 square feet of retail space. 

Many of the retail tenants along U Street (Coppi's, Utopia Bar, DC Noodles, etc.) and 14th Street (Chicago Dogs, Footlocker, Taco Bell, etc) will be closed but are slated to return once the project has been completed.  McDonald's will remain open since they have a long term lease.

Beginning in 2008, the project has floundered due to lack of financing but now they have that settled, the project is under way again.  JBG is the developer, the same company who now owns Atlantic Plumbing, the parcels at 8th and Florida, and the new condo project at 14th and S.

Of concern is the design of this large building and how it will blend in with the surrounding neighborhood.  Let's hope this project adds to the diversity of the neighborhood and doesn't take it away in the end.

Visit The Washington Business Journal for more information.