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.

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.

H Street NE, new Giant and Streetcars

The ever developing H Street corridor in NE continues to expand.  A new development just broke ground last week on the 300 block of H Street, NE, which will be home to a new Giant (a 42,000 square foot store), 215 housing units, and all of this will be completed by 2013. 

The streetcar project is well under way, but won't be ready until 2013.  While the tracks have been laid and the streetscape project is just about complete, DC announced it won't be ready to run the program until 2013.  DC is now in negotiations with Amtrak to use the area under the "Hop-Scotch Bridge" as storage for the streetcars, followed by construction of the storage facility.

Looks like 2013 is going to be a big year for the H Street Corridor!

DC Metro Area Considered Hottest Housing Market in the Nation

It is well known the DC metro housing market sustained the recession better than most markets, especially Las Vegas and Florida.  This is largely thanks to the federal government being the number one employer in the area.  With fewer lost jobs than other areas in the country, buyers' confidence continued to hold steady thus allowing housing prices to remain relatively stable.

Now a report is stating the DC metro area housing market is to expected to end the year as one of the strongest in the country.  Even though the market suffered since the peak in 2006 (losing about 42% of its value), our market is expected to regain one third of that by the end of the year.

We all know that depending on the area, prices have gone up or down, but overall, the market is showing signs of improvement.  Now if you are looking to sell your home, this may be the time to consider.  People selling their homes are starting to see multiple offers and some are actually receiving the asking price for their homes.

As a buyer, the news isn't as positive since prices are beginning to go up.  Should you wait and see, I don't think that is necessarily a good idea since there are two factors at play here.  The first being interest rates have begun to increase again, so you have to be careful of being priced out different areas.  The second reason is the average sales price has increased since this past spring even though inventory is still not up to where it use to be in 2006. 

The good news for buyers is it's not to late to get into some great investment areas (up and coming with development such as Shaw, 7th and O Streets NW, H Street NE, Petworth) since housing values are increasing again.

For more information on the report, please visit dcist.com.

New condo building proposed for the corner of 15th and V Street, NW

Jair Lynch Development Partners, developer of Solea Condominium just a few blocks away, is proposing a 95-unit, 9-story residential building at the corner of 15th and V Street NW. The building, designed by WDG Architecture PLLC, is proposed on a portion of the existing parking lot for the Paul Lawrence Dunbar Apartment Complex which is home to affordable housing for senior citizens.

As part of the project, the developer will also be upgrading the exisiting Paul Lawrence Dunbar Apartment Complex with new kitchens, elevators, etc.  Also, a new common area park will be created between the two buildings.

Some other quick facts at a glance:

• Units 95 condos
• Affordable housing 9 in new building (normally 8%)
• 90 feet high
• Parking will be incorporated underground for 48 spaces and an expanded parking lot for the apartments which are currently 21 will be increased to 30
• Groundbreaking next summer
• Project will be at least lead silver

For more information on this project, please click here.

Brookland Development Looks in Doubt

A developer planned on a 61' high mixed use development (901 Monroe Street) opposite of the Brookland Metro stop.  The proposed site is now occupied by houses and a tavern, which the neighborhood does not want to loose. 

Many say if the proposed development is built, the neighborhood would loose its character.  The local ANC voted to designate the houses and tavern historical.  If this goes through, then the development will not be possible at all.

This may be an emerging trend as neighborhoods try to push back development in order to presere their local character.  So far, this is the only case, but we shall see as the economy improves.

Source: Washington Examiner

Another Round of Bids for the Florida Avenue Parcels

The Washington Business Journal reports that for a fourth time, Metro is once again looking for new bids to purchase the two parcels at 8th and Florida Avenue, NW, and one parcel at 9th and Florida Avenue, NW.

• 2002: Metro reaches a deal with Howard University to develop the property. The deal fell through in 2003 due to litigation with another bidder.
• 2007: Metro leases the land to Banneker Venture Group, LLC, but withdrew the deal in 2010 after Banneker filed two extensions.  
• 2010: Late in the year, Metro accepts three proposals after two extensions for the parcels.  JBG is published as the highest bidder by $6M higher than the other two bids, one being Howard.  However, the board voted to resubmit the bid since they site that none of the RFPs meet technical needs nor the assessed value of the parcels.
• 2011: Metro resubmits RFP in April

I spoke to Bob Burns back in January who was the contact for the RFP, he said there were three bids that were mixed use development. Later, it was published that JBG offered $11M ($6M more than the other two bids) to purchase the land.  Looking at the tax assessment records, the lots are assessed at roughly $3.5M.

So why did WMATA reject the JBG bid if:
It was higher than the other two (by $6M)
Higher than the assessed land value of $3.5M
What are the technical aspects that caused all the bids to be rejected?  Wouldn't these have been automatically removed before reaching the board for a vote?

Metro is bleeding money and this would have helped tremendously with its finances and helped the community by providing jobs and mixed use development.  Why has there been no community meetings about this, and worse yet, Metro doesn't even work with the community nor its elected officials to keep everyone up to date.

Source: Washington Business Journal