West End Marriott Courtyard Hotel: The Future Still Looks Uncertain

The Marriott Courtyard Hotel could be replacing a 420-car parking garage in George Washington/West End. But that’s not going to happen so soon. The plan was originally approved in 2006 but has since faced opposition from an ANC chair and a civic organization.

The ANC and other Foggy Bottom organizations opposed the development expressed concerns about increased traffic and the possibility of blocked streets during constructions. An ANC Chair and active member of a civic organization, Dorothy Miller, filed a suit in the D.C. Court of Appeals against the Board of Zoning Adjustment’s approval of the plan.

Now two years after the court sided with BZA, certain efforts made by WDG Architecture and Allstate Hotel Partnership are suggesting that construction may begin in the near future. The group is deciding on a general contractor but it looks like Marriott’s future is still uncertain. Architect Nelson, project architect/manager at WDG Architecture said the timeline will depend on the financing. “It might happen in the next four months, it might happen in the next three years,” Lobo said.

Should the group push the project through, expect for a “very urban project, unlike other Courtyards.” Lobo said the building has a “contemporary design” and “fits in with the GW area.”

photo credit: arellis49

LeDroit Park’s New Residential Project

Fifty out of the original 64 James-McGill-designed Victorian homes in Ledroit Park are still in the neighborhood- but one of them is to get renovated.

Community Three Development is pushing for renovation proposals on the main house and carriage house at 1922 3rd Street NW. There will also be a new, small residential development at the southern edge of the property. The proposal calls for a 14,000 gross square feet of space, a 14 residential units and four garage spaces- which is permitted by zoning. Of the 14 proposed residential units, one will be set aside for affordable housing.

A document submitted by Community Three Development to the District of Columbia Historic Preservation Review Board says that the design for the project

“creates an addition to the existing main building that is smaller in scale and secondary to the main building, allowing the main structure to continue to read as the dominant form on the site. This addition terminates in a “carriage house court,” designed to celebrate the existing carriage house, while maintaining the historic structure’s existing view corridor from U Street. A new unsubdivided townhouse lot and structure is created to terminate the row of townhouses directly to the south of the site. The result of these interventions preserves and enhances the character and urban form associated with the main structure and corresponding carriage house.”

This renovation is nothing new. Some historic homes in the neighborhood have been renovated in the past. Just a few years ago, a historic LeDroit property, the Italianate-styled Juniper, underwent renovations which many considered as an exquisite achievement.

photo credit: Community Three Development

New Condos Coming to 14th Street

The rapidly transforming 14th Street between Swann and S Street  will be the site of a planned 120-unit residential project from JBG Companies.

By the fourth quarter of this year, the entire stretch of 14th Street will give rise to JBG’s project, which will primarily offer studios and one-bedroom units. JBG has already acquired the south end of the 1800 block of 14th Street NW when developer Scott Pannick backed out of the deal in 2008, leaving JBG to pay $11 million for the area.

The project seems to be a viable solution for DC’s condo shortage. There’s less than a year’s supply of new units in the Shaw/Columbia Heights submarket, which includes the 14th Street corridor, compared with the listing of 1.8 years citywide according to a 2009 year-end report from Delta Associates, a real estate research company.

JBG sounds optimistic in terms of financing the project. The Washington Business Journal reports: “… JBG officials say they have talked with several financing brokers eager to get back to business. ‘There is certainly interest in this market,’ said Kai Reynolds, executive development officer at Chevy Chase-based JBG.”

After several plan revisions, JBG  already had an approval for the project from the Historic Preservation Review Board in February last year. Since it announced the project, JBG has been touting amenities such as plunge pool, bar and grilling area for buyers who would consider entertaining guests at home before heading out to neighborhood hot spots.

SELLERS: An approval letter doesn’t mean the buyers approved

TIPS TO IDENTIFY A WEAK APPROVAL LETTER

Start at the top and work your way down…

1)Is there a company logo? Yes or no. If there’s no logo it can  indicate a small company or a one-man broker shop. It’s not necessarily bad but a layer of potential risk.

2) Is the company something you have heard of? Ask around in the office. Or you can call me, your broker or another agent. Someone in the office may have had a great experience or a bad one.

3) When was the last letter written? Do not accept a letter older than 30 days.

4) What is the rate? If you know the going rate is 6% and they show a 7% rate, be concerned.

5) Make sure your offer and letter match. If your letter was approved for 10% down but they write the contract 5% down, be concerned.

6) Make sure the letter identifies specific terms, rate, term, loan amount and sales price.

7) Does the letter indicate whether credit has been pulled? It SHOULD! And it should be a ti-merge report.

Does the letter indicate what outstanding conditions are existing? Verification of employment, assets, and income means the lender still has work to do.

9) DO NOT PUSH ZERO DAYS FOR FINANCING. THIS IS THE REASON THERE HAVE BEEN SO MANY DELATS FOR SETTLEMENT. One-third of the days is reasonable to ask for a commitment letter. Give the days, let the loan be underwritten, then follow up for the COMMITMENT LETTER.

In essence, pre-approved letters are not worth the paper they are written on. We have all seen approval letters that shock. With an enormous amount of unqualified lenders out there scrambling to stay in the business (because the refi market is gone) they will come knocking on our doors. The letter is only a good as the person/company who writes it.

This is all assuming that the borrower does not switch lenders after ratifying…

$9.5 Million in Recovery Act Grants Released to Stabilize DC Neighborhoods

The District of Columbia will be receiving a $9.5 million grant from the US Housing and Urban Development to boost the housing market, create more job opportunities, and stimulate growth in neighborhoods affected by high rates of foreclosure and vacancy.

Thanks to the collaborative work of the DC Department of Housing and Community Development (DHCD) and the National Community Reinvestment Coalition, three neighborhoods will largely benefit from he plan: Deanwood, Anacostia and Trinidad/Ivy City.

These departments are targeting single-family and multi-family redevelopment and preservation, which are much needed measures in those three areas previously mentioned.

Deanwood is one of the oldest neighborhood in northeast DC. It’s a relatively low density neighborhood with many of its homes built by well-known African-American architects. It also includes early communities historically known as Whittingman, Lincoln Heights, and Burrville.

Anacostia is another historic neighborhood named after Anacostia River. It includes most, if not all, of the Anacostia Historic District, which was listed on the National Register of Historic Places in 1978.

Trinidad is a largely residential area with a more industrial and impoverished north, the Ivy City.

Stabilizing these neighborhoods, according to chief officials, can be by acquiring and selling vacant and foreclosed properties and generating homeownership property.

We are dedicated to creating economic opportunities and stabilizing our neighborhoods,” Mayor Adrian Fenty said. “The additional funning support is essential and will directly- and quickly- reach the Washington neighborhoods and residents that present the greatest need.”

The grant is awarded competitively to local entities including local governments and non-profit developers who “developed the most innovative ideas to rebuild local communities, while demonstrating that they have the capacity to be responsible stewards of taxpayer dollars.”

photo credit: DC Digital Photography

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