DC Apartment Rents On The Rise
April 7, 2010 by jessebkaye
Reports from research firm Reis, Inc. revealed the rise in apartment rents during first quarter. DC had the second highest rent increase over the past 12 months, second to Colorado Springs.
An article from the Wall Street Journal noted that the apartment vacancy rate at the national level stayed flat at 8%, the highest since the firm started its tally in 1980.
More from the Journal:
“We clearly hit an inflection point in all of our markets in January and February,” said Jeffrey Friedman, chief executive of Associated Estates Realty Corp., which owns and operates 12,000 units in the eastern U.S.
Renters are also staying put longer: the average renter now stays for 19 months, up from an average of 14 months, said Mr. Friedman, and despite low mortgage rates and greater home affordability, fewer renters are leaving to buy homes.
“This is the first time in many, many years that it feels like even people who could afford to buy are making the investment decision not to,” Mr. Friedman said.
Modified Home Properties’ Project To Appear Before County Planning Board
April 7, 2010 by jessebkaye
Ripley Street North, Home Properties’ mixed-use development formerly known as Kettler’s Midtown Silver Spring when it received county approval, will appear before the Montgomery County Planning Board this week.
Designer Shalom Baranes Architects submitted new plans for the modified Silver Spring residential project in January.
What used to be a single, mixed-building plan will now become two buildings in the Ripley District. The new plan will also increase the number of residential units from 314 to 385, which will be divided between two buildings, and as well as the amount of retail space, fro, 5,380 to 5,541 approved maximum density.
The planning board has already approved an increase in the maximum building height to 200 feet back in 2006.
Revival of the Bromptons at Cherrydale
April 1, 2010 by jessebkaye
The Bromptons, a half-finished building located at 3800 Lee Highway, will no longer be an eyesore in the Arlington neighborhood. This 22-unit, mixed-use townhouse condo is making a comeback after a long halt.
The Arlington County was forced to order the Ed Peete Company to stop the construction due to multiple structural violations back in 2005. It issued a stop work order in 2006 and eventually a demolition order in 2007.
The County was about to file suit to confiscate and sell the property until Ed Peete Company reached an agreement with the Arlington County to post a $250,000 escrow account.
Steve MacIsaac, Arlington County Attorney, said there were several problems with the original construction. This made R15 LLC, formerly known as Ed Peete Company, pushed for modifications to ensure a code-friendly building. The exterior is nearing its completion while interior work is set to start by April.
Deadlines are especially significant for the company since, as stipulated in the agreement, the County had the right to demolish the whole building if these were not met.
The Bromptons is a wood-framed, 22-unit condominium with four commercial spaces on the ground floor. It’s located next door to the fire station.
2650 15th St NW Sells both Assembled and Individually
March 31, 2010 by jessebkaye
This morning I came across an odd circumstance. A brand new four unit building in Columbia Heights just came on the market at $1.65 million when the developer is also selling each of the condos individually for a gross sales price of $1.9 million. While this isn’t an unheard of circumstance, its a bit odd to see both offerings together in less than a 30 day period. Any ideas?
The building
The listings
Major Development Coming to H Street
March 31, 2010 by jessebkaye
The local advisory neighborhood commission has recently approved the redevelopment of a two-bloc strip mall in the H Street Corridor, a significant move for the completion of the project. This also signals the start of new developments in the area.
The project, known as H Street Connection, will feature 346 to 423 apartments and over 50,000 square feet of retail covering the two blocks along H Street between 8th and 10th Streets NE. It will replace a one-story strip mall built in 1987.
Developed by Parcel Seven Associates and designed by architects Torti Gallas, the project is now on its way to get a zoning hearing with the city in the coming months. The earliest groundbreaking is expected to occur in 2012.
Other developments in H Street are under way including Washington Real Estate Partners Project, a mixed-use project with 234-unit residential space, 500 parking spaces and ground-floor retail. Another mixed-use project in the area, Capitol Place, will feature over 400,000 square feet of retail, 300 condos, and 380 parking spaces. This Dreyfus Development project will reach several stories high at 2nd and H Streets but will scale back to row house heights as it approaches 3rd Street to the east and G Street to the south.
