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.