Update on 443-459 Eye Street

At last night’s ANC6C PZ&E committee meeting we heard a HPA extension request regarding a residential project proposed for 443-459 I Street. The extension request was being made by IBG Partners who is interested in purchasing the land and developing the project that Walnut Street Development had earned approval for in 2006. Despite the HPA paperwork expiring years ago the Historic Preservation agency informed IBG they would allow the group to apply for an extension rather than reset the process if the project would be exactly as approved in 2006.

Known in the past as Eye Street Lofts the development would restore two 1880’s 3-story townhomes, the two story warehouse garage structure, and a former blacksmith shop along the rear alley as these are contributing structures to the Mount Vernon Triangle Historic District. The building currently leased by BicycleSPACE would be razed. As you can see in the picture above the residential towers above the historic properties would be setback off the street. The groundfloor would support retail uses and there are preliminary discussions between IBG and BicycleSPACE about relocating the bike shop to the historic garage.

IBG is a small DC development firm that was responsible for the nearby Yale Lofts project. At this stage it sounds as if they are primarily performing due diligence on the state of the project for it’s construction readiness. With the historic preservation considerations this is a complex project but with the favorable lending environment specifically for luxury apartments at the moment the odds are better than they’ve been in years.

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    Dan Maceda says

    The row house next to Bicycle Space is a blighted property which has been exempted since 2007 because it is for sale. The City is allowing owners to let their properties deteriorate through neglect this is destruction not preservation. In addition to these row houses the houses next to Yale Lofts II on New York Ave have no windows and the garbage bags used to cover them are frequently blown out. The diner on NY ave to be moved across the street which the ANC recently agreed to a waiver from blight has broken windows as does the house next to it.
    Considering that these are close to the Convention Center and downtown it gives a derelict impression to visitors.

  2. 3

    FourthandEye says

    @THF – maybe we can convince Eric to let us bring our steins into the bikeshop after Oktober ride 😉

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    You bet we’ll be lifting some pints and hosting if my read on IBG is accurate and they roll us into the mixed-use project!

    I’ve talked with Mr. Fuller of IBG Partners, and he seems to be very savvy with respect to the vibrancy a high-quality bicycle shop can create in a neighborhood, and the active/healthy/earning kind of resident that a bicycle shop like ours can help to attract.