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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