4 Responses to “ANC6E supports Akridge and CSG for 5th and Eye RFP”

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  1. FourthandEye

    I’ve learned this morning that while Trammell Crow/CSG claims their affordable housing contribution is equivalent to 40 units that may possibly be misleading. It was suggested to me their financial contribution would be $1,000,000 dollars. That would only be $25,000/affordable unit for their quoted 40 units. The residential bids from Akridge/JBG appear to be committing closer to $150,000/affordable unit.

    I’d like to get to the bottom of that. I don’t necessarily think 30 or 40 affordable units is a mandate. But $1 million may only equate to 7 or 8 units. That would be a monumental gap.

    I reserve the right to change my endorsement to Peebles if the TC/CSG is proved to be playing funny math on the affordable units.

  2. FourthandEye

    Regarding the above question about $$ for affordable housing I received the following response from CSG:

    Thank you very much for your email and support of our proposed mixed-use trophy office development project for the 5th & I Streets parcel. In response to your inquiry regarding our contribution toward affordable residential units, we are happy to provide you with some additional clarity on our equivalent unit calculation.

    As the TCC/CSG team presented at both the December 19th and February 4th community meetings, we will make a voluntary $1,000,000 donation to the District’s Housing Production Trust Fund (HPTF). However, this voluntary donation to the HPTF included in our overall offer is just one component of our total affordable housing contribution to the city. Our total affordable housing contribution to the District actually exceeds $4,000,000. This total amount includes both our voluntary contribution and density rights payments required by District of Columbia Zoning regulations because this site is located in a Housing Priority Area. Non-residential projects can be built by-right on this site, but require the purchase of density rights by making payments to other developers who create affordable housing off-site.

    Our equivalent 40 unit calculation was done using ‘contribution-to-units’ conversion factors and metrics appropriate to each contribution source. For the required density payments we used a factor of $200,000 per 50% AMI unit and $150,000 per 80% AMI unit. For the HPTF contribution, we used a factor of $46,800 per unit which is the maximum HPTF grant amount per unit awarded to affordable housing developers as indicated by the HPTF in their most recent Annual Report.

    We hope this clears up any questions or confusion regarding this community benefit, and thank you again for your much valued support of our proposed development.

    CSG/TCC Team

    Basically the CSG bid would be contributing over $4 million to the affordable housing fund. Part of it is voluntary, part of it is a by-law requirement for developing office in a housing priority area.

    Given that, my endorsement still is cast towards CSG/TCC.

  3. Concerned neighbor

    Is it possible to know the reasons why the ANC6E commissioners cast their votes as they did? I would like to know how they envision the development of the neighborhood.

  4. George

    Park improvement in DC can only be achieved by adding fences and instituting closing times like every other real city. Otherwise they will continue to be backyards to DC’s vagrant population. DC has the worst park system I have ever seen.