WBJ: Mount Vernon Triangle renaissance takes shape
The Washington Business Journal published an article on Friday by staff reporter Melissa Castro entitled: Mount Vernon Triangle renaissance takes shape.
Castro recapped some history of the area and recent news items shared by Bill McLeod, executive director of the Mount Vernon Triangle CID.
The remaining businesses along that strip of Fifth Street are eager to sell, pending D.C.’s award of a city-owned 20,600-square- foot parcel at Fifth and Eye streets. Four teams have bid on the lot, including Donohoe Development Co. and The JBG Cos.
JBG also has offered to buy and restore the nearby Capital Automotive and a decaying Victorian building on Eye Street, McLeod said. It would build a 230-room hotel, 227 residential units and 44,000 square feet of retail, including an entertainment venue. Other bidders have proposed a mix of hip boutique hotels and residential buildings.
The city is expected to announce the award on July 18, said Clint Jackson, project manager for the Office of Planning and Economic Development.
I do have more recent news on the timeframes on 5th and Eye straight from Donohoe. As it stands now, the “best & final offer” deadline has been pushed back to July 18th, with the award announcement now August 1. Good news from a neighborhood perspective is that the city stated to developers that improvement of the triangle park and of 5th street are priorities, and asks that all final responses explain how they’ll improve those 2 areas.
The article stats that 455 Mass Ave (aka the Penzance Building) has signed agreements with 3 tenants. Hopefully the first floor restaurant space can find a tenant later this year.
In the past month, three office leases totaling 16,500 square feet were signed at 455 Massachusetts Ave. NW, a 250,000-square- foot building developed and owned by ASB Capital Management LLC and The Penzance Cos., said David Bevirt, whose Jones Lang LaSalle Inc. team is handling leasing. Affordable housing law firm Reno & Cavanaugh PLLC will take more than 11,000 square feet. The remainder of the building is available.
Lastly, because I know how much MBG enjoys discussions of our parks, I have one more snippet:
While beautifying a tiny concrete-covered park at Fifth Street and New York Avenue NW, Lowe Enterprises Inc. spent $300,000 to dig up the concrete slabs by hand to protect the root system of a 120-year-old oak tree across from its burgeoning City Vista project.
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