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Streetsense: 3 Big Retail Deals in MVT on horizon

Andrew Poncher of Commercial real estate brokerage Street Sense hinted during a recent ULI event that 3 big retail deals would hit the Triangle soon. Street Sense represents the commercial leasing interests three properties within the Mount Vernon Triangle: The Lyric Apartments at 440 K, M Flats at 450 K, and 433 Mass Ave which is home to the recently opened Le Pain Quotidien.

Tweet from @realstreetsense on 2.21.2014

Tweet from @realstreetsense on 2.21.2014

The Lyric has over 9,000 SF of retail space and has suggested they were ideally targeting a market for a tenant. M Flats has 6,600 SF of space and 433 Mass still has a basement space beneath LPQ available.

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450K Apartment Project acquires adjacent properties

The future 450 K  Apartments from Kettler we shared details on in March has acquired two adjacent properties and will expand the scale of their development. This will translate to more units and more ground floor retail. The adjacent properties are the ones closer to 5th Street and are in the historic district. This project will demolish the rear sections of the buildings and keep the facades. I haven’t seen a new rendering but R2L Architects shared a rendering during the previous round of presentations so I expect the modified look will be circulated publicly soon.

462 K Street - to be incorporated into 450K Apartment development

The developer is engaging the ANC and HPRB processes again with their modified plan. They’ll be at the ANC 6C full commission meeting tonight at 214 Massachusetts Ave NE (agenda). If anyone attends please report back any interesting details.

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Recent 450K Rendering

The 450 K development is still going through feedback loops with the Historic Preservation Review Board. Below is a recent rendering that was obtained from R2L Architects by DCMUD. The image is from the perspective of looking from the NW corner 5th & K towards the new midblock development.

It is expected that this design will still be tweaked in modest ways. Which do you prefer? The latest incarnation or the rendering leaked in January?

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March MVSNA Meeting

This month’s MVSNA membership meeting will be held on Tuesday March 15th at 7:30pm in the community room of the Yale Loft condominiums (437 New York Ave NW). A discussion with Douglas Development and Kettler regarding a proposed apartment project at 450 K Street NW will be a major topic of interest.

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Update on 450K Apartments

Last week I shared an update from the ANC6C PZ&E committee meeting for the 443-459 Eye Street development. Another major item on the meeting agenda was a presentation on the 450 K Street NW residential project from Douglas Development and Kettler Apartments.

The representatives for the development group  shared  details of their plans for the ~250 unit apartment building and current incarnations of their design renderings. R2L architects stated the front facade is still very much influx and won’t look like the rendering leaked by WBJ in early January. The group is continuing to evaluate material choices and gather feedback from Historic Preservation. They have suggested that 400 Mass and The Whitman are among their inspirations for the look and feel of the facade. While the exterior is still far from settled I got the sense that the structural aspects, as seen in the plat maps below, was a little more stable.

450 K ground floor plat map; click to enlarge

[Read more...]

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ANC 6C PZ&E Committee meeting this Wednesday

The ANC 6C PZ&E Committee has several agenda items related to MVT on the docket on Wednesday including 450 K Street.

ANC 6C Planning, Zoning, and Environment Committee

Draft Agenda

March 2, 2011, 7:00 pm
NPR – Board Room West
635 Massachusetts Avenue, NW

1. 218 Morgan Street NW [BZA #18195] Application pursuant to 11 DCMR § 3103.2, for a variance from the lot occupancy requirements under section 403, and a variance from the nonconforming structure provisions under subsection 2001.3, to reconstruct a flat (two-family dwelling) with attic addition in the R-4 District at premises 218 Morgan Street, N.W. (Square 555, Lot 80). Representative: Nancy Green-Johnson (Owner); Hearing Date: 04/12/2011. [ANC 6C02]

2. 443-459 Eye Street, NW [HPA #06-064] Request for two-year extension for previously approved concept; Representative: Andi Adams, Goulston and Storrs; Hearing Date: 03/24/2011. [ANC 6C01]

3. 450 K Street NW [HPA #11-143] Concept approval sought for thirteen-story residential building on vacant lot; Representative: Paul Millstein, Douglas Development; Hearing Date: 03/24/2011. [ANC 6C01]

4. I-395 Air Rights Project; Discussion on changes to be submitted to Zoning Commission. Representative: Christy Shiker, Holland & Knight ; Hearing Date: 03/25/2011. [ANC 6C01]

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WBJ: 450K to start this year

This mornings WBJ Breaking Ground Newsletter linked to a brief blub and rendering on the 450 K Street NW apartment project from Kettler and Douglas Development. It states the project will contain 253 apartment units and 5,000 square feet of retail on the ground floor and may break ground in the third quarter of this year. Generally these WBJ micro-posts are followed up by a more comprehensive post within a few days – so we should know more soon. In the meantime enjoy the rendering.

It seems the hi-rise will have portions setback behind the adjacent historic properties. Personally, I also like that it’s not yet another orange brick residential building.

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Apartments coming to 450 K Street

Back in July an RFEI was issued for 450 K Street NW on behalf of Douglas Development. While the Washingtonpost author confused the quadrant, we have confirmation that Douglas plans to partner with Kettler to construct a 200 unit apartment building. This site is currently a small parking lot across the street from Kushi. No other details were present – but with the location on K Street expect max height and ground floor retail on the street frontage.

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WBJ: Jemal Mulls Residential Projects

Sarah Krouse of the Washington Business Journal followed up with Douglas Jemal on the RFEI at 450 K Street this blog first identified. As it turns out Jemal is considering two sites for apartments in our area – the other being 6th and New York by the old A.V. Ristorante building annually used for Fringe Festival.

“We’ve been poking around, and the only thing that seems to be punching through is rental residential,” Jemal said. “We don’t know yet what we’re going to build, we’re just trying to get out of the log jam so we can build something. Right now, we’re not even selling pizza.”

Jemal said he’s “up against a stone wall” when it comes to financing, but pointed to apartment projects such as Senate Square and the Dumont, now known as the 425 Mass Apartments, as examples of projects with strong leasing. “It’s just an amazing disconnect between reality and actuality — business is going well, but financing stinks,” Jemal said.

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