Back to Drawing Boards for Italian Embassy Owners

Earlier this year Valor Development LLC purchased the former Italian Embassy at 2700 16th St. NW for $7.5 million in what will be a second attempt at condo development on the site. Partnering with Potomac Construction Group, Valor intends to renovate the embassy into condominiums, add a three-story wing on the north side of the building (also to house condo units), and construct a nine-story apartment...

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SI Real Estate Wishes You a Happy New Year!

2010 has been an exciting year for the real estate market in the Tampa Bay area. SI Real Estate has reported the year’s real estate events on our weekly blog to keep our readers abreast of our ever changing real estate market. Major notable factors in the real estate market came into play producing a fast paced year of sales. The extension of the 2009 First Time Home Buyers Tax Credit into 2010 fueled the market for the first portion of the year. REO (bank owned) properties sold just as quickly...

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Axumite Village to Break Ground in Spring

Although not exactly equaling the golden-clad grandiosity of the great Axumite Kingdom in ancient Ethiopia, the four-story, 36-unit "Axumite Village" set for 1100 S. Highland St. in Arlington will be a proud accomplishment for the Ethiopian Community Development Council (ECDC) nonetheless. The Arlington County Board approved the Columbia Pike project plans in the summer of 2009, but the developers...

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Archstone Breaks Ground on Gaithersburg Apartments

Development plans approved for the heart of Gaithersburg back in 2008 by the Montgomery County Planning Board are finally coming to fruition as just last week Archstone broke ground on their "Westchester at Olde Towne" project. The mixed-use development will replace several old buildings with a 389-unit (194 one-bedrooms and 195 two-bedrooms), transit-oriented apartment community, rising four stories,...

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Where'd Everybody Go?

So 2011 is around the corner. It's been almost 7 years since I started this blog and investing in real estate. Back in the first couple of years of this blog, the real estate bubble had yet to burst and people everywhere were getting into flipping properties. There were a regular group of people that used to blog on their own and leave comments on this blog. I got to thinking about what happened to those people and what they might be doing today. I went back through some of my earliest posts, found...

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Church and Housing Provider Vindicated in Clarendon Case

A church's involvement in affordable housing subsidies by the state doesn't violate the Constitution. So says another court in the ongoing battle at The Views at Clarendon, which has cleared yet another legal hurdle in its battle to build an apartment building heavily subsidized by the government in place of the First Baptist Church of Clarendon. The U.S. Court of Appeals for the Fourth Circuit...

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DCMud 2010 Year in Review

2010 may not have been a chart buster for real estate, but by most accounts it beats 2009. DCMud presents its annual report of what happened, and what didn't, in the world of real estate.The Coast Guard Headquarters received a thumbs up (Jan 7) from NCPC for the WDG Architecture and HOK designs.Silver Spring will get its arts venue now that the county has reached an agreement (Jan 15) with developers...

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Loan Closing And Apartment Financials Improving

The property behind hard money #14 has been sold and is supposed to close escrow this week. If it does, this will have been a 6 month loan, which is pretty good. (The mortgage note was for a one year term.) The property was rehabbed in two months and was on the market for four months.Things are turning around slowly at the Houston apartment complex too. Occupancy for November was 90% and we saw a decline of about $3,000 in rent concessions as well. Revenue is up about $3,000 from the late summer...

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Of Overlays and Embassies

By Beth HermanIn 2005, when entrepreneur and franchise expert Alex McKeague eyed the D.C. market’s wide world of art and design, packing along an artist wife raised the bar on what they could expect. Buoyed by an engineer father-in-law who called stained glass-making, which was his avocation, “the great melding of engineering and art,” McKeague and wife Lisa set their conceptual sails on a course...

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Wishing You a Very Happy Holiday Season!

We at SI Real Estate would like to wish families, friends and real estate clients a Very Happy Holiday Season! We are grateful to each and every one of you, and we truly appreciate your support during this past year.  All our best wishes to you during this joyful season....

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Construction Begins Quietly At 7th & S Streets NW

Shaw seems to be the land where development dreams go to die, or at least be indefinitely put on hold, where groundbreakings happen and aren't followed by actual construction. Too often news of impending construction starts dissolve quickly, giving way to news of severed financial partnerships and runaway tenants. Such was the case for Broadcast Center One and their developers (Four Points LLC and...

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Abdo New York LLC Lost and Gone Forever

Its funny to think that even after development plans have been pronounced dead, after they've left our tangible world and been abandoned by their mortal purveyors, they apparently live on in planning-review purgatory. But today the ghosts of Abdo’s long-forgotten Arbor Place plans, and overly ambitious project calling for as many as 3,500 residential units, 148,120 s.f. of retail, and 4,294 parking...

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DC Zoning Code Greens Up For the Holidays

As the Zoning code stands currently, grand roofs and landscaped public terraces are a great way for developers to woo the members of the Zoning Commission into granting their project approval, but they aren't specifically required amenities. In a lengthy and layered attempt to retool important aspects of the Zoning code, the Office of Planning has proposed a new requirement dubbed Green Area Ratio...

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Jubilee Housing to Renovate and Expand Adams Morgan Property

A vacant, boarded, and derelict facade in Adams Morgan is set for a makeover and a fresh tenant in the new year, as local non-profit and affordable housing provider Jubilee Housing recently received approval from the BZA to renovate 2448 18th St, NW. The narrow, four-story brick building is sandwiched between the bright blue Reef and the red and white Draft Pix and will abandon its former life as...

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Congress Renews $5000 DC First Time Homebuyer Credit

Hidden in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, signed by the President on Friday, was a provision extending the $5,000 tax credit for first-time homebuyers in DC for another 2 years. The tax credit had expired at the end of 2009 and was renewed for 2010 and 2011.The Federal tax credit is a $5,000 below-the-line credit against federal taxes for the...

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Tysons Takes on Colossal Development Projects

Fairfax county have officially begun work today on the second of two projects that developers hope will constitute a monumental remake of the beltway suburb. Together, the real estate megaprojects will add two metro stations, millions of square feet of office, reshape the streets, and build untold condominiums and apartments on over 50 acres of land in central Tysons. County planners today "officially...

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Your Next Place

By Franklin SchneiderI remember walking past this house years ago, on my way to Adams Morgan, and seeing squatters lurking in the driveway. At one point, I'm pretty sure it didn't even have a front door. Now it's been exhaustively renovated and you can grab the penthouse unit (pictured) for just under $1.5 million. I'd buy it myself, but I'm poor.The property is eye-catching even from afar, a hundred...

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