Today in Pictures - Jefferson at 14W

 

Back in December of 2010, Perseus Realty and Jefferson Apartment Groups (JAG), an Akridge affiliate, broke ground on 14W, replacing the former Anthony Bowen YMCA with apartments and a new YMCA.  The project had languished for years before finally getting the cash infusion from JAG that finally got it going (despite a faux-groundbreaking), and is now reaching its final stage of construction.

The HOK and Dorsky Hodgson & Partners-designed project will feature 231 rental apartments, a brand new, state-of-the-art 44,000 s.f. YMCA, and over 12,000 s.f. of ground-floor retail. The new gym and apartments will deliver later this year.

Washington D.C. real estate development news

Read More

14W Breaks Ground

Nearly two weeks ago, Perseus remained mum on the status of the much anticipated Anthony Bowen YMCA redevelopment project at the intersection of 14th and W Streets in northwest Washington, promising only that they'd be ready to reveal "something" shortly. But before Perseus could say anything, let alone something, Jefferson Apartment Groups (JAG), an Akridge affiliate, revealed they had purchased the project from a Perseus entity for $7.5 million, and would join Perseus as partnering developer (talk about awkward) on the project. The sudden announcement signaled that the project, thought by many to be strapped for cash and indefinitely stalled, was and is back on track. And now today, more than two years after a faux-groundbreaking, developers will once again put a shovel in the ground; this time they really, really, actually, totally, seriously swear to start demolition and new construction.

Apparently, equity financing from Rockpoint Group, L.L.C. and a $53 million construction loan from Wells Fargo Bank was just what the doctor ordered. Upon completion, the HOK and Dorsky Hodgson & Partners-designed project will feature 231 rental apartments, a brand new, state-of-the-art 44,000 s.f. YMCA, and over 10,000 s.f. of ground-floor retail. The new gym and first apartments will deliver in the summer of 2012, with the project opening in its entirety later in the fall.

Washington D.C. Real Estate Development News

Read More

Perseid Adventures at 14 & W

On October 7th, Ward One Councilman Jim Graham relayed a message of good news to his listserv and Twitter followers from Bob Cohen of Perseus Realty, who had recently testified at a Council Hearing. Pressing Cohen on a start date for the YMCA redevelopment project at 14th and W, Graham quoted the developer as promising the the ability "to start construction before the end of the year.” The pledge to get the ball rolling on the 231-unit mixed-use development didn't garner much attention at the time, and citizens continue to wonder when to expect action.

Recently queried on the matter, Cohen would only answer that Perseus is unwilling to comment on the status of the project. He asserted that no official date has been set for a groundbreaking, but revealed that "[w]e'll be ready to announce something in the next couple weeks." Whatever could that something be? Developers Perseus, and their partners on the project Capmark Investments LP and FLGA Real Estate Group, had at one point anticipated a 2010 delivery date (the project "broke ground" in September 2008). But the market-plunge has booby-trapped the finance game, understandably complicating the developers' pursuit of funding, and Capmark declared bankruptcy in 2009, making the thought of a 2010 start date a pleasant surprise. Complicating the matter is the requirement to deliver a turn-key YMCA. But with lending spigots reopening for DC's multi-family market, and a passel of multi-family projects in the offing up and down 14th Street, Perseus and its backers appear to have found the heart to build now. The already thin District budget does not have any available funds to push the project along, and have previously granted a generous 20 years of tax abatement and $1 million in forgone sales taxes on construction materials for the project.

Helmuth, Obata, & Kassabaum and Dorsky Hodgson & Partners provided the design for what several online commenters have called an underwhelming facade. The residential portion will rise six largely glass-paneled, rather-vanilla-flavored floors above 12,200 s.f. of ground floor retail space and 170 below-grade parking spaces. Although somewhat plain, the building does show potential for elegance, if it can acquire some of the stone and metal detailing that give appealing character to industrial buildings like the Central Union Mission, the Studio Theater, and the stylish car-showroom turned upscale Italian restaurant Posto.

Developers have promised that eighteen units will be reserved for families earning less than 60% of the AMI. The centerpiece of the development is the the new Anthony Bowen YMCA, a 44,000 s.f. recreational and community facility to feature a "pool, state-of-the-art cardiovascular and resistance equipment, group exercise studios, and a child care area." But for now, local residents will have to build endurance at nearby gyms or stick to in-house push routines, as the YMCA doesn't look to be redone anytime soon.

Update: If you haven't already noticed the reports from the comment thread below, the 14th and W redevelopment project was recently sold by a Perseus entity to Jefferson Apartment Group (JAG), an Akridge affiliate, for $7.5 million. JAG also brought the Rockpoint Fund to provide much-needed equity. Perseus will stay on as development partner, and construction is expected to start as early as December 1st.

Washington D.C. Real Estate Development News

Read More