Showing posts with label Georgetown Strategic Capital. Show all posts
Showing posts with label Georgetown Strategic Capital. Show all posts

Tuesday, February 21, 2012


In a heated tent at the end of a long crushed velvet carpet on 14th St. today, JBG, Georgetown Strategic Capital and city officials symbolically (but not literally) broke ground on the long-discussed “Louis at 14th”, a 267-unit, 42,000-square foot mixed-use megadevelopment.
Formerly called "Utopia" and in the works since 2006, entitlements are finally in place and demolition has begun for a dramatic makeover of what developers called “the greatest intersection in the District.” According to today’s press release, the Eric Colbert and Associates-designed building will offer amenities including a rooftop terrace with grilling stations and fire pits, a rooftop pool (with bar), a fitness center, and a 24-hour concierge. Historic facades along U Street will be preserved, though many (but not all) facades along 14th are slated for imminent demolition. Surely developers were buoyed by the high rents and recent high sales price of the Ellington apartments almost across the street.

If the prestige of a project is in direct proportion to the swank factor of its groundbreaking ceremony, the Louis should be very swank indeed. Aside from the aforementioned velvet carpet (and ropes), there was an open bar (so forgive any typos), as well as a solo saxophonist providing ubersmooth accompaniment as various development titans rubbed elbows with Councilmembers Michael Brown and Jim Graham, as well as Mayor Vincent Gray. When it was time to unveil the new renderings, a male model done up as Louis the XIV (get it?), complete with powdered wig, hose, and lace waistcoat, entered stage left.

But although the ceremony was long on flash, it was short on specifics. Mayor Gray made a vague, campaign-trail-ish speech, made frequent reference to his local roots, and arched his eyebrows a lot, Councilman Brown did his Obama thing (in fairness, he does a great Obama), made even more frequent reference to his local roots, and called for a comical number of rounds of applause (this blogger might have been the only person in attendance who did not, at some point, get applauded), and Councilman Graham regaled the crowd with reminiscences from his days at Whitman-Walker, and how volunteers used to refuse to set foot on the mean streets of 14th and S Streets.
But there was little talk of future retailers. Though there were vague murmurs of unsubstantiated rumors – Trader Joe’s? – firm information was in short supply. This blogger circulated to try and confirm a rumor about a possible flagship tenant, but no one could confirm or deny. In fact, by 5 o’clock, most of the attention was on the open bar, and on snapping iPhone pics of the guy dressed like Louis the 14th.
Washington D.C. real estate development news

Monday, February 20, 2012



JBG Companies' Utopia Project at the corner of 14th Street and U Streets, will be commissioned tomorrow, beginning what all parties hope will be imminent construction.

City dignitaries, including Mayor Vincent Gray, Councilmembers Jack Evans, Jim Graham and Michael Brown, plan a public unveiling of the development, which will be known as The Louis at 14th, beginning 4pm on Tuesday at 1920 14th Street, NW.

JBG, in conjunction with Georgetown Strategic Capital, will include more than 200 rental units and 20,000 s.f. of new retail along the 1900 block of 14th Street, amid the fast-growing Logan Circle/U Street neighborhood, replacing a low-slung series of fast-food chain restaurants while preserving retail along U Street.

Georgetown Strategic Capital originally got zoning approval for the project back in November 2008, but the economy dashed plans for any quick construction. GSC was granted a two-year extension for the site, as principal Robert Moore sought to wrap up more than $93.5 million needed to finance the project.

The design, by Eric Colbert & Associates, will also include a rooftop pool, nearly 150 parking spaces and will be 90 feet high at its tallest point. The historic facades along U Street will be saved while the buildings along 14th Street will be demolished.

Washington D.C. real estate development news

Thursday, January 20, 2011

Some folks in the District have fast developed a hankering for the hot dog that's the main attraction at ChiDogo on 14th Street- a Chicago style dawg that's a lively combination, juxtaposing salty and sweet, fat and acid. Served on a poppy seed bun, dressed with a dill pickle, tomatoes, relish, and mustard and sprinkled with celery salt for good measure, the dawg can't be had for long. Despite that ChiDogo is the newest kid on the block having opened just three months ago, its tenure will be short lived: the building is slated for demolition this fall to make way for Utopia.

Conceived by Georgetown Strategic Capital (GSC), the Utopia development will serve up 220 rental units and 20,000 square feet of retail. Eric Colbert & Associates have moved forward on the drawings, says Robert Moore of GSC, with plans for completion of the drawings by spring. "The design is shaping up to be a very attractive solution, combining a sensitivity to the historic buildings and materials with a modern flair as Colbert has demonstrated in some of his other work," says Moore. Colbert & Associates also designed Church Place condos, The Hudson on P Street, The Floridian on 9th Street and The Rutherford on 13th Street.

ChiDogo, located at 1934C 14th Street, isn't the only business on the strip with numbered days: also on the chopping block is the United Supreme Council building, the Domino's location, Taco Bell and Kentucky Fried Chicken. The buildings which house Ace Check Cashing, McDonald's and El Paraiso are historic and will remain intact.

Utopia's facade is to be terraced so it blends with the surrounding rowhouses as opposed to coming off as a behomoth of the block. That may be a tall order, considering: at 90 feet high, it's set to become the most towering building in the neighborhood. Colbert & Associates maintain that they have been sensitive to community concerns, having met monthly with groups such as the ANC, Dupont Circle Conservancy, and the city's historic preservation staff.

Creating Utopia can be disquieting work. The project has been an on again and off again venture that began in 2008 and was granted an extension to November 2012 by the Board of Zoning Adjustments (BZA) this past June. The group had trouble securing funding for the 93.5 million-dollar project during the flagging economy, but has since rebounded. Once permits are obtained, Moore expects a year-long construction period: a rather aggressive plan, but kudos if they can pull it off.

Washington D.C. real estate development news

Saturday, June 26, 2010

This week the Board of Zoning Adjustment (BZA) granted a two-year extension to Georgetown Strategic Capital LLC (GSC) for the planned Utopia development at 14th and U, painting a hazy picture for the future of the site. In April, Robert Moore of GSC hinted that his firm might make an announcement "hopefully in the next couple weeks" about financing and a timeline. To date, no announcement has followed and now the developers have secured an extension for the project, plans for which will not expire until November 13, 2012. Moore could not be reached for comment on the BZA action.

GSC received original approval in November 2008 and the zoning exceptions would have expired this coming November. A May filing by GSC was met with approval this week after the firm sent a notice to all involved parties, including the ANC, none of which submitted a response objecting to the extension.

In April, Moore said once the team secures financing for the $93.5 million project they will put together construction drawings and obtain permits, reportedly over the next nine months. Moore said construction would likely begin in 2011 and complete in 2012. Utopia will provide 220 residential rental units on the corner of 14th and U Streets, with the building and all entrances facing 14th Street and incorporating some of the historic facades on U.

The new project will offer 150 parking spaces to service both retail and residential uses. The building with be tallest on U Street at 90 feet, stepping down to 65 feet, then 45 feet on the south side as it moves away from U Street and will include 20,000 s.f. of retail and a roof top pool. Eric Colbert & Associates designed the mixed-use project.

UPDATE: Robert Moore of GSC reached out to DCMud to provide a brief update on the project. Moore said his team is still wrapping up financing and a joint venture partner agreement. Financing in terms of debt financing for construction is still "a long way off" he added. That said, Moore hopes to obtain permits "over the next 12 months" and that he is "pretty confident" that the project will be in the ground in the beginning of 2011.

Washington, DC real estate development news