907 Barry Place Blog

Overview of Development Site

Wed, 7 Jul 2010 22:20:47 -0400

DC has witnessed tremendous growth for many years. In the past 10 years billions of development dollars have been spent on - Federal Buildings, DC Government Buildings, Hospitals, Hotels, Residential Units, Multi Family Projects, Dormitories Retail spaces, Office buildings and many others.

The Washington DC Economic Partnership, an entity supported by Developers, keeps track of all development project that include Government, Hospitality Industry, Retail Space Associations, Real Estate Brokers (both Residential and commercial) and many others including foreign embassy.

This presentation gives an overview of all development projects currently underway as well as upcoming projects are under review. The projection does not include future growth which is under consideration.

The presentation further includes the development (residential and commercial) in the adjoining area.

Development of Site

Wed, 7 Jul 2010 22:20:39 -0400

This presentation shows adjoining lots, their respective size and ownership.

Phase One Study for EPA has been done for existing structure and soil has received clean certification from DC Government stating there are no hazardous materials in the soil.

The site is uniquely situated on master development plan of Howard University and is surrounded by open space on all four sides running bi-directional traffic on adjoining roads.

The development would be exposed to open sky on all four sides.

This presentation provides the estimate of development, profits including IRR after resulting land evaluation premised upon existing R5B zoning (6 story) and rezoned zoning of R5E (for 10 story).

The lot is designed for mixed use under master development plan under DC zoning concept – meaning life after dark as a cultural destination.

Since the subject property is less than 1000 feet away from Cardozo Subway Metro Station it is deemed and eligible for Smart Growth - encouraging foot traffic as opposed to vehicular traffic)

This site is designated in HUB zone by Department of Commerce thru SBA.

Under current DC regulations it is an Economic Development site – qualifying for incentive dollars.

Concept Building

Wed, 7 Jul 2010 22:20:28 -0400

This Concept Building Development is to highlight the potential of a 10 story mixed use building - retail on ground floor and residential units/dormitory rooms in the upper floors; with two level underground parking for 170 automobile. This is based on converting the existing R5B zoning (six story high building) to R5E (10 story building with 103, 000 s.f. of development).

The subject lot (17071 s.f.) qualifies for zoning change under DC Zoning law (lot size greater than 15,000 can be rezoned to PUD development). Time for such zoning process will take approximately 8 months to 15 months incurring a cost of $400,000.

This rendering was done by an architect hired by a past potential buyer.

Howard University

Wed, 7 Jul 2010 21:10:05 -0400

This will provide an overview of what is near the building.

Howard University has dormitory housing (two 10 story buildings - East and West wing) for 793 students directly across from the subject property.

This presentation includes several different housing units and what students pay under HU subsidized housing program.

DC law mandates to provide 60% housing to freshman students living on campus and HU only meets 40% criteria. Currently HU has a recognized need for 1000 units for student housing on campus. Outside unit residential units don’t qualify under zoning criteria.

American University, George Washington University, Georgetown University and others also have similar needs for additional student housing.

This requirement is mandated in adjoining jurisdictions. This deficiency in housing exists in Maryland as well as Virginia.