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Bisnow Exclusive: Douglas Development's Newest Buy
   
October 29, 2013
 
 

Bisnow Exclusive:
Jemal's Newest Buy


The Masters of Science in Real Estate program at the American University invites interested applicants to the Graduate Programs Open House on November 2 at the Kogod Student lounge from 9:30 am to 2:00 pm. Lunch will be provided. Information and registration are available at www.kogod.american.edu/openhouse.

Never one to miss stockpiling assets in emerging neighborhoods, Douglas Development has purchased a prime corner property in one of DC's hippest spots, with a conversion on tap.

douglas
Bisnow has learned that the firm has completed the long-rumored purchase of 501 H Street NE, closing yesterday for $4.9M. Douglas principal Norman Jemal confirmed the deal to us and says they'll redevelop the office building (currently HQ of the H Street Community Development Corp) to apartments and retail, which zoning allows for. The H Street CDC will remain a few months, Norman says, but a groundbreaking is expected in 2014.
Moseley (Multifam2) MDCRE

norman
Norman (whom we snapped with Cassidy Turley's Allison Berry this past summer) says the redevelopment is "very fitting with what's happening on H Street," with a slew of new restaurants, retail, and residential peppering the once dormant stretch. (New apartments near H Street bars means fewer inebriated people on Metro during the evening exodus. So let's all pick up a hammer.)
CohnReznick (Think2) MDCR


The Height Limit Issue: Richard McBride's Take

mcbride
Historic preservationists and design pros have their misgivings about lifting DC's building height restrictions, hoping that developers won't ruin the city's unique skyline. But McBride Real Estate Services prez Richard McBride (a DC-native whom we snapped yesterday in his Dupont Circle office) says allowing owners to build a small portion of additional floors could be a boon for the city's tax base—as well as create little impact on infrastructure.

DCwilieshancock
Increased taxes from adding a small amount of extra floor space ratio could be earmarked to help the city, Richard says, in areas like transportation (to ease whatever strain building higher might have), as well as affordable housing, in case higher building values price lower-income folks out of the city.

streetcar
But ultimately, Richard says, lifting the restrictions might be a struggle—not just because of battles in Congress, but also due to the National Capital Planning Commission. The NCPC was up in arms over construction of the H Street Streetcar, since power lines for the route would potentially block views of the Capitol. "The aesthetic issue is obvious, so let's not turn Washington in to a city of concrete canyons," he says.


CDM Renews in Bethesda

tom birn
Cresa's Tom Birnbach repped consulting firm The CDM Group in a 20k SF lease restructuring at Clark's 7500 Old Georgetown Rd in Bethesda. It's a 10-year renewal for CDM (guaranteeing it will be around to see Older Georgetown Road), which has been in the space since '04. Tom tells us that after analyzing the Bethesda market, staying put was simply the best move for CDM.


Ballston BID's Big Launch

Ballston BID
Ballston BID's LaunchPad Challenge Finale event will be held at Regal Cinema in Ballston Common Mall from 6pm to 9pm on Dec. 4. It concludes a six-month intensive program aimed at finding the next big idea in Ballston. Hundreds of applications were received, and 14 of the best were selected; these individuals have been working all summer toward being in the top three to pitch to a superstar panel of judges, including Monumental Sports & Entertainment CEO Ted Leonsis. The Ballston BID has announced a $15,000 prize to the winner. Registration includes a cocktail and hors d'oeuvres reception, pitch event, and LaunchPad Challenge program. For more info on our sponsor, click here.


Question of the Day

Captain-Phillips
In response to yesterday's question on the best movies out there, Chicago Title's Sean Murphy says he's partial to Tom Hanks' new "intense and suspenseful" Captain Phillips, noting the film's "great acting and camera work."

Microsoft Word - web 2.0 logos
For today's question, we're curious: What's your favorite social media site? Whether it's Facebook, Twitter, or something so cool we don't even know about it yet, email Chris Baird with your pick and we'll publish some answers.

On today's playlist: anything by Asia. Email chris.baird@bisnow.com.

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