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Real Estate Bisnow
   
January 15, 2013  
 
 
 
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Bisnow has learned that Chevy Chase-based Starr Capital, along with an undisclosed JV partner, will construct a 17-story, 70-unit condo building at 4990 Fairmont Ave in Bethesda; it secured financing for the deal in December. Santa has eight reindeer and a bag full of capital.

 

Walter Coker

HFF’s Walter Coker (middle) brokered the $6.5M loan, with colleagues Sue Carras and Brian Crivella (in the blue shirt/red tie), for the JV from Bank of Georgetown. He tells us the site—currently improved with a BP gas station and a small office building—represents a “unique urban infill play” for the developers. It has to be re-zoned over a two-year period, Walter says, before ground can be broken, however.

 
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Bethesda Row

The new property, to be called The Fairmont, is walkable to both Bethesda Row (above), Woodmont Triangle, and the Metro, and will cater to a unique buyer base that Walter says includes empty nesters who want to live in urban spaces but still be surrounded by amenities.

 
Bisnow (Writer2) Jumbo
2251 Wisconsin Avenue
The Fairmont isn't the only urban infill residential project announced this week. Altus Realty, Chesapeake Realty Partners, and Ellisdale Construction have plans to renovate 2251 Wisconsin Ave (which we snapped Sunday) in Glover Park and add an 80-unit apartment complex behind it, as the Washington Business Journal reported yesterday. According to public record, the partnership purchased the building last week for $20.1M. CBRE's Brad Wilner, who's listing space at Carr Properties' nearby Georgetown Plaza, says the development is rare for the supply-constrained Glover Park, but the area's attractive demographics make a residential/retail project like 2251 Wisconsin a smart one.

Tysons Hurdles
David Kitchens

Cooper Carry’s David Kitchens doesn’t have a dog in the Tysons hunt, but he knows plenty about the market after serving on one of its design task forces. The market will face hurdles, including the lack of Metro stops and keeping mixed-use development projects from turning into isolated islands. The same land area in DC has 3X the number of Metro stations, David says. "Patience and not losing connectivity are going to be prudent here," he adds.

 
Tim Steffan

That’s not stopping Macerich from building a 300-key hotel, 524K SF office structure (anchored by Intelsat), and 400 unit res tower, tied together with a 55K SF plaza above street level, next to one of the busiest malls in the DC region. SVP Tim Steffan says all three will be constructed together and completed in 2014, just in time for four completed Metro stops and express lanes.

 

Hines’ Chuck Watters, whose firm is the development manager for Tysons Tower, says the Tysons market will face broader economic forces because "the capital markets won't allow a lot of spec-based buildings." New office supply will be constrained until companies feel more certainty about the economy and office demand picks up. If you want to hear more from David, Tim, Chuck, and more Tysons experts, sign up for our event Jan. 25 at the Hilton McLean.


COPT's Loving Loudoun
 
Rob Walters
COPT has decided to keep the Loudoun County data center party going, announcing yesterday that it had purchased a 34-acre site in Ashburn from St. John Properties to construct a new campus in Ashburn’s robust data center market. A source tells us COPT has lined up a large AA credit user as the anchor tenant for the first two buildings, totaling 315k SF. It plans to break ground on that first building (200k SF) in the spring with phase II (115k SF) sometime in 2014, says Avison Young’s Rob Walters (snapped this morning), who represented COPT in the sale. Rob tells us he also repped COPT in brokering the build-to-suit agreement with the phase I’s lead tenant, though he wouldn't confirm its identity.

Dining With the (CRE) Stars
 
Greg Meyer
Yesterday, we grabbed a quick sushi lunch at OYA with Brookfield's Greg Meyer, who despite getting over the flu was nice enough to smile. Renovations for Brookfield's 799 9th Street (OYA's home) will be complete this fall—including a new lobby, fitness center, and rooftop terrace.
 
Adam Singer
And this morning, we swung by the Silver Diner in Tysons for coffee with Studley's Adam Singer (he had his trademark iced tea, though). The always giving Adam says he "continues to be amazed at the charitable ways of our industry," and says he's excited about this summer's 24th annual JDRF Real Estate Games at American U, an event he founded in 1990. Adam says there will be over 50 events at this year's Games.

Jeff Joins CBRE
 
Jeff Kottmeier

Kudos to Jeff Kottmeier, who started yesterday as CBRE's director of research and analysis for the Washington-Baltimore region. Jeff (snapped this morning) comes from Cassidy Turley and tells us he's excited to expand the firm's research platform to include more forecasting. As for the local CRE scene, Jeff says 2013 will be a transitional year, after what he calls "the perfect storm" of the election and fiscal cliff.

 
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