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June 3, 2009
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THE SANTOS ERA!
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Our next event! Fill your budget gap with tax incentives and historic tax credits. June 9, 7am, at the Council on Foreign Relations. There's millions to be had, and we've tracked down top minds in the tax credit space: Pillsbury's Thomas Morton, Reznick Group's Don Nimey, and more. Early birds, special rate here.
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Make room for another powerful Valerie in town. Not Valerie Jarrett, but Valerie Santos, the surprise pick this morning as the new Deputy DC Mayor for Planning and Economic Development.
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We snapped this of Valerie moments ago at the Walker Jones Elementary School at New Jersey and L, NW, where Mayor Fenty chose to have his press conference announcing his selection for Neil Albert’s successor. Neil, of course, has become City Administrator following Dan Tangherlini’s departure to the Obama Administration; Valerie is subject to City Council confirmation over the next several weeks. She’s a San Francisco native and Harvard MBA/JFK School grad who came to DC in 2003. Most recently she’s been Neil’s COO and before that worked at Jones Lang and Ernst & Young.
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But where’s her Blackberry?? That’s Neil on his, and we see a rare moment when the Mayor’s multiple Blackberries are holstered. Valerie’s a resident of Ward 1, and Mayor Fenty noted proudly that she’s the first Deputy Mayor for Planning he can remember who’s “risen through the ranks.” She mentioned St. Elizabeth’s, Poplar Point, the Waterfront, and Minnesota Ave/Benning Road as being among her expected priorities, although she says she looks forward to leading her 65 employees very much in Neil’s footsteps. It was Mayor Fenty who said we should look on today as the kickoff of the “Santos Era.”
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Yep, the Mayor really does drive up to his press conferences in a Smart Car.
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Why Walker Jones? Perhaps because it’s the fastest built school ever in DC: Forrester Construction broke ground in March of last year, and it will be ready for a first class in September. (It used to be Terrell Junior High, but will now be K-8 plus a community library and rec center. From left, owner’s reps Tom Maslin and Erika Lehman of Regan Associates (representing the District), Forrester’s Scott Forrester, and DC gov’t project manager Chimeka Thomas.
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| Multifamily Finance in DC |
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We asked Randal Howard, head of Chicago-based Moran & Co.’s new DC office (no, that’s not it in the background) what he thought of Freddie Mac’s new plan to securitize $1B in mortgages. He thinks the beneficiaries will disproportionately be in the DC area. “Domestic and international investors are focused on DC right now, and multifamily is the favored product type, which should lead to greater transaction activity here than in other parts” he explains. Just look at his company; Moran, a multifamily advisory firm, is expanding its presence here to better target equity sales and recapitalizations in the region.
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| Michael Phelps: Meet the RE Opympians! |
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The 20th annual Juvenile Diabetes Research Foundation Real Estate Games, at American University, are June 11, with Vornado/Charles E. Smith chief Mitchell Schear and colleague Brendan Owen as Honorary Chairs. (Above, a shot of Chip Akridge at the ’07 Games.) More than 1,700 people from the commercial real estate community will compete in various sports. If last year’s totals are any indication (the event raised $425k for diabetes research), the heavy lifting of moneybags event will remain in the competition. And thanks to CoStar, this year's sponsor.
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