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June 8, 2009
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DEVELOPMENT DEADLINES EXTENDED
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| Big shoutout to sponsor Hickok Cole Architects that transformed a dated 2k SF lobby at 1250 Eye into a "contemporary glowing jewel box of glass and steel." Please see story below. |
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| PG County Council passed a measure last week to extend all development plan expiration dates by two years. We asked Maryland-National Capital Building Industry Assn. prez Tom Farasy why this is important. |
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| The extra two years added to a plan's validity period before it must be re-approved is a relief for developers with projects in recession limbo, he says. MNCBIA pushed for this legislation with help from Park and Planning, the County Council and the County Executive's office. Extending expiration dates is catching on elsewhere in MD: Montgomery County passed something similar in April; St. Mary's County introduced two bills on May 26; St. Charles has a similar offering expected this month. Above, Tom at MNCBIA's awards picnic right after PG County Council passed the measure. |
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| MNCBIA's members are mainly residential builders but planned multifamily projects like Mosaic at Turtle Creek in College Park, pictured, will benefit too. (Tom's the head of multifamily development firm Terra Verde in College Park, whose 300-unit Mosaic is pending until construction financing can be secured.) "Other than HUD, no one is lending right now to the multifamily industry," Tom says, adding, "With these measures in place, when recovery does come, we will spend our time building houses, creating jobs, instead of reinstating our expired plans." |
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| Silver Line Takes Shape |
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Development along the Silver Line is becoming clearer, starting with the first stop in the Dulles Corridor: Wiehle Ave. Comstock Partners in Reston just landed development rights to build an $80M, 2,300-space commuter parking garage there. It’s also planning a 1M SF mixed-use project on top of the garage, called Reston Station, pictured. Groundbreaking on that part depends on the market when the approval process is complete, Comstock’s Chris Clemente tells us. The company still has to secure rezoning and then get site plan approvals, expected in 2011.
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Further down the line, Comstock’s plans are more solid. It expects to begin construction in Q1 2010 on Loudoun Station, a 50-acre, mixed use project at the Silver Line’s last stop in the Dulles Corridor, the Route 772 station that will connect to Dulles airport and Loudoun county. It’s been rezoned and approved for up to 3.5M SF. Phase 1 will have 400 apartment units and 100k SF of retail. At full build out, Loudoun Station will be a $500M project with up to 1,500 apartment units, 600k SF of retail & entertainment, a hotel, and approximately 1.2M SF of office.
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| Go To Burger |
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| Here's what happens when a certain President and VP visit your restaurant: a line like this at 2:45 PM on Saturday this weekend at Ray's Hell Burger on Wilson Blvd. in Rosslyn. We've circled it, because the place is so crazy modest it doesn't even have a sign. |
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| Hats off to our sponsor Hickok Cole, that created a curved all-glass entrance facade at 1250 Eye St., accented by custom stainless steel portals, Macassar Ebony wood panels, and light blue back-painted glass walls. A floating "trellis" links the elevator lobby and main lobby and smooths the change in ceiling heights. Large openings are cut into the trellis to allow views of adjacent Franklin Square. Congratulations! |
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. Copyright 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.
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