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April 21, 2010
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SCHOOL WORK
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| Our next Bisnow Breakfast & Schmooze: Medical Office Summit, Tuesday, April 27 at the Bethesda Theatre. More info. |
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| The school year may be coming to an end, but some impressive local university projects are starting to hit their stride. At its monthly lunch today at the Capital Hilton, CREW DC brought out developers and university reps to talk about ‘em. |
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| This afternoon we snapped CastleRock Partners’ Tim Kissler with Howard University’s Diane Branch, who says the HU Town Center is in the design phase and shovels should be in the ground by year’s end. The project, at Georgia and V, would be delivered about 18 months thereafter and include 450 apartments, 100k SF of retail, and a grocery store. Tim says the objective is simply to “build a community in an area where there isn’t one.” Right now the property is a “big, open vacant area.” Do we detect the mixed-use theme is on fire at the moment? |
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| And speaking of which… developer Jim Abdo says Catholic University is giving land back to the public to be turned into a mixed-use property on 8.9 acres near Michigan Ave. NE and Monroe St. NE. The project would include residential above retail. Coming out of the Brookland-CUA Metro station, an arts walk (think Eastern Market meets Hyattsville) is to take shape. Joining Catholic’s Cathy Wood, Jim said areas such as Bethesda Row are looked at for inspiration, and that, already approved by the zoning commission, a combination of Metro stop, raw land, and a District address are a developer’s dream. |
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| MORE FROM ULI |
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We’ve had Ethan Penner speak at our own events, so you may think we’ve become groupies hanging on his words. But as “father of the CMBS market” (and now CBRE Capital Partners president) he says it’s only a matter of time before the Euro bites the dust. “The rest of the world is more screwed up than we are—and they know it. They invest their money here,” he said yesterday afternoon at the Reagan Building. He also proffered some of his personal investment rules, like “Be patient,” citing his perfect record of making mistakes every time he’s tried “not to miss an opportunity.” It’s also smart for investors to understand the macro flows of funds in the world, and he feels the country would be a better place if the government protected the taxpayer better, eliminates tax on debt forgiveness, and replaces the objective of home ownership with living within one’s means.
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Capital Markets panel moderator and Eastdil managing director Nick Pappas (far right) noted a seemingly bifurcated market with broken deals on one end and trophy properties on the other (as illustrated above the heads of panelists, who also included KBS Realty Advisors Regional prez Chuck Lindwall, USAA Real Estate’s Bruce Peterson, CapitalSource’s Chris Kelly, and USBank’s Nicholas Testoni. Chris says liquidity is being re-introduced by banks, life companies, finance companies, mortgage REITs, and a little bit of foreign money “trickling in,” mainly in large international cities. The next entrant, he says, is CMBS lenders, who’ve been out of the loop for a couple years but are poised for a return. Having fun with the panel, moderator Nick asked his colleagues what movie or song is the story of their business lives today. Bruce went a bit contemporary with “Hot Tub Time Machine.”
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Shorenstein Properties CEO Doug Shorenstein with Pinkard Group’s Bob Pinkard for an industry investor keynote Q&A. Doug says his company right now is focused on top urban markets, such as DC, Boston, and New York. “It’s a great time to be a buyer in those primary markets, and I think you can buy in those markets.”
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| HIGH ON HALSTEAD |
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We told you last week about progress in the developing Columbia Pike district, so just consider this a sequel. We also the Halstead at Columbia Pike and S. Walter Reed Dr. during WIRRE’s Walking Tour: The facility’s 269 units are 80% leased at an average monthly rent of $2,500. The retail mix includes T-Mobile, Arlington Free Clinic, Lost Dog Café, and P. Brennan’s Irish Pub, KLNB Retail’s Lindsey McGaw tells us. The 30k SF of retail breaks down into thirds: 10k filled, 10k in advanced negotiations with a fitness facility, and 10k available. Lindsey tells us that once potential clients visit the area, it goes a long way towards getting them out of the “I need to be in Ballston or Clarendon” mindset.
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| SEE AND BE SCENE! |
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Is Rahm Emanuel (whom we snapped last night with former Clinton press sec’y Joe Lockhart) becoming a real estate broker? Naw, that's just our cheap teaser. But you'd know what people are actually saying if you were a daily reader of The Scene Bisnow. See today's issue. Then subscribe so you never miss a thing.
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| UPCOMING EVENTS |
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April 21 - NAWIC DC - Monthly Meeting - GSA Programs featuring Ann Marie Sweet-Abshire, Acting Director, Project Delivery Support in Fairfax. 6-8pm. Info
April 21 - International Interior Design Association, Mid-Atlantic Chapter -Kennedy Center gala, "The Premiere," 2010 Design Awards honoring the region's finest new projects and their designers. Categories: Commercial, Educational/Institutional, Healthcare, Hospitality, Residential, Government, and Retail. Emcee: Jean Cochran of NPR's Morning Edition 6:00pm-8:30pm Open bar. Info
April 22 - IFMA Capital Chapter - Sustainability Summit. American Academy for the Advancement of Science, 1200 New York Avenue, NW. $125/members, $150/non-members. 7:30am-5:30pm. Info
April 22 - NAIOP Maryland/DC - 2010 Awards of Excellence. Willard Intercontinental Hotel. 6:30pm. Info
April 22 - African-American Real Estate Professionals - The Power of Going Green. Venable, 575 7th Street, free to members, $60 to non-members. 6:30pm. RSVP to info@aarepdc.org.
April 27 - Bisnow - Medical Office Summit - Bethesda Theatre. Networking at 7am. Info
May 02 - Cassidy Turley Race for Hope 5k -Supporting brain tumor research in honor of co-founder Pat Cassidy. Info
May 04 - Arlington Economic Development - Forum on Sustainable Business Practices. Did you know that you can reduce costs by up to 30 percent? Featured speakers: Arlington County Board Chairman Jay Fisette, EPA's Jerry Lawson, Strategic Sustainability Consulting's Jennifer Woofter, SBA's Bridget Bean, SBA; Arbour Realty's Adam Gallegos, and EcoAlign's Andrea Fabbri, EcoAlign. Clarendon Ball Room. 7:30am-noon. Info
May 06 - Mortgage Bankers Association of Metropolitan Washington - Hear perspectives on appraisal/valuation, borrower and equity goals, and new syndication opportunities. Reconnect with your commercial real estate finance colleagues during the networking. 4:30 - 7:00 pm. Info
May 14 - Institute of Real Estate Management - Gala by all three local chapters, benefiting Special Love For Children with Cancer. Congressional Country Club. 7pm cocktails. Info
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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 2010, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.
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