April 28, 2015

This Summer At City Market at O

Disney has Avengers: Age of Ultron. Universal has Jurassic World. But City Market at O may have the biggest summer blockbuster of all. New restaurants. A new hotel. And groundbreaking on a fourth tower.

Mac Mackenzie

Built in 1881, the O Street Market (pictured) “was a shell" that was filled in 2013, when Roadside Development secured anchor tenant Giant Food, says Roadside founding partner Richard Lake. Another 90 units of affordable housing for seniors, 550 units of high-end market rate housing and a 182-key Cambria Suites Hotel were also added. These "bring an enormous energy to the neighborhood,” Richard tells us. And this summer will see the Convivial Restaurant and the Bacaro Wine Bar opening.

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Richard (here with wife Lisa) says the hotel is Cambria's first urban prototype. The firm is now a pro at working on these developments with historic structural roots, he says.

Another Roadside project, the $31M, 110k SF Virginia shopping center Purcellville Gateway made an old farmstead new again. Architect Rounds Vanduzer created an atypical neighborhood center anchored by a 53k SF Harris Teeter. “The community was in love with the old farmstead and saw the buildings as iconic symbols of its past,” Richard says. It's now 100% leased with a Starbucks, a Wine Kitchen, a IJ Cahn's (in the old barn), Pet Valu and Coach's Corner.

Roadside brought first-to-market retail to the 500k SF Stonebridge at Potomac Town Center, anchored by a 139k SF Wegman's. The once vacant parcel is a new traditional town center-style development for the expanding suburban market, with a Not Your Average Joe's, Golfsmith, Travinia, Brighton and Apple. Outdoor events add to the new community vibe.

Mac Mackenzie

DC's first urban Best Buy at Cityline at Tenley (pictured) was a $150M project that transformed the 1946 Historic Sears department store above Tenleytown Metro but kept the building's original art deco-inspired facade. “We like things that are unique,” Richard tells us, “and with the former Sears, we played on old and new components.”

We're thrilled that Roadside Development will be joining us as one of our Founding Partners at the Bisnow Beltway Bash on May 18 at 5:30pm at the Wynn's Tryst Nightclub during ICSC RECon. Please register here!

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Proximity. Companies often choose where to locate because clients are nearby. In the case of Rosslyn, government contractors like BAE Systems and Boeing have gravitated to the Arlington submarket, where federal agencies like the Mine Safety & Health Administration and the US Trade & Development Agency are based. Not to mention, close neighbors like the Pentagon, TSA and DARPA. Plentiful public transit options and lower operating costs versus DC are also factors. ICA Language Services, which provides language training to government employees, recently signed a 17k SF lease at 1501 Wilson, a Monday Properties building. After 25 years in Rosslyn, the company chose to remain there (in a different building) to be close to the State Department, one of its largest clients.

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WeWork Looks to Expand DC Footprint

WeWork is eyeing yet another DC location, this time at the upcoming Apollo on the 600 block of H Street NE. The co-working space provider is working on a deal for 26k SF at the $189M Insight Property Group mixed-use development, which will include 431 apartments and 35k SF of retail. Independent coffee shop the Wydown is also in talks to open there, the Washington Business Journal reports. If the deal goes through, WeWork will join Flex Office Space as the only two co-working spaces in the neighborhood. WeWork has locations in Dupont Circle, Chinatown and Shaw, with possible plans to open a new location in Crystal City. [WBJ]

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Frontrunner Alternative B Selected for Potomac Yard Metro Station Site

Alexandria staff has chosen the preferred alternative B as the new Potomac Yard Metro station site. The $268M plan has been a frontrunner for months and puts the station within a quarter-mile of new development, allowing for a walkable, urban community that would provide the best ROI. Alexandria worked out a deal to transfer 13.5 acres of parkland to the National Park Service in exchange for about 7k SF of easement along George Washington Memorial Parkway, the Washington Business Journal reports. Meanwhile, North Potomac Yard owner Lionstone Investments contributed nearly $50M. The next stop for the Potomac Yard Metro EIS is a series of reviews and public hearings before the city's Board of Architectural Review, the Planning Commission, the City Council and Metro, then a final EIS will be drafted. A decision is expected in early 2016. [WBJ]

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Mid-City Scales Back Brookland Manor Expansion

courtesy of Perkins Eastman

The DC Office of Planning, Zoning Commission and residents have deemed Mid-City Financial Corp.'s Brookland Manor apartment complex expansion "too intense." The developer was told to scale back the plans, which included an additional 2,235 residential units and 202k SF of retail. The new plan, scheduled for review on May 7, has slimmed-down by 21%, cutting about 500 units, Curbed reports. Now the eight blocks and 1.9M SF of new development will include 1,760 residential units, 384 of which will be designated for affordable housing, and 181k SF of retail. Buildings that were initially designed to be up to 90 feet high will now be under 65 feet. Right now, Brookland Manor consists of 525 apartments in 19 apartment buildings. [Curbed]

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Ballston Commons Mall Begins Clearing Stores for Reno

Ballston Common Mall's renovation is months away from approval, but Forest City is getting a head start on the massive overhaul. Many of its store leases are set to expire at year's end, so the mall owner is steadily vacating the stores that will be affected by the early phases of the redevelopment. This will clear the way for demolition to start as soon the renovation is OK'd, the Washington Business Journal reports. While interior stores will close, outer stores like Macy's, Regal Cinemas, Rock Bottom Brewery, Noodles & Co., Panera Bread, Sport & Health Club and CVS will remain open during the renovation. [WBJ]

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McCormick to Score New HQ in Baltimore County

McCormick & Co supposedly had plans to announce a deal to move to a new headquarters in Hunt Valley, MD, today—an event canceled because of the riots in Baltimore. The spice company will move from its Sparks location (pictured) to a $100M six-story, 320k SF, consolidated headquarters to be constructed on the 20-acre site of a Verizon-owned building, the Washington Business Journal reports. The project, designed by New York-based architecture firm Studios, will be a donut-shaped building with a glass-covered atrium in the center. There will also be surface parking for McCormick employees and enough space for future expansion. Groundbreaking could be as soon as spring 2016. [WBJ]

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After Comcast-TWC

The fallout continues from last week's dissolution of the $45.2B Comcast-Time Warner Cable merger. But several other high-profile takeovers are on the horizon and could continue last year's merger boom. Click here to see three of the rumored and confirmed deals.

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Introducing 'Last Week This Morning with Miles Bloom'

For the last few weeks, Bisnow's New York office has been working on a top-secret project. The concept is simple: create a short video recap of last week's most important national real estate stories, and then distribute to our audience of CRE professionals all over North America. Here is our first rough draft. Make sure to tell us what you think by emailing BisnowTV@bisnow.com or share your thoughts on twitter using #BisnowTV.

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by Mr.TinDC

Demand Parking Is Closer Than You Think

On Friday, a council committee OK'd the MCDOT's plan for "demand parking" in Bethesda. This would allow the county to adjust parking rates throughout the day to fill emptier lots and garages. With the new rate structure, the county hopes to raise the maximum rate at popular downtown Bethesda garages to $1/hour, BethesdaNow reports. Garages a few blocks over can set rates as low as 60 cents to be competitive. MCDOT acting director Al Roshdieh says the county isn't looking to make more money, but rather to keep the spaces closer to downtown businesses more available for people who need them. Curbside meter parking will remain $2/hour, and the $150/month parking passes will become garage specific. If approved, the new plan will go into effect on July 1. [BN]

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Bisnow Education Spring Sale:
50% off all video products

Bisnow Education's videos are designed to help professionals at all levels understand commercial real estate from the ground up. The comprehensive subject list tackles valuation, negotiation, debt, asset classes, entrepreneurial strategies, industry jargon and more (including the questions you may be afraid to ask). Here, Peter Linneman, Wharton's Real Estate Department founder and chairman, shares his extensive knowledge of every aspect of the industry, offering fresh perspectives and pros/cons in easy-to-digest segments. To get 50% off, use the discount code SPRINGEDU15 and click here to select the videos that will help build your career. For corporate training group licenses, email amelia.garland@bisnow.com.

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Bisnow Beltway Bash in Vegas

Headed to ICSC's annual expo in Las Vegas this spring? If so, we hope you'll join our party for the Metro Washington DC region at the Wynn Hotel's incomparable Tryst Nightclub from 5:30 to 8:00 PM on May 18.

We're honored to announce that our supporting firms include these top retail players of the DC region:

Founding Partners
Acadia Realty Trust
ASB Real Estate Investments
Calkain Companies
Combined Properties
Dochter & Alexander Retail Advisors
Douglas Development
Federal Realty Investment Trust
JBGR Retail
McCaffery Interests
Miller Walker Retail Real Estate
Peterson Companies
Potomac Development
Roadside Development
Streetsense
Vornado/Charles E. Smith
Washington REIT
Madison Marquette

Presenting Sponsors
Papadopoulos Properties

Founding Sponsors
CohnReznick
Continental Title Group
Divaris Real Estate
Goulston & Storrs
Renaud Consulting
Rosenthal Properties
Shulman Rogers
Washington Gas
TEEL Construction
christopher consultants
MV+A Architects
Paraclete Realty

Public Sector Sponsors
Crystal City BID
Ballston BID
Arlington Economic Development
Rosslyn BID

More information? Please check out our event page, or contact Chris.Wainwright@Bisnow.com

  
  
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