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August 14, 2014
Luxury Comes to 14th and U
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Twenty years ago, you'd be hard pressed to find developers willing to take a risk building along the 14th or U Street corridors. Yesterday, a ultra-high-end project got underway.
At the corner of 14th and U, we snapped brothers Barry and Sia Madani of Madison Investments with Hoar Construction's Mike Sloan. The group had just broken ground on Elysium Fourteen, a 56-unit luxury apartment building around the corner. Sia and Barry believe both the 14th and U Street Corridors are ready for luxury residential, which is why they're going all out with the finishes at Elysium, including large unit sizes (average of 750 SF) and real-time public transit monitors in the lobby. (Nothing says "I'm luxurious" like not running after a train.) They'll go for LEED cert when construction wraps in late 2015.
Here's the PGN Architects design of Elysium. Madison will construct the building around and over two older buildings that'll be renovated and restored. Those buildings will also be part of Elysium's ground-floor retail mix, and Sia tells us Madison is in discussions with "a fantastic international tenant" to take most of that space. Though the Elysium units will be high-end, amenities will not be plentiful because Madison believes the neighborhood is an amenity unto itself. You might know Madison from its other boutique residential projects like Trevelyan House in Columbia Heights and 1020 Monroe on 11th Street.
It's Madison's biggest project to date and Hoar's first project in the District. And residents won't have to go far to get what they need—across the street is a Trader Joe's on the ground floor of the Louis at 14th apartment building (on the right). Sia tells us nearby apartment projects like Louis and The District raise the bar for Elysium. Oh, and we asked Barry what the name Elysium was all about, and he says it's about keeping the residents happy: "It means a state or place of ideal happiness."
Ritz Banc Celebrates in Georgetown
Last night, Ritz Banc Group celebrated the summer—and a big new deal—at the Ritz Carlton Georgetown. Snapped here: Ritz Banc co-founder Nasr El Hage (second from right) with GW professor Dr. Georges Jabbour, Lebanese Taverna's Najib Adwan and Dany Abi Najm, and Kalorama Dental Arts' Dr. Habib Mitri.
That big deal is the purchase of Avion Lakeside A & D in Chantilly, a two-property, 116k SF office complex near Dulles Airport that Ritz Banc bought with partner Lincoln Property Co. The price was around $20M, and Nasr tells us Ritz Banc is on the hunt for more value-add acquisitions.
DCers in NYC
Our Bisnow NYC Power Women bash Tuesday night drew a big crowd, as we celebrated 50 of the city's most exceptional commercial real estate players. Even a couple DC friends were on hand, including architect Darrel Rippeteau, snapped here with son-in-law Hall Oster, a broker with NYC investment sales powerhouse Massey Knakal. (Was Darrel up there for our event, or to check on his daughter's beau?)
Here's another DCer, Cassidy Turley's Rocky Kern, with one of our Power Women, Michelle Berliner of Brookfield Property Group.
Send Us Your Vacation Pictures!
We're sure you've taken—or are about to take—some awesome trips. Do you have photographic evidence? We still want to see! Coming soon, we'll be running your best vacation shots. So email Chris Baird with the your coolest summer trip pics (as well as your latest deal news).
Don't Miss Bisnow's Future of Prince George's County Event August 26
There's a ton happening in Prince George's County, from the growth of College Park (and it's anchor, the University of Maryland) to new county hospital at Largo Town Center and the possibility of the FBI relocating to Greenbelt. Not to mention the under-construction MGM resort casino at National Harbor. That's why we've assembled some of the county's biggest names to speak at our Future of Prince George's County event Aug. 26 at National Harbor's Sunset Room. We're featuring a keynote from UMD president Wallace Loh, as well as WMATA real estate guru Stan Wall, Southern Management CEO David Hillman, and NAI Michael's David Michael, among others. It's an afternoon event, and we'll host one of our signature Schmoozaramas after the panels. Sign up here!
5th Bisnow Video
With Bisnow Education's latest video, Real Estate and TheirAsset Classes, we drill down to fine-point dynamics of the industry itself, explaining vital differences among the many opportunities (economic and otherwise) commercial real estate has to offer. Peter Linneman, Wharton's real estate program founder and chairman, continues to share his extensive knowledge of how real estate sectors differ in operating, organizing and providing revenue, including:
Differences among Class-A, B and C properties.
Risks associated with retail hotel types (the differences are significant)
Shifts of demand within multifamily
Strip centers vs. power centers
The Internet challenge
This is our latest video and video No. 5 in our hugely popular educational series, with more to come. This one contains two-and-a-half hours of useful information, but it can be digested in bite-sized, five-minute spoonfuls that go down easy (watch a sample here). It's available to Bisnow readers for only $59, or purchase all five videos for $199. Order yours here, and for training program group licenses, email Will Friend at firstname.lastname@example.org.
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