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Real Estate Bisnow (DC)

Why Landlords and Restaurants
Better Play Nice

The Virginia Gold Cup Races presents The International Gold Cup, Saturday, Oct. 25. You can now place bets on a mobile app! Some of the best steeplechase racing you'll find anywhere. Click here.

Barack Obama and Joe Biden. Stephen Strasburg and Wilson Ramos. Developers and restaurants. One of those partnerships might seem not like the others, but as we heard yesterday at our 4th annual DC Restaurant Development Summit, DC's retail and restaurant revolution won't go very far without landlords and business owners meeting halfway.

Busboys and Poets founder (and one time DC mayoral candidate) Andy Shallal has seen it all go down. As a locally grown restaurant concept, he says Busboys has sometimes been used as a pawn by landlords to attract bigger, national credit tenants. "Some landlords get it, and some try to hook you in, and then squeeze the hell out of you," says Andy, who adds that local concepts may not have the balance sheet of larger, national tenants, but contribute more to a community. So forging relationships with open-minded landlords is crucial in the growth of startup local concepts, and as a result, the growth of the emerging neighborhoods, he says.

CohnReznick (Field) MDCRE

That camaraderie should exist between business owners, too, says DC Brau CEO Brandon Skall (with Vucuverich Simons Advisory Group's Dan Simons). He says local restaurateurs, brewers, chefs, and retail owners need to demand excellence from each other to sustain the scene. Creating products and concepts that aren't just locally born, but of high quality, is key. "Local is good, but local doesn't equal good," says Brandon, who with co-founder Jeff Hancock delivered DC's first brewery since the '50s in 2009. 

Bisnow (RawSpace-orange) intext

Landlords, for their part, are maturing, says Cushman & Wakefield's David Dochter. Many, even on the institutional side, are beginning to appreciate locally grown retailers and restaurateurs, since bringing them in can help create an identity for assets and the neighborhood. Owners who simply go for the most well-known tenant who can afford to pay the highest rent may lose out on special opportunities. Dave also says he's eagerly watching the Union Market/Florida Ave NE submarket as a future retail hotspot.

Lerner (1775Tysons5) RDCRE

Miller Walker Retail Real Estate's Bill Miller is watching H Street NE, with retail rents approaching 14th Street Corridor-type levels—as much as $100 per SF. But Bill figures that high might not be sustainable, since the corridor isn't yet as fully developed as 14th Street. And if neighboring landlords get wind of big rent numbers achieved by spots next door, it may stunt the market, so signing smart, sustainable deals will benefit everyone, he adds. 

Big thanks to the folks from The Hamilton Live for turning what's usually a hoppin' concert venue into an equally as hoppin' Bisnow venue. After the panels, guests were treated to an array of sliders and sushi as well as beer from DC Brau, great wines, and a bourbon-laced signature cocktail created specially for the event.

Taking a break from the schmoozin': Rappaport's Bill Dickinson and Jason Yanushonis with Thur & Associates' Shary Thur and Combined Properties' Susan Kirn. Stay tuned for more Summit coverage tomorrow.

  
  
Lerner (SmartSpaces) DCRE
CREW DC (Registration)
RMA (App5) DCRE
Moseley (Difference3) DCRE
CohnReznick (Field) DCRE

This Morning in Manassas

300 joined us at the Hylton Performing Arts Center at George Mason U's Prince William campus for the Bisnow Prince William County: Harnessing Innovation event, where county economic development chief Jeff Kaczmarek (middle, with developer Bob Buchanan and GMU prez Angel Cabrera) reported some impressive stats about the second-largest county in Virginia. Among them, Jeff says there was $1B in development in PWC last year, with about $500M already this year. There's a very low 4.7% unemployment rate, a $93,744 median household income, and lots of job growth, too—the No. 8 county in the nation in that metric, he says.

County chairman Corey Stewart adds that the county is ready for more growth, with ample available land for private development, especially within the data center sector. The county just passed 2M SF in data center development, and with some large enterprise users and colocation owners looking to diversify their footprints away from hotspots like Loudoun County, Prince William could be a big beneficiary. Together with state funding, the county will provide $1B of local investment in roads and infrastructure as well, Corey says. Stay tuned for more Prince William coverage tomorrow.

Winmar Construct (MosaicPics)
Bisnow (Niche-White) HALF

Mount Rainier, MD to Get
a Little More Efficient

Net-zero energy town homes are coming to the Prince George's County Gateway Arts District. Local developer Flywheel Development has just obtained acquisition financing from EagleBank to build five for-sale energy efficient units in Mount Rainier, MD, a streetcar suburb on the eastern border of DC. (They're rendered here; good luck using solar energy when there's no sky.) We're told Flywheel hopes to break ground in 2015. (Buyers will have energy bills lower than Jordan Zimmerman's ERA, which might make them able to spring for Nats season tickets.)


Acme LEEDS the Way

The DC restaurant renaissance isn't lost on 67-year-old Acme Paper & Supply Company and its five divisions (they're more than just paper): equipment, packaging, janitorial, retail packaging, and warehousing products. Business development director Scott Attman (here with his family, taking a big bite out of life) says requests from new restaurants span everything from building out kitchens (from ovens to glassware) to customized branded disposable packaging (logos on takeout bags and containers). Also hot: LEED-certified janitorial supplies and equipment to maintain certification (or increase a level). Scott says eight family members are active in the company, along with 250 “supporting family members,” with 94-year-old grandfather/founder Edward Attman still present for work every day (he started the company out of his trunk, selling butcher paper and brown bags). For more info on our sponsor, click here.


Wanted: Chief DC
Real Estate Reporter

We have the best job in the world for someone interested in Washington commercial real estate and who likes to write. We're hiring a reporter for our DC real estate publication, where you'll get to learn a ton about every project, submarket, and trend; meet all the top players; and go to non-stop cool events. And we'd love to hear from you whether you want to stay forever or do it for at least two years. Our last two reporters took the latter approach, after which we were delighted that they were rewarded for their hard work by being plucked for great jobs in the DC real estate industry. So if you, too, want to work hard (and get some perks along the way), we want to hear from you! Write us.


Publisher's Notebook

It may be a cliche to say we're always discovering new things in New York. But have you ever heard of "Sixth-and-a-Half Avenue"? It's a string of public access corridors through huge private office towers that lead you from 57th Street to 51st

According to our rigorous research in Wikipedia, they were created in 2011 to relieve pedestrian congestion. But now, they are criticized as having created vehicle congestion as cars slow down for people to cross the street between buildings. Can't win.


Bisnow's Power Women
in Tech

Did you know the DC region has been ranked the top place for women entrepreneurs? This month, in a multi-part series in Tech Bisnow, we profiled our selections for the 40 Most Powerful women in tech, and now we're ready to celebrate them at an event on Oct. 15 in Crystal City. These women are the names you need to know from hottest DC-based companies, like Vox Media (here's honoree and VP Alexis Junega), newBrand Analystics, EverFi, SocialRadar, LiveSafe, Augaroo, and Optoro, among many others. Join us next month to recognize the great talent in the DC tech community, and meet the women who are making things happenSign up!


Six Reasons You Need Our
New Research Report

1. We tell you which metros are attracting the most capital.

2. We reveal the fees that developers are earning.

3. We showcase the most active foreign investors.

4. We compare real estate to the stock market.

5. We disclose the cost to market a deal by market.

6. We break down the capital stacks of over 400 transactions.

7. IT'S ON SALE FOR ONE WEEK ONLY!!!

To see more, click here.


32 Days Until the Top Under 40 Developers / Investors Meet in Miami

The top developers and investors under the age of 40 descend on the Ritz Carlton in South Beach. See who's attending and apply to be considered for one of the few remaining spots here.


On today's playlist: Brian Wilson. Email chris.baird@bisnow.com

 
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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. © 2013, Bisnow LLC, 1817 M St., NW, Washington, DC 20036. All rights reserved.

© 2014, Bisnow LLC, 1817 M St., NW, Washington, DC 20036. All rights reserved.

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