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January 25, 2008
 
 
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BACK HOME!


Sponsor Update:  Our friends at Woodmark recently completed leases with Alderson Reporting and Daylight Forensic & Advisory at the Demonet, 1155 Conn. Ave; and Ventana Productions at 1819 L St. And see their latest Woodmark Window about the market!


 
We were on hand yesterday as Lanham-based Radio One (owns 69 stations in 22 cities) officially announced its plans for moving back to its original hometown of DC.  Why are they coming back?  Because, one adviser says, DC's "hot."

 

So we went to the DC Housing Finance Agency and snapped this of Council members Jim Graham, Kwame Brown, and Jack Evans, community activist Leroy Thorpe, and our "stalkee" friend Mayor Adrian Fenty at the DC Housing Finance Agency.   It was held there because Adrian (we feel we can call you that)  signed a Land Disposition Agreement that contributed $22M in gap financing to lure back the largest-African American radio broadcasting company in the country.  Okay guys, now bring the 'Skins back.

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[Ernie Jarvis Alert:  Avert your eyes if you think we report too much on the afore-mentioned individual.]  Four Points and Ellis Development Group are overseeing the $144M project (set to break ground in April) which includes 93k SF of office, 23k SF retail, and 180 apartments at the Shaw-Howard Green Line Metro. Above, Four Points' Tom Hotz, Ellis' Chip Ellis, CBRE's Ernie Jarvis, and Four Points' Stan Voudrie.


WHERE'S THE DOUGH?

DCBIA had a packed house at the National Press Club for the morning seminar, "Where Has All the Capital Gone?" Panelists (above) were Columbia National's Donal O'Connell (we just realized his name rhymes), Jones Lang's Steve Collins, Fitch Ratings Joe Kelly, NewStar Financial's Dan Adkinson, and Prudential's Youguo Liang. Dan said that, like Gresham's Law, leveraged buyers drive underleveraged buyers out of the market, but that underwriting criteria, being more conservative in 08, will level the playing field.  Donal said debt will be difficult to access until Wall Street returns to the market, and predicted Freddie and Fannie will save the multifamily sector.

 

Over coffee before the panel, we found Mosaic Urban Partners' Calvin Gladney, Bonstra Haresign Architects' Will Bonstra, and K3 Prez Jeff Martello. Jeff tells us K3 is working on prototypes to revamp Marriott Courtyard. The brand is looking to increase its appeal with the business traveler, so lobbies will be redone as business centers with computers and high tech office gear. The first one finished is the Marriott Courtyard in Fair Oaks, with more to follow. Will said his firm is busy designing 150k SF mixed-use project, Benning Station in Anacostia.


AND YOU THOUGHT THEY JUST BUY ASTON MARTINS!

Wow, here's an inspirational story.  Instead of rewarding themselves for a great year by heading to South Beach to sip mojitos, the ace investment sales team at Cushman & Wakefield DC headed to the Big Easy. Only, they weren't drinking hurricanes or collecting beads.  Emily Busse, Will MacDonald, Kaci McDowell (a Louisiana native who helped arranged things), Brian Dawson, Jeanne Sundstrom and Warren Dahlstrom spent four days in the 9th Ward perfecting their drywall skills as they rebuilt two houses in the still-devastated neighborhood. Warren says they were stunned at the scope of the disaster area that still remains.  The team also bumped into fellow Washingtonian Joe Galli of the Bernstein Companies who was in town also trying to improve things.


EVEN BALTIMORE PARTIES!

And in Baltimore news...Governor Martin O'Malley, third from left, last week popped into Zenith Apartments opening party across the street from Camden Yards. Bozzuto manages the 20-story, 191-unit building, which Legacy Harrison Enterprises developed. Above, Kennedy Associates' Jeanette Flory, Legacy Harrison's Dean Harrison, Baltimore Mayor Sheila Dixon, Legacy Harrison's Brian Morris, and Kennedy Associates' Norman Hawkins hang out on the seventh floor terrace.

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