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November 20, 2007
 
LandAm

THE FULL MONTY


THE BALLARD SPAHR REPORT: So you’re ready to sell that rental property? You’ve found a buyer and you’ve settled on a price. Hold on! Have you offered rights of first refusal to those entitled to them? This is a tricky business but Ballard Spahr has the experts to navigate the right of first refusal statutes. READ MORE HERE.


Okay, trivia addicts.  If everyone knows them as PN Hoffman, but the owner’s name is Monty Hoffman, what’s the PN all about?  No, it doesn’t stand for Pretty Nifty, but Pete Nazelrod, a colleague Monty was working with at Donohoe when the two decided to leave in 1994 to start building for themselves.  We met Monty yesterday at his Union Row condo project at 14th and V to catch up.  It’s one of four current projects he’s finishing, but he’s got another big four coming up.

We took this yesterday of Monty with marketing queen Alanna Deal in the “Resident Lounge”—fireplace, WiFi, kitchen, and flat screen TVs which younger demographic owners used for their Redskin pizza party Sunday.  Of the 208 mid-rise flats that opened for occupancy in August, 130 are under contract, of which 71 have closed; and there are another 59 higher end units in two converted historic warehouses (first closing is tomorrow).  Also, 26k of retail on the ground floor along 14th:  a Yes! Organic market which the neighborhood is pretty excited about, a Georgetown Valet dry cleaners, a restaurant (see below), and they're talking to a national drug store, coffee shops, and pilates studios.

While we were there, Andy Shallal stopped by.  Who’s Andy, you ask?  Owner of that big, bustling, offbeat Busboys and Poets restaurant across the street, now planning to open some kind of Southern-Gulf Coast-inspired place in six months at Union Row.  (Michael Babin of Arlington hotspot Tallula and Alexandria’s Rustico is teaming with Andy for the project.)

Here’s what else Monty has going:

  • Chase Point on DC side of Chevy Chase:  10 condos left out of 107
  • Carlyle Square in Alexandria:  101 condos sold out of 145
  • The Alta at Thomas Circle:  two units left out of 126

Future projects:

  • 10th and G:  Breaking ground in January on a novel arrangement of 140K SF of office above 36K SF of a newly constructed First Congregational United Church of Christ, delivering end of ‘09.  
  • Teaming up with Forest City in SE on The Yards’ Building 202: an old Navy artillery and cannon plant being redeveloped as 250 units of trendy urban residential.    
  • Parcel 31: the yet-to-be-branded two-tower downtown Bethesda development that will close down Woodmont Ave when it breaks ground in 2009.  250 condos, 40k SF retail, 1200 below grade parking spaces, plus a new curvy, or as Monty put it, “sexy” Woodmont Avenue. 
  • Biggest deal of all:  A year ago PN Hoffman and Baltimore’s Struever Bros. (specialist in waterfront and urban infill) were named master developers for the massive SW riverfront project; they’ve even created an entity, Hoffman Struever Waterfront LLC.  With LSDBE’s they’ll be spending five years starting in 2010 recreating Maine Avenue from the fish market to the tourist ship docks:  23 acres of land and 18 acres of water, 770 residential units, 400k SF office, 280k SF retail, 60 hotels rooms.  The city owns the land and they’re busy buying out leasehold interests at the moment.

Monty and his wife, Traci.

So the short of it is, we called him Captain Condo on the 2006 Bisnow Heat List, but pretty soon he’ll be Southwest Water Man, or Wizard of the Waterfront.  This week the native Pennsylvanian is off with his wife, and kids (10, 13, and 15) to their house in Seven Springs, where he hopes they’ve made snow so he can indulge his love of skiing.  If he’s going to be hanging out a lot more along Maine Avenue, we have a modest suggestion:  Take up waterskiing, too.  

Did you miss the Ballard Spahr report? READ it here.
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