Smaller, efficient apartments is a trend many DC developers are employing. But CAS Riegler (the firm's Kevin Riegler, right) and Commonwealth Residential are going for a different feel at the firms' newly purchased South Cathedral Mansions on Connecticut Avenue in Woodley Park. (Macrounits?) The partnership's redevelopment of the 131-unit property to a 162- to 170-unit complex "is not the 14th Street/Dupont Circle mantra of 400 shoebox units," Kevin says; the firm will look to build rooms with an average size of about 800 SF. The renovations, which Kevin says will cost about $18M, won't add any additional square footage to the over 90-year-old property; replacing all windows and adding more green space are also on the to-do list.
South Cathedral Mansions has 7,000 SF of underutilized space the partners hope to take advantage of, Kevin says, including adding a resident lounge and library. A carriage house on the property will also be renovated, he says. Commonwealth's Brad Gilchrist tells us the renovations should fit right in with Woodley Park's historically robust apartment fundamentals, where vacancy is always low and rents are typically very high. "Connecticut Avenue's desirability is never going to vanish," he adds. The partnership paid $40M to the seller, the Calomiris family, which was repped by HFF.
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