7 Development Opportunities Going On The Market This Year In DC
This morning at UDC, DC government officials gathered hundreds of people from the DC business community to host a "March Madness" of its own, announcing more than a dozen projects—including seven development opportunities—it is bringing to market this year.
Deputy Mayor for Planning and Economic Development Brian Kenner, the emcee and host for the event, intro-ed the opportunities by pointing out some milestones DC hit last year: 500k SF of development delivered in 2015, and DC grew its tax revenue by $620M over 2014.
But the star of the morning event—other than the free bagels and coffee—were the RFPs announced, seven of which will be of particular interest to the commercial real estate community.
1125 Spring Rd NW
This 3.3-acre lot is home to the historic Hebrew Home For The Aged (pictured) and the former Paul Robeson School. DMPED is putting this site, about a third of a mile from the Georgia Ave/Petworth Metro stop, through the Our RFP process, which means the community will weigh in before developers can submit official proposals.
DMPED director of real estate Sarosh Oladwala says a developer can rehabilitate and renovate the Hebrew Home, and redevelop the other structures on the property for new, mixed-use development. The first Our RFP community meeting is on April 9 at the nearby Raymond Recreation Center.
Parking Deck at 2nd and H Sts NW
This two-acre site is right on top of I-395 and will sit across K Street from the under-construction Capitol Crossing mega-project. Instead of tearing it down, DMPED is offering the air rights to build on top of the parking deck, a desirable spot in the middle of NoMa, Penn Quarter and Mt. Vernon Triangle. DMPED expects to release the RFP next month.
Just a few blocks northeast of that parking deck is Northwest One, a combination of a surface parking deck and unused land that DMPED thinks a developer can turn into up to 800 units of residential between K and L streets along North Capitol Street, across from the under-construction Capitol Commons supportive housing project. DMPED says "approximately 220 will need to be very low income affordable units." The Our RFP process will be launched this summer.
The smallest of DMPED's RFPs, in a joint venture with the Department of Housing and Community Development, the city is hoping to attract a developer to invigorate the gateway into the Anacostia neighborhood. Along Good Hope Road, DMPED wants the developers to bring the vacant storefronts to tip-top shape and develop the vacant land.
The fifth and final DMPED offering of the day is the Crummell School in Ivy City, right near Douglas Development Co's Hecht Warehouse District and NewCityDC projects. This 108k SF site has already been through the Our RFP process. The community wants the 20k SF Crummell School restored, and hopes the developer can integrate activated public space and neighborhood-serving retail, among other uses. Interested developers will have more information when the RFP is released next month.
Florida Ave and Q St NW
DHCD is hoping to sell these seven vacant lots and one vacant building to be transformed into a mixed-use, affordable housing development. DHCD will release an RFP in May, but it's looking for at least 51% of the units to be affordable to residents making less than 80% of area median income, and, if it's developed for condos, to be affordable for 15 years. If developed as rental properties, they will have to stay affordable for 40 years.
809 and 813 Kennedy St NW
The last RFP for development is this little parcel of land in Brightwood Park. It's a 10k SF plot that could either be mixed-use or pure multifamily. The developer would have to keep at least 30% of the units affordable, with the same time frame as the Florida and Q parcel for ownership/rentals. This RFP will also likely be released in May.
DHCD director Polly Donaldson said the next RFPs for the Housing Protection Trust Fund will be announced next week, on March 31. Polly anticipates $75M of local and federal funding will be available for the submitted proposals. In January $82M was dispersed to 12 projects, both new construction and preservation.