Top 10 Stories From Around The Web: Capitol Hill
1. Delta Associates found that apartment rents in many parts of Washington, D.C., are declining as new stock comes online, but Capitol Hill’s rents are up 3.2%.
2. Activists gathered this month on Capitol Hill to advocate for medical marijuana and its indications for cancer patients, claiming the plant is benign compared to opioids.
3. Developers are increasingly building apartments with wood, which cuts construction costs by up to $70K/unit. While cost-effective for projects like this 329-unit Capitol Hill project, opting for wood increases fire risk.
4. Northeast, Southeast and Southwest Washington’s condo markets — which include Capitol Hill — are catching up to the historically strong Northwest market. As buyers expand their horizons, Northwest condos no longer command their past premiums of up to $75/SF.
5. In the wake of mounting allegations against Harvey Weinstein, bipartisan legislation that would require lawmakers and staff to participate in sexual harassment training is gaining momentum on Capitol Hill.
6. Swedish investment firm Akelius Residential acquired a 168-unit portfolio across two Capitol Hill multifamily properties from Wexford Properties for $34M.
7. House Republicans unveiled their tax reform plan this month, which would slash the corporate tax rate from 35% to 20%, which could incentivize businesses to stay in the U.S.
8. Transwestern Development Co. and Perseus Realty, active in building condos on the Hill, have partnered for a new JV that will facilitate TDC’s D.C. expansion.
9. Foulger-Pratt will add 329 residential units atop the Capitol Hill Safeway while expanding the grocery store’s footprint by 20K SF. Construction begins next summer.
10. Creative developers are targeting shuttered hospitals for adaptive reuse. The Specialty Hospital Capitol Hill, built in 1905, was recently converted to a 139-unit luxury multifamily property.