From today's print edition of the Washington Business Journal (subscribers only
): "In response to the burgeoning credit crisis, local multifamily developer JPI East has reduced its development and production capacity, laying off half its development divisions. The company would not say how many people were involved, but insiders say it was fewer than 10."
As for JPI's projects in Near Southeast, including the almost-completed 70 and 100 I,
the under-construction 909 New Jersey
, and the in-development 23 I
? "The company still has 10 deals under construction in the region, including three luxury apartment projects in the Capitol Riverfront district near Nationals Park
. All three have the debt and equity to go forward, [JPI East's president] says." It might be worth noting, however, that the previously announced September 2008 start date for 23 I has come and gone; and the Wendy's building is still standing, and I haven't so far seen any raze permits coming through the pipeline for it.