Since January, 2003
            
 Sliding from Before to After

I think I've mentioned before my understanding that construction photos consisting mostly of rebar and concrete pillars are not for everyone. But I can't shirk my duty to capture the progress at the Twelve12 project at the Yards, the building at 4th and M that will be home to Harris Teeter and Vida Fitness (and 220ish rental units) when it is completed in 2014. The vertical construction on the north/Teeter end of the site is now peeking above the historic brick wall along M:
But it's better to look north from Tingey to really get a feel for where construction is currently at:
More photos, and information and renderings of the project, are on my Twelve12 page.
In the meantime, I'm thinking that if you had told me when I stood at 4th and M in October 2003 to take this photo that in 10 years there would be a Harris Teeter rising behind the turret, I might have snickered at you:
(And, speaking of the Yards, I should also mention that when I took these photos last week I saw workers in both the Nando's Peri-Peri and Willie's spaces at the Boilermaker Shops. And I also snuck a peek through the Bluejacket window and got a glimpse of these.)
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JES says: (5/7/13 12:01 PM)
Man, is Bluejacket going to make their June opening window? It sure looks like there's a TON left to do in there to finish buildout, not to mention they have to train and hire staff.


MJM says: (5/7/13 1:20 PM)
Bluejacket had a tweet week or so ago that said June/July - my money is still on for the first week in August. But July would be nice.


ZoolanderANDtheBoYz says: (5/7/13 2:43 PM)
That is a good progress for Twelve12. Now that there is a low condo inventory, Forest city need to start construction on Factory 202.


PJY03 says: (5/7/13 9:29 PM)
There is a low condo inventory, but also a low inventory of quality rentals. My understanding is that condos are less desirable as development projects because it takes longer for the developer to begin to see returns. CHT took 6 years to sell out, Velocity is in year 4.


ZoolanderANDtheBoYz says: (5/8/13 6:20 AM)
CHT is a coop and the whole model of Coop doesn't really work in DC. The only coop buildings in DC are in SW DC and over Wisconsin avenue. Coop only work in NY City. When it comes to Velocity, it is just a bad timing.

If you notice all the condominiums that were built in DC the last three years were under 100 units. Developers in DC have been very successful in selling all those 50 or 40 units of condominiums before they completed the construction or within a few months after they complete the construction.

Now that the recession is over, unemployment rate is the dropping rapidly and the DOW hit over 15,000 for the first time in history - things are looking up. There is a good chance developers can build 200 units of condominium and it doesn't really have to take 4 years to sell out. Tool brothers feel confident to start a 250 units condominium this coming July.


Mark says: (5/8/13 1:01 PM)
I'd also like to see more condos built in the neighborhood, rather than every new project being apartments. But the Toll Brothers projects to the west and north of the Velocity are both planned as rentals. See, for example:
link


ZoolanderANDtheBoYz says: (5/8/13 1:16 PM)
You are right @Mark. Toll Brothers City Living website does say both lots to the North and to the west will be rentals link



GoNatsHood says: (5/8/13 1:48 PM)
Zoolander- how can you back up your statement that the "coop" model does not work in DC but works in NY City? What facts do you have to substantiate this?


ZoolanderANDtheBoYz says: (5/8/13 2:08 PM)
@GoNats, "Co-ops make up a much bigger percentage of the NY city’s housing stock, and they tend to be less expensive than condos" link

However, in DC it is the other way round. Besides, Co-Ops have too many rules. This article will help to explain my facts about the difference between Co-op and Condo and why Co-op model doesn't work in DC. link


ZoolanderANDtheBoYz says: (5/8/13 2:13 PM)
But, at the bottom line, it is a personal choice. If you feel like you want to own CO-OP - go for it. Also, CHT started selling before the recession back in 2006 and I am not sure if they sold out or not. Velocity on the other hand started selling in 2009 and they only have 15 units left.


GoNatsHood says: (5/8/13 2:55 PM)
CHT sold out in early 2012. They must be doing something right to sell all their units in the heat of the worst recession. And there isn't any difference in the amount of rules between a condo and a coop. Each building whether it is a condo or coop can choose to adopt certain rules. In CHT's case, they do not have many rules.

Bottom line: it is a personal choice. But to say one is better than another is not all together accurate.


ZoolanderANDtheBoYz says: (5/8/13 3:03 PM)
@GONats, I have never said one is better than another. I said the whole model of Co-OP doesn't appeal to developers and buyers in DC. It is a fact that developers hardly build a co-op. CHT probably doesn't have that many rules but other Co-ops do.


JES says: (5/8/13 3:37 PM)
I think it's also worth noting that getting financing for a co-op is a lot harder. There are ton of lenders who won't finance a co-op at all, and for the ones that do, the down payment requirements are much higher. For example, I don't think you can do an FHA loan on a co-op which effective prices out anyone who doesn't have 20%.


MJM says: (5/8/13 3:44 PM)
Hey, isn't that HT construction progress awesome!


JD says: (5/8/13 3:47 PM)
@MJM, How dare you attempt to stay on topic!



Packinblackandred says: (5/8/13 4:26 PM)
@JES, we were one of the last buyers in CHT and did have a difficult time getting the lender to understand what a coop was. We didn't put 20% down and also didn't have to use FHA or pay PMI, somehow. It definitely lowers the number of lenders that are willing to deal with you.


JES says: (5/9/13 8:45 AM)
@Pack, under 20%, and no PMI? Man, I need to talk to your bank...


PJY03 says: (5/9/13 10:07 AM)
CHT has preferred lenders that will finance at 10% down. Further, it is a co/op in name only -- It functions exactly like a condo in terms of its rules, with the primary difference being that the board also manages an underlying mortgage, and you can't pay off your portion of the underlying mortgage early. But most people only live in condos for less than 10 years, so there is no real difference in equity. Anyway, Zoolander is just wrong here -- there is no comparison between the older co/ops in NW/SW and CHT. They are worlds apart in how they function.


ZoolanderANDtheBoYz says: (5/9/13 2:25 PM)
Got you! @PJY03..
Thanks for clarifying it.


JD says: (5/9/13 10:59 PM)
By the way, I've been dinged privately for using "pillars" instead of the preferred-by-the-folks-in-the-biz "columns." So noted.

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