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I wasn't able to attend* today's foreclosure sale of 100 M Street, but word filtered to me early this afternoon that the 220,000-square-foot office building was picked up for a cool $57 million by Northwood Investors, a real estate investment management firm based in New York City. I've been told (and I'm trying to confirm) that Northwood had bought the original loan/note from Bank of America, and then had the high bid today against one other bidder, whose identity I don't know.|
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* The commission voted 7-0 to support Forest City's zoning requests for its Parcel D project, the combination residential and retail (and grocery store) development on the southeast corner of 4th and M, SE. I wrote about it in detail a few weeks back, and you can see my Parcel D project page for renderings and additional information, but the short of it is it's a 220ish-unit residential building (with 20 percent affordable housing), a 50,000-square-foot grocery store, and an expected 24,000-square-foot fitness/spa company. |
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A few weeks ago I wrote about the purchase of the "Miles Glass" site on the southwest corner of 8th and Virginia by the National Community Church, the "theater church" group that's also behind the rehabbed Ebenezers Coffeehouse near Union Station. Now, in a post on his blog, NCC leader Mark Batterson says that he has "just locked in another contract on an empty lot that abuts 733 Virginia Avenue, SE." |
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While normal people have spent their weekend recreating and taking it easy, I've been trying to find out more about the just-announced foreclosure sale of 100 M, the 220,000-square-foot office building that has been tied up in Opus East's Chapter 7 liquidation. |
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[Great--big news at 5 pm on Friday. Hope somebody actually reads this] On Sept. 21, a notice of foreclosure sale was filed for 100 M Street SE, the 220,000-square-foot office building built by Opus East and completed in late 2008. A few months later, Opus became the biggest Near Southeast casualty of the recession, filing for Chapter 7 liquidation and leaving their 440,000-square-foot office project at 1015 Half St. unfinished. While 1015 Half was soon picked up by the Douglas Wilson Companies and is now being completed, 100 M has remained at sea, despite a rumor a year ago (quickly shot down) that Mayfield Gentry was buying it for $80 million.|
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The first lottery of workforce-rate homes in Capitol Quarter's second phase is being held on Saturday, and EYA tells me that 62 people have been pre-certified to particpate. The units are available to households with an income between $82,800 and $119,025, along with a substantial amount of other requirements and restrictions for participating in the program. The now-completed first phase of Capitol Quarter has 42 houses that were sold under the workforce-rate program.|
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While I officially date the start of my blogging about Near Southeast as being January 2003, that was not when I took my first photos around the neighborhood. In the early fall of 2000, I grabbed a camera (a FILM camera!) and drove south of the freeway, around the neighborhood whose name I didn't know, to take some pictures. I had no plan to do anything with them; in fact, the prints quickly got filed away and I didn't even remember having them until I stumbled across them in 2004. The film I used was bad, so many of the shots barely came out. I don't even know exactly what day it was--judging by the color of the trees, it could be late September or early October. But, despite all of that, the 24 photos I took, now 10 years ago, mark the beginning of my very strange and unexpected odyssey.
I had spent almost no time below the freeway since buying our house on the south side of Capitol Hill in 1995 (the area's reputation and lack of any amenities gave us no reason to). But in 1999 and 2000, the 3rd Street on-ramp for the freeway was being rebuilt, which forced us to drive to South Capitol Street to get on the westbound freeway. We usually crossed over on K Street to New Jersey, and often got a good laugh when we'd see a sign draped on the southeast corner of the intersection touting a new multiunit residential building "steps from the Capitol." "Dear God, who would ever pay big bucks to live down HERE?" I remember saying to Mr. JDLand on more than one occasion. (So much for vision.)
But I was still aware of the changes that were being talked about for the area, along with the first mini-building boom already underway: the construction was almost finished at the Navy Yard to house the NAVSEA operations, and we could see 80 M and 300 M rising up as we drove on the freeway, and I even remember being aware of the streetscape improvements being made to M Street (curbs, bricked medians and crosswalks). So I took a bunch of photos, and promptly forgot about them. And then started the tracking for real in early 2003, this time with a digital camera in hand.
icon to see what's happened to these spots in the intervening decade.|
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