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The agenda for Monday's ANC 6D meeting has been posted, with two Near Southeast items listed. The first is that the developers of the RiverFront (aka Florida Rock) site between the Anacostia and the ballpark are apparently filing for a time extension on their zoning PUD ("planned unit development," for those of you mercifully unaware). When the zoning approval for this project finally came through in 2008 (after years of slogging through the process), the developers were given until May of 2010 to apply for building permits for the first phase of the project (an office building on the east end of the site, near Diamond Teague Park), with construction then required to start by May 2011. So, although it was recently reported that Florida Rock Properties is looking for an equity partner to help finance the development of the site, they clearly believe that it will be tough for them to meet the zoning order timeline.|
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I attended my first-ever foreclosure sale this morning (yay...?), where the two lots at 23 I Street (the old Wendy's site) that JPI had purchased in 2007 for $28.6 million were to be auctioned off after JPI defaulted on its $25 million loan. However, there were no bidders for the 47,000-sq-ft piece of land (which doesn't include the Exxon next door), and so the property is now owned by Ruben Companies, which bought the original note from Key Bank earlier this year.|
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JDLand stuff, DC Water (WASA)
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JDLand stuff
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816-20 Potomac
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On the heels of the $9.5 million grant received from HUD last week to help kick-start the second phase of Capitol Quarter townhouses, the DC Housing Authority and the city are working on a plan to to help pay more of the start-up costs associated with phase 3 of the redevelopment of Capper/Carrollsburg, in which four mixed-income apartment buildings will someday be constructed on blocks surrounding Canal Park. (See my Capper map for details and locations of these various phases.)|
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Canal Park
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Canal Park
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According to this "narrative and schedule" that DCHA included with its application to HUD, the money would finance both public infrastructure and private site improvements needed to begin the construction of the second phase of the Capitol Quarter mixed-income townhouse development (the blocks between Third and Fourth south of I), which will have 163 units, 47 of which are public housing rental units (along with 60 market-rate, 39 workforce-rate, and 17 public housing home ownership units). The narrative indicates that the $55 million Capper PILOT bonds approved by the city council last year that were to fund the new community center and infrastructure improvements not only in the Phase II blocks but also on the north and east sides of Canal Park and over to the DPW site never made it into the bond market; attempts to secure loans from both Fannie Mae and Wachovia also were fruitless.
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Capper, Capitol Quarter
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From the Examiner: "The Fenty administration will spend more than $85 million to purchase a vacant warehouse in Southeast that the government has paid more than $15 million to rent while it has stood unused since mid-2007. Authorization to buy 225 Virginia Ave. was included in the fiscal 2010 Budget Support Act, which won the D.C. Council's unanimous approval Tuesday." And, who will be occupying it? "After the buyout, the building is to be turned over to Bethesda-based developer Stonebridge Carras, which will turn it into the headquarters for the D.C. Child and Family Services Agency, the Office of the Chief Technology Officer and the Commission on the Arts and Humanities." This ends the falderal that's existed around the building since the Williams administration sublet the building in December 2006 with the intention to turn it into the headquarters for the police department. You can browse all my posts about the building if you want to stroll down memory lane. |
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11th Street Bridges, 225 Virginia/Old Post Plant/200 I
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On Sept. 10 a Notice of Foreclosure Sale was filed for the two now-vacant parcels of land on the southwest corner of Half and I streets where the Wendy's used to stand. (Note that this doesn't include the adjoining Exxon land.) The lots, totalling about 47,000 square feet, were bought in July of 2007 by JPI for $28.6 million, with the intent of building 23 I Street, the fourth of JPI's "Capitol Yards" residential buildings (along with 70/100 I and 909 New Jersey). JPI owes $25.1 million on the loan, which came due on Aug. 1 and which is held by Ruben Companies, owners of 1100 South Capitol Street and 1101 across the street. The foreclosure sale is scheduled for Oct. 13.
Another, smaller commercial foreclosure is happening further east, where nine parcels owned by ICP Partners along Potomac Avenue between Eighth and Ninth (including the brown boarded-up apartment building at Ninth and its parking lot) received a notice of foreclosure on Sept. 4, with a debt of $2.3 million on the properties. ICP tried hard earlier this year to drum up interest in these lots plus the gray building at Eighth and Potomac that houses Quiznos (which is not part of this foreclosure), after a previous sale attempt in 2008 went nowhere. ICP paid $9 million for all 10 properties in 2006; this foreclosure sale is scheduled for Oct. 6. (The properties are also on the city's September Tax Sale list.)|
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100 M, 1015 Half, One Hill South, 816-20 Potomac, One Hill South, jpi, Square 743N, Square 697n, square 906
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