Since January, 2003
            
 Sliding from Before to After

The front page of Tuesday's Post has "Building Slowdown Turns Grand Visions into Vapor," a look at projects in the DC area that are on hold because of the slumping economy: "The economic boom of recent years promised to deliver gleaming homes and high-end retail to struggling and newly forming neighborhoods across the Washington region. But that quest is running headlong into a withering economic slowdown and paralyzed credit markets, bringing new construction to a virtual stop and fueling anxiety among those who dreamed that their neighborhoods were the next frontiers."
Among the examples in the article are three delayed projects near the ballpark--WC Smith's 250 M Street office building, the residential and hotel portion of Monument's Half Street project, and also the Corcoran's Randall School development at Half and I, SW (which Monument pulled out of recently): "Perhaps no area is more central to the District's long-term ambitions than the streets around Nationals Park. At every opportunity, Fenty talks of a cosmopolitan destination featuring new parks, offices, stylish apartments and restaurants, all of it along the Anacostia River. Yet, how soon that vision materializes is fraught with uncertainty."
(Full disclosure: I provided a bit of basic status on ballpark-area projects for the piece, hence the "contributed" line.)
Some additional perspective: Certainly there's a slowdown afoot. (It's almost like there's some sort of cycle of boom and bust in commercial real estate!) I've been joking that I should just put a "Gone Fishin'" sign up here at JDLand during 2009, and come back in 2010 to see what's cooking, because other than the first offerings at the Yards and perhaps Canal Park {cough}, I'm not expecting much to get underway in the next little while. On the other hand, Capitol Quarter is moving forward, 1015 Half Street is now out of the ground, Diamond Teague Park is expected to open in the spring, and 100 M and 55 M and 909 New Jersey and Velocity will all be opening their doors before long, and perhaps the lure of another season of baseball will get some retail into the empty ground-floor spaces of those buildings and 20 M.
So, it's not like tumbleweeds are blowing down M Street or vines are growing on buildings a la Logan's Run--and it would be hard to make the case that it's the neighborhood's fault or the stadium's fault when the entire region is feeling the pain. The expectation would be that when the market improves, development in Near Southeast should pick up again. But we'll all just have to wait and see, won't we?
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Bruce says: (12/2/08 8:10 AM)
i had assumed that all the necessary financing was already in place now that we have a 3 story deep hole on 1/2 Street.
Although the economy as a whole has tanked, these projects will eventually get finished. As the residential portion of this area begins to fill up (hopefully) the retail will come.
I am hoping that this is just a hiccup.


Michael says: (12/2/08 8:48 AM)
It seems like the Post is writing these articles as a "see what a waste of money" or too-bad so sad for the SE. I'm moving there next year and I don't expect to see big things until mid-late 2010. In 5-10 years this will be a really nice area and then in that time you can look back on the Post and Times article and wonder what happened to all the doom and gloom.
Recessions are good (in a way) to slow things down, refocus and come out stronger/better and more well thoht out.


Edna Wellthorpe says: (12/2/08 9:46 AM)
JD - Love the Logan's Run reference! What a classic!


DC says: (12/2/08 10:17 AM)
I agree completely with Michael - and did anyone else see the article a couple of weeks ago in the Business Journal I think - about Forest City being close to deals with a Jazz Club and Dogfish Head Alehouse - I think retailers are interested and will certainly come they just need to make the numbers work


bruce says: (12/2/08 12:19 PM)
I still believe in the area and plan to move there when my house is ready.
The Post piece mentioned infrastructure work by the blocks that are barren where pulic housing used to be...
JD, any thoughts on that segment of the piece??


JD says: (12/2/08 7:28 PM)
I *think* there's going to be another bond offering to take care of the infrastructure work around Canal Park, since that includes the streets where the new Capper apartment buildings will be (trash transfer site and the three blocks between 2nd and 3rd). Perhaps the article's reference to 250 M and the infrastructure it would be helping to fund is Phase II of Capitol Quarter (along 3rd from I to L), but I really don't know for sure.



bruce says: (12/3/08 11:22 AM)
Good point. I had considered Phase 2..


G St. says: (12/3/08 4:01 PM)
Count the cranes and holes in the ground.



bruce says: (12/4/08 9:18 AM)
Based on current trends, I see mortgage rates settling in at 4.5 to 5.25% toward the 1st quarter of 2009 which will stimulate movement. THis will help everyone, not just our part of town.

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1300 4TH ST SE 1001   
02/22/21 
AP BOWER RETAIL LLC / null
E2104231 / SUPPLEMENTAL
1346 4TH ST SE APT 1M   
02/06/21 
null / NA NA NA
EHOP21945129 / HOME OCCUPATION
1331 4TH ST SE R-2   
02/08/21 
FC 1331 LLC / FC 1331 LLC
BP2101814 / POST CARD
10 I ST SE   
02/16/21 
CAPITOL HILL RACQUET CLUB / NA; VICTORIA STEINHOFF
SB2100112 / CONSTRUCTION
Installation of up to six (6) 3-inch diameter direct-push Geoprobe borings to depths of up to 30 feet below grade as part of an environmental assessment.
555 L ST SE   
01/29/21 
UNITED STATES OF AMERICA / RENNE WELL; RICK HARLAN SCHNEIDER
B2102004 / CONSTRUCTION
DGS PROJECT REHABILITATION+RESTORATION OF THE HISTORIC LINCOIN FIELDHOUSE
861 NEW JERSEY AVE SE 20003   
02/23/21 
809-853 NEW JERSEY AVE ACQUISITION LLC / SUSANA VAZQUEZ
AH2100728 / CONSTRUCTION
Dismantling of tower crane.
809 NEW JERSEY AVE SE   
02/11/21 
GREYSTAR GP LLC 809-853 NEW JERSEY AVENUE ACQUISITION LLC / null
E2103926 / SUPPLEMENTAL
853 NEW JERSEY AVE SE   
02/11/21 
GREYSTAR GP LLC / null
E2103924 / SUPPLEMENTAL
861 NEW JERSEY AVE SE   
02/05/21 
GS CSX HOTEL OWNER LLC / null
E2103762 / SUPPLEMENTAL
1275 NEW JERSEY AVE SE   
02/02/21 
FC 1275 NJ LLC / null
E2103662 / SUPPLEMENTAL
   
02/11/21 
FC 1275 NJ LLC / null
P2103445 / SUPPLEMENTAL
848 SOUTH CAPITOL ST SE   
02/16/21 
CXS TRANSPORTATION INC / VICTORIA STEINHOFF; TBD
SB2100111 / CONSTRUCTION
Installation of up to six (6) 3-inch diameter direct-push Geoprobe borings to depths of up to 30 feet below grade as part of an environmental assessment.
AH = After Hours; B = Alteration & Repair; D = Demolition; E = Electrical; FB = Boiler; M = Mechanical; P = Plumbing and Gas; PC = Post Card; R = Raze; SG = Sign; TL = Tenant Layout; TN = Tent; RW = Retaining Wall;

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