LetGoNats says: (3/7/16 2:17 PM)
I have to sound off on the prices for these new apartments going up in the Navy Yard area. Minimum for a 1 bedroom $2500 is a complete joke. 3 years ago I got a great deal for a 1 bedroom at Cap Hill Tower for $1600 and yea, I know it was a good deal. These new buildings going up have really bad floor plan layouts and the square footage is below average. I just moved just moved to Alexandria from Navy Yard and I was very sad about it but after looking at prices for living in a congested apartment I could never be happier about leaving. I hope these buildings lay vacant and go bankrupt once the next recession happens, maybe they will learn their lesson.

202_cyclist says: (3/7/16 2:35 PM)
Thank you for posting the photos. The most important question-- when is Philz opening?

I think Forest City did an excellent job with the pathway between the Arris and the Foundry Loft building.

On another note, has Cornercopia closed permanently?

JD says: (3/7/16 2:37 PM)
From the gallery: "As of now, only one retail lease has been signed, and the build out is underway at Philz Coffee on Tingey, expected to open by late spring."

As for Cornercopia, I thought it looked open this morning? Didn't see the rolldown. (It's been closed on weekends for a long time.)

202_cyclist says: (3/7/16 2:47 PM)
I only pass Cornercopia on the weekends or after work, so that is why it looked closed to me. It seems like they are missing out on a lot of customers by not being open on the weekends.

JD says: (3/7/16 2:49 PM)
They were never open on Saturdays (7th Day Adventist), but I guess on Sundays they just weren't getting the traffic after a few years of trying to want to be open.

For a good while of course it was the only "market" option in the neighborhood, but that's not the case anymore.

dude says: (3/8/16 8:07 AM)
Thanks for the pics. The apts certainly look nice.

The view from that two bedroom is absolutely great (for now without the wine place). I'm sure the view from the higher floors will still be ok.

But I'm with LetsGoNats on the prices! Wow they are crazy expensive. Especially if you don't have the view. Living right up the street a few blocks is still an option, so, I hope those prices aren't raised too.

385 sq ft sounds absolutely "cozy."

jdc says: (3/8/16 9:06 AM)
Yea, these prices are crazy. 5000? How about buying a house, or two, and paying off a mortgage and owning something? Jeez.

JHUGrad says: (3/8/16 9:58 AM)
These apartment prices are making my purchase of a home at Capitol Quarter look better and better...

JES says: (3/8/16 12:17 PM)
@JHUGrad, my wife and I feel the exact same about our purchase of a Velocity unit...

On rents, there seems to be a significant premium placed on the Forest City buildings compared to some of the others. Probably due to the fact that they're closer to Yards Park/Teeter and closer to what most would probably consider the "center" of the neighborhood retail scene. Personally, I'll keep living 4 blocks away and walk, but if people nobody paid those prices, they wouldn't be that high. Supply and demand, y'all...

Now, if my locational theory holds true, I wonder what the price per square foot of those new PN Hoffman condos is going to be...

G Street says: (3/8/16 2:28 PM)
Great photos.

DCisforLovers says: (3/8/16 2:34 PM)
@JHUGrad and @JES, my fiancé and I, who purchased in Capitol Hill Tower couldn't be happier either to see these rent prices! After living in Camden South Capitol for a year, we purchased a unit in CHT and our mortgage is less than our rent was! As the District and more specifically Navy Yard neighborhood becomes a more enticing place to live, I think people will fill these buildings easily.

JD says: (3/8/16 2:36 PM)
In other news (that may eventually make their way into a post at some point, but for now, a present for my most faithful readers, the ones who inhabit the comments section!):

* I've just created a project page for the McDonald's/2 I Street site, which includes one of my most favorite photos:
link

* And there's now also a project page for what looks to be the next Capper mixed-income apartment building, the "Square 769N Residential" project along the south side of L between 2nd and 3rd. I've mentioned in posts here or there that DCHA was working on the financing, and it appears to be getting close. It would have 171 units (34 of them public housing), and would occupy the northern portion of that block:
link
(As for Square 767, the site with the plans for both a condo and an affordable building, we're still waiting on filings with the Zoning Commission, which would then need hearings, meetings, etc. It's a ways off.)

JD says: (3/8/16 2:47 PM)
Also, did someone at some point post a link to this flyer advertising the 5,800 square feet of retail space in ORE 82?

link

Says that retail space will deliver in July 2016, with residential in September, but I don't know when this was printed.

202_cyclist says: (3/8/16 5:16 PM)
@DCisforLovers:
"As the District and more specifically Navy Yard neighborhood becomes a more enticing place to live, I think people will fill these buildings easily."

And then Buzzard Point will become the new Navy Yard, offering less expensive rents.

AlmostSoutheast says: (3/9/16 7:41 AM)
Hmmm, I have a rowhouse in SW, twice the size and w/ 2 parking spots about 100 yards from the stadium. Perhaps if I staged it with some dangly lights and uncomfortable pleather bucket seats then I could rent for 9K/month. Actually for well less than a third of that I'd consider moving out...

SWag says: (3/9/16 8:14 AM)
My wife and I have our minds set on a 2 bed room at Parcel O. We are going through the pre approval process now, so we can be ready as soon as sales start. I'm hoping they are 700k or less, otherwise forget it...

CJBabyDaddy says: (3/9/16 9:46 AM)
FYI SWag, be on the lookout for a change in the Parcel O Spring 2016 sales sign. It turns out that the pre-sale will not take place until the Fall.

Based on what I've seen at the 525, I've got my fingers crossed, but I'm not optimistic about your maximum $700K 2BR/2BA price point, unless the units at Parcel O are extremely cozy.

As long as you and your wife don't snag the perfect 2BR/2BA Parcel O unit that my wife and I fantasize about, we could end up being pleasant neighbors. [Cue ominous background music] But take our Parcel O unit and make us settle for something less, and we'll be your Neighbors From Hell! Bwaahahaha!

snakegriffin says: (3/9/16 10:21 AM)
@SWag - Agree. We're hoping they aren't going to command the ~$1000/sqft that some of the other Hoffman projects are, that just wouldn't be practical for us. If we're going to spend that much, we'll just wait for a Capitol Quarter townhouse to come on the market.

JES says: (3/9/16 11:39 AM)
Given that a third floor 2BR in Velocity just sold for 690k, I cannot imagine any 2BR units in that new building will be priced under 700k. Unless, as mentioned above, there are some under like... 700-800 sq feet.

202_cyclist says: (3/9/16 12:17 PM)
The schedule for the 2016 Truckeroo events has been announced.

link

Mark says: (3/9/16 7:51 PM)
SWag, I expect you're off by at least 200k on the cheapest 2 bedroom at Parcel O.

JHUGrad says: (3/10/16 10:48 AM)
Let's not forget the number of condo units that are coming on the market. These condos will be priced to sell. This is not CityCenterDC. The 2 bedroom condos will be priced between 650K - 750K.

JHUGrad says: (3/10/16 10:50 AM)
Also, there is always room for negotiation. These developers know they have competition in the neighborhood, and want to make sales. This is a different dynamic than Capitol Quarter. EYA pretty much had a monopoly on brand new, garage townhouses in the Capitol Riverfront.

JD says: (3/10/16 10:58 AM)
It depends on whether they all start selling at basically the same time. Whoever is out of the gate first (presuming Hoffman, but we'll see) will get to set the bar, thanks to long-time pent-up demand for new condos down here. Then the market may have some say in the prices, once there's multiple buildings to choose from (JBG Half, Lynch Half, maybe 10 Van, maybe the Chiller site at Half and L, maybe elsewhere). But that's a good 3-5 years down the road.

JHUGrad says: (3/10/16 11:13 AM)
Let's not forget that EYA also wants to build condos in the area. The Capitol Riverfront will absolutely have a buyer's market for condos.

JD says: (3/10/16 11:16 AM)
Yes, I should have included that, but that's also still probably in the same time frame as the others.

SWag says: (3/10/16 11:18 AM)
900K for a 2 bedroom? I mean you barely see those prices in G-town. Like JHUGrad mentioned, there is a MASSIVE wave of new units coming on board in the next year or two. SW, Navy Yard, Buzzard Point and even Cap Hill. The supply (in theory) should drive prices down, or at least keep them still.

A TOP FLOOR, 2 bedroom at PPT in SW just sold for only ~$460K with tons of space, natural light and sweeping views. 525 Water Street has 2 bed rooms AT the Wharf development for 700K.

I really don't see 900K for a 2 bed room at Parcel O, but if they are able to get that, then I'll gracefully bow out. Not worth it imo. I've seen all brick, 3 bedroom, fully detached houses in Chevy Chase for less (which I know is apples to oranges, but...)

FromTheTurret says: (3/15/16 9:45 AM)
I toured Arris last week and the amenities are pretty amazing and I didn't even get to see the roof top pool. The layouts do leave a lot to be desired and the quality of the construction is poor, but I am not sure that matters as much to renters while it does matter to buyers. But, I still think they will probably be able rent up quickly.

There is a massive wave of rental's coming on the market but the same can't be said about condo's. People who have lived in the neighborhood and rented haven't seen new inventory in many years...therefore I think developers should be able to get $700/square foot on the low end and perhaps as high as $750 or $800 a square.

snakegriffin says: (3/15/16 2:11 PM)
I think $700-$800/sqft. is a pretty realistic price point. It looks like we're going to test out the Arris for a year while waiting for other options to hit the market. Waiting back on an answer about when the Arris rooftop will open. One would hope Memorial Day weekend at the latest, but who knows with these new buildings.

MJM says: (3/15/16 4:04 PM)
You can get a tiny 2B/2B for a lot at 525. Not sure 525 is going to be more expensive that Parcel O.

link

Lets do the math off this link:
link

Studio is 515 sq/ft, price range is $400K. So lets assume $400K with a 515 sq/ft studio. Puts you at $776 sq/ft.

Transfer that price to Parcel O for a 1200 sq/ft and you have yourself a nice $900+ home.

Thoughts? Math off?