Good Morning All,
As the first post in July comes to you I’m going to let you know this is going to be an interesting month. I may end up veering away from my weekly post on thefitzcre.com and instead finally putting up some of the additional pages I’ve been working on. Or I may just post a few interesting updates in real time. The 4th holiday and everyone’s vacations make it a bit of a flexible month. This past week has been very interesting as we try to get settlement dates nailed down and some new listings marketed during an abnormal work month.
Bisnow’s New Development Frontiers
I was able to attend Bisnow’s New Development Frontiers event on Thursday morning, featuring an introduction from former Mayor and Ward 8 Councilman Marion Barry and a panel including heavy hitters like Chris Donatelli, Peter Farrell, Brad Fennell (WC Smith), Mike Balaban (SB-Urban), Calvin Gladney (Mosaic Urban) and Robin-Eve Jasper.
My biggest takeaway from the event was nothing necessarily new, but well summed up by Mike Balaban and Chris Donatelli: that the 4 biggest factors in a hot neighborhood are 1. Smaller Households 2. Smaller Units with more basic amenities 3. “Inter-modal” Transportation (Bikes / Bike friendly streets) and 4. Metro. Although, the biggest “threat” is clearly the efficiency and continued existence of Metro. As these secondary or tertiary areas bloom, can Metro handle the increased capacity? (Let’s hope the Streetcar pans out as planned).
DC Streetcar: Neighborhood Information Fair
I was only able to catch a bit of this because of a packed schedule that day, but Thursday afternoon featured an informational fair for residents of the H Street corridor on 13th & H Street. Basically the points to know: 1. DC has hired a significant workforce to operate the Streetcar system and is currently training them 2.The system is set to begin operation later this year. I never bet on DC but I think it’s safe to say that between October ’13 and March ’14 we’ll have the Streetcar running from Benning Road near the Anacostia River to Union Station via H Street (right past our development site listing at 2021 Benning Road). This is exciting news and will perhaps quell some of the immense pressure on Metro, as well as encourage further growth down H Street & Benning Road NE.
Fitz’s Fact:
For buildings under Rent Control, rents can only be raised this year by a maximum of 2.2% for Senior residents, 4.2% non-senior residents, and 10% for vacant apartments. Furthermore, these rents are only legal when properly registered with RAD at DHCD.
D.C. Housing Choice Voucher Program
DC Housing Choice Voucher Program Rents
The federal government must roll back cuts in housing aid for the needy
Walter Reed Development
Walter Reed Development Survey
What could a Wegmans at Walter Reed look like?
Tweet of the Week
Marion S. Barry, Jr. @marionbarryjr27 JunThis morning’s @bisnow event was informative and engaging.I spoke with each panelist about doing business in Ward 8. pic.twitter.com/zGSYUnKy47
What’s On the Horizon (update):
JBG puts two U Street corridor projects up for sale
Have questions about market rents, condo conversions, TOPA, 1031 Exchanges, Interest Rates, or what new developments mean for your property? Go ahead andEMAIL ME , call (202) 536-3732, or:
theFitzCRE 