Update/revision of H Street transit oriented real estate development table

Flickr photo of the H Street streetcar by BeyondDC.

Originally in "DC and streetcars #4: from the standpoint of stoking real estate development, the line is incredibly successful and it isn't even in service yet, and now that development is extending eastward past 15th Street" and updated last month in "Update on the DC Streetcar program on the verge of launching Sunday service," I compiled a rough list of large residential real estate developments which in my estimation are the result of the investment in the H Street Streetcar program, a program that is widely derided across the city.

The original compilation was sparked by the report of a development on the 1700 block of Benning Road/H Street NE ("Developer hopes to extend 'attraction' of H Street NE to the east with 180-unit project," Washington Business Journal), well outside of the walkshed of Union Station, but at site that will be served by the new streetcar, 1.5 miles from the station.

But the original list is somewhat confusing in that it lists "all" H Street projects, even though I don't count the value of developments west of 6th Street as part of the total value of projects influenced by the streetcar. So there needs to be two lists.  And I didn't include a totals column within the table.

Below I have split out the original table into two.

Flickr photo of the H Street streetcar on the 1600 block of Benning Road NE by Kevin Mueller.

First is the list of properties developed because of their proximity to Union Station.

This list is due for an update because of the Pullman Place condominiums being constructed on the 900 block of 2nd Street NE, but also because of the announcement of a 112 unit apartment building to be constructed on three parcels at 315 H Street NE by MRP Realty and Kruger Real Estate, on property that they acquired from Telesis Corporation, which had planned a smaller project.

Note that the value estimate is understated some become it doesn't separate out the value of ground floor retail space as part of the development.  Nor does it ascribe a value to the economic activities of businesses located within that space.

New multiunit residential real estate development along the H Street corridor spurred by proximity to Union Station

Building name	Address	# of units	Value
Stationhouse	701 2nd Street NE	375	$165MM*
Senate Square	200 block north	476	$210MM*
Pullman Place DC	909 2nd Street NE	42	$14MM*
Capital City Realty	301 H Street NE	25	$9MM*
MRP/Kruger	315 H Street NE	112	$37MM*
360 Apartments	360 H Street NE	270	$120MM*
Ava	300 block I Street NE	140	$60MM*
Douglas Development	501 H Street	25	$11MM*
TOTAL			$626MM*

Second is the list of properties east of 6th Street NE which can be attributed primarily to the streetcar.

New multiunit residential real estate development on the H Street-Benning Road corridor spurred by the development of the streetcar program

Building name	Address	# of units	Value
Anthology Apartments	601-645 H Street NE	307	$135MM*
Apollo	600 H Street	430	$189MM
Rock Creek Realty	600 block north	32	$15MM*
H Street Connection	800 block south	368	$162MM*
Wall Development	1115 H Street NE	16	$6MM*
The Maryland	1350 Maryland Avenue NE	84	$40MM*
TBD	1401 H Street NE	34	$15MM*
Atlas Flats	1600 Maryland Avenue NE	257	$36MM
Valor Development	1603 Benning Road NE	303	$101MM*
1701 H Street NE	1700 Benning Road NE	180	$60MM
Ditto Residential	1326 Florida Avenue NE	45	$13.5MM
Corey Condominiums	1350 Florida Avenue NE	43	$13MM
Havana Condominiums	1124 Florida Avenue NE	52	$15.6MM
Douglas Development	1151 Bladensburg Road NE	13	$6MM
TOTAL			$807.1MM*

* = the value of the project is an estimate, and the cost does not necessarily include the cost of land.  Figures may be rounded.

Note also that the original estimate for Atlas Flats failed to include the value of development rights on an abutting undeveloped parcel.  The property later sold for $95 million ("Kettler JV Scoops Up Flats at Atlas, Lot for $95M," Globe Street).

Rendering of the Anthology Apartments project showing a sleek streetcar in front of the building.

The Anthology Apartments development just sold ("Jair Lynch cashes out on H Street NE after landing an institutional buyer," Washington Business Journal).  The price was $160 million, which is $25 million higher than my estimate, which hopefully indicates these estimates are reasonably accurate, but probably under the market.

Similarly, I had accorded the value of the previous Telesis project, at 42 units much smaller than the replacement project as $12 million, yet the property alone sold to the MRP group for $9.5 million.

Transit oriented development as a result of the NoMA Metrorail station.  Note that in terms of valuing "transit oriented development" in the H Street neighborhood, a third table could be constructed, of properties developed or planned on the east side of the railyard, as a result of proximity to the NoMA Metrorail station.  IMO, the dividing line for such developments is K Street NE.  Properties south of K Street are in the H Street zone, and properties north of K Street are in the NoMA Metrorail station zone.

As an example, see "Trammell Crow subsidiary releases plans for massive NoMa project," and "Toll Brothers' D.C. march continues with the approval of Union Place," Washington Business Journal.