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Rebuilding Place in the Urban Space

"A community’s physical form, rather than its land uses, is its most intrinsic and enduring characteristic." [Katz, EPA] This blog focuses on place and placemaking and all that makes it work--historic preservation, urban design, transportation, asset-based community development, arts & cultural development, commercial district revitalization, tourism & destination development, and quality of life advocacy--along with doses of civic engagement and good governance watchdogging.

Friday, October 21, 2016

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

Streetcar on H StreetFlickr 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.

Washington DC - Benning Rd. and Bladensburg Rd. NE - September 3, 2014  (8)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 NE375 $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 NE84 $40MM*
TBD 1401 H Street NE34$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.

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