This Week's D.C. Deal Sheet
Bernstein Cos. won conditional approval Thursday to advance plans for an 11-story residential tower in Southwest D.C., almost a decade after it received approval for a companion tower.
The proposed 187-unit development, located at 300 K St. SW, is centered around two buildings designed by famed architect I.M. Pei near the Waterfront Metro station. The new construction, which sandwiches the Pei buildings collectively dubbed Town Center East, was approved in 2013.
But while the first building at 301 M St. SW, also 187 units, was completed in 2018, the second building never began construction. Its approval from the Historic Preservation Review Board expired in 2016.
In a sign of updated priorities, Bernstein presented a subtly altered design for the property at 300 K St., removing a motor court and connecting tunnel to one of the legacy Pei buildings and designing an updated courtyard instead.
The board allowed the project to proceed on a conditional approval, asking the developer to simplify the facade as the design progresses and bring the revised plans back to the board.
SALES
Willco regained control of a North Bethesda site put up for auction after previously serving as the lender for the same site, the Washington Business Journal reported. The roughly 3.5-acre parcel is located at the intersection of Montrose Road and Towne Road near the mixed-use Pike & Rose development. Willco has previously explored plans neighboring its newly reacquired parcel for residential development that would include existing office buildings. The site has already received preliminary approval for up to 565 units, Bisnow reported last week.
***
An affiliate of D.C.-based nonprofit So Others Might Eat acquired a brownstone apartment community for $11.5M, property records show. The new owner plans to keep the property’s 23 units affordable for those making up to 50% of the area median income, according to loan documents. The nonprofit received more than $10M in financing from New York-based LISC, and it also took out a mortgage on the site.
LEASES
Gold’s Gym has signed a 24K SF lease at Jamestown’s Georgetown Park, the landlord announced Tuesday. The fitness facility is slated to feature amenities like group exercise classes, an infrared sauna and a more than 2K SF turf facility. Jamestown bought out Vornado’s ownership stake in the 600K SF mall in 2014, and has pursued a variety of solutions to revitalize the development since, including a partial residential conversion. Meanwhile, the surrounding neighborhood is poised for a retail revitalization thanks to smaller, boutique tenants, Bisnow reported earlier this month.
***
Sandbox VR, a virtual reality entertainment experience, signed a lease for more than 7K SF at The Boro in Tysons, according to a press release. The experiential retailer’s address at 1656 Silver Hill Drive places it in a development that featured 255K SF of retail in its first phase and is expected to add 160K SF in its second phase, according to developer The Meridian Group. The second phase, which also includes senior living and other new residences, is slated for “substantial completion” in 2025, per the release.
MILESTONES
Deputy Mayor for Planning and Economic Development John Falcicchio joined representatives from Wood Partners and Bennett Group to celebrate the ribbon-cutting for Alta 801, a 323-unit apartment community in Ward 6. The development at 801 New Jersey Ave. NW also features 27 inclusionary zoning units affordable for those that make 50%, 60% or 80% of the area median income, CoStar reported Tuesday. Located on the western edge of the NoMa Business Improvement District near Union Station, the property neighbors a Walmart-anchored development at 77 H St. NW.
PERSONNEL
Robin Bettarel joined Middleburg Communities to oversee its mid-Atlantic development pipeline, the firm announced Monday. Bettarel joins Middleburg as managing director of development after previously serving as senior vice president of development for Hoffman & Associates. She previously oversaw several major mixed-use projects in the region, including the 1M SF West Falls development and The Wharf’s Phase 2. Prior to her time at Hoffman, Bettarel also held positions at May Riegler Properties, EastBanc and Taurus Development Group.
