Park Place Development Watch (Above Petworth Metro) Yup They’re Going Rental

DSCN3638, originally uploaded by Prince of Petworth.

It’s so wild to see this project coming to completion. But as many have speculated it is true – they are becoming rentals and no longer condos. The list keeps growing. But on the other hand people have often been writing me about where to find good rentals in town so hopefully these projects will help fill that need.

I’m really looking forward to see what it looks like when all the red brick is filled in as well.



10 Comment

  • That’s kind of a drag. I had this small fantasy of being able to sell my condo that is just a few blocks away from this development, and buy a brand spanking new condo in a neighborhood I already know and like. But I can understand the market realities. And I probably was never going to be able to afford a place there, anyway.

  • Could another factor be election and turn limits? The turnover in the number of staffers who might be headed home could be contributing to a general feeling of uncertainty.

  • I think it’s great. So many people moving to DC and yet with all the construction over the past several years, almost no new apartments. This means Petworth will have two new apartment buildings close to the metro, which I think will mean lots of young people moving to the area. These younger people often do not even want to buy a condo, even if they could afford one. I love the fact that Petworth has so many wonderful older people, but new businesses tend to spring up where the younger folks hang out, with U Street being a great example.

  • Weren’t half of these going to be set asside for Low Income? What market will these be rented to? I support affordable housing but on Georgia Avenue the building at Park Rd next to the gas station is 100% rental/affordable to those earning 70% below the media income, the building announced last week at Georgia and Kenya will be 100% rental/affordable to the sam demographics, the building where the lot was just cleared on Lamnt will be 100 rental/affordable. Where Central Union Mission was going to build will be 40% affordable, with a transitional homeless program. The Park Morton redevelopment is having a hard to getting afoot….I admit I am afraid they are making too many units affordable on Georgia Avenue for a strong economi backbone for the neighborhood.

  • saf

    Richard – term limits and administration turnover are a small blip in our real estate market – it’s the economy.

    It’s just infuriating. We knew this would happen, and they said, oh, no, it will be owners, and oh, we’re building more condos across the street, and it will all be owners… They kept insisting it would be condo long after it became obvious that was not going to happen. Liars, every single damn developer lies like a rug.

  • I agree with AJS and think this is good for the housing market overall — there are just more renters out there these days than potential buyers. I wonder what the asking rent will be, though. Based on the high prices I heard they were planning on selling the condos for, I’m afraid they’re going to start too high and the units will be vacant for a long time.

  • See the announcement below on “affordable” housing developments on GA Ave. This was announced in May 2008 on the DC Government website. According to this statement, only 20% of the units at Park Place were being made available at an affordable rate. The development across the street is supposed to be 100% market rate.
    If you want to know what the definition of “affordable” is, I encourage you to go to the DC Government website and do a search for the terms “affordable housing definition.” You will see that the definition varies and may not be as low as you might think, particularly when you look at the numbers for families.

    Fenty Announces Major Development Achievements on Georgia Avenue

    (Washington, DC) – Mayor Adrian M. Fenty on Thursday announced several important economic development project milestones – including Donatelli Development’s topping out of Park Place – that are driving the transformation of the Georgia Avenue corridor into a series of great retail-anchored neighborhoods.

    “There is a new sense of vitality on Georgia Avenue,” Mayor Fenty said. “Donatelli’s been a leader in rebuilding Columbia Heights and the U Street corridor, and they are doing it again here on Georgia Avenue. Donatelli’s projects, on several other District-led initiatives represent more than $145 million in new investment along this corridor.”

    Park Place includes 161 residential units, town homes and community-serving retail located directly above the Georgia Avenue/Petworth Metrorail Station. The project, which was awarded to Donatelli Development and Gragg & Assoc by the Office of the Deputy Mayor for Planning and Economic Development through a competitive process in 2004, is a joint-venture with Canyon Capital Realty Advisors and Earvin “Magic” Johnson. Twenty percent of the residential units will be made available at affordable rates. The project also includes 16,000 square feet of retail space and 187 underground parking spaces. It is expected to be complete next year.

    Mayor Fenty also announced on Thursday that the DC Superior Court recently awarded clear title to the District for 3912 Georgia Avenue, a property the District will transfer to the Jair Lynch Cos. to build the $35.6 million Georgia Commons, a 130-unit apartment building that will make 40 percent of its units available for affordable housing and include 24,000 square feet of new, street-level retail.

    In several weeks, Donatelli will break ground on 3801 Georgia Avenue, 49 market-rate units across the street from Park Place. The District recently issued a solicitation for development partners for two storefront properties and a vacant lot on the same block. Potential bidders have until July 11, 2008 to respond.

    The District also recently made available $10 million in neighborhood-based tax increment financing to encourage other retail projects in the Petworth section of Georgia Avenue. The District’s Great Streets program is working with property owners along the corridor to make façade improvements to storefronts – including a property on the 3600 block – while the District Department of Transportation is delivering more than $20 million worth of streetscape improvements to Georgia Avenue.

  • BUMMER. There, I said it. I would have liked them to stay condos.

  • saf, you are one angry bigoted lady.. i suspect you’ve told more than a few lies in your time. im tired of you embracing liberal views ranting on about them, then only to generalize about a group of people in a nasty ugly way. i can understand you annoyance with the particular developer of this property ..then name that company. call them out directly.

  • Georgia Avenue – the next GOURMET GHETTO!

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