After more than eight years since its initial proposal, the redevelopment of the vacant Superfresh grocery store site in Northwest D.C. has officially secured the necessary financing to move forward. A joint venture between Mill Creek Residential and PGIM Real Estate has successfully obtained a $92.3 million construction loan from U.S. Bank National Association, according to documents filed last month...
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Several exciting developments are underway around Howard University, with nearly 40 buildings and sites in various stages of repair, renovation, and redevelopment. These projects, in areas such as Shaw and Pleasant Plains, could open up significant development opportunities at key locations. Here are some of the notable neighborhood developments currently in the pipeline: 1. The Oliver The...
The Washington, D.C., office market concluded 2024 with positive absorption—more space occupied than vacated—for the first time since the second quarter of 2023. This trend was driven by strong absorption across both the District and Northern Virginia, totaling approximately 50,000 square feet in the fourth quarter of 2024.In the District, significant tenant move-ins contributed to this...
Plans are advancing for a new residential building in Friendship Heights. Donohoe has submitted a planned unit development (PUD) application to DC for a 127-unit project at 4201 Garrison Street NW, just off Wisconsin Avenue. Initial details were shared with the public in March. The five-story building will feature a mix of one- and two-bedroom units, along with a penthouse level that includes about...
The redevelopment of a public surface parking lot in downtown Bethesda into a 12-story apartment building with up to 59 units is progressing following approval from Montgomery County planners. Led by Broad Branch Partners of Washington, D.C., the project includes the creation of a public park, which will be integrated into the downtown Bethesda Eastern Greenway as part of the 2017 Bethesda Downtown...
Another small office building in Northern Virginia will be replaced with a substantial new residential development. The Meridian Group has plans in the works to replace a five-story office building at 2500 Wilson Boulevard with a 16-story residential building with 323 apartments. The development, designed by Studios Architecture, will also have 18,000 square feet of ground-floor retail and...
Montgomery County is experiencing a significant housing shortage, affecting everyone from teachers and immigrants to young families and seniors. As the county grapples with addressing this issue, there are three major factors that could play a significant role in shaping the future of housing: Thrive 2050, the Purple Line, and rent stabilization legislation. In this comprehensive article, we will discuss...
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The takeover by banking regulators this month of Silicon Valley Bank and Signature Bank has conjured up the ghost of the Great Recession.Of the 523 bank failures since 2008, Federal Deposit Insurance Corp. figures show, only one was larger than either Silicon Valley Bank or Signature Bank. That would be Washington Mutual Bank, which had $307 billion in assets, while Silicon Valley Bank had $209 billion and...
Story at a glance The Sunshine State’s population grew by nearly 2 percent. Texas, North Carolina, South Carolina, and Tennessee also saw population boosts. California saw the largest number of residents move out of state in 2022, yet it remains the most populous state in the country. More people moved to Florida than any other state in the country in 2022, according to a new report from...
