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At The One-Year Mark, Ivy City’s Hecht Warehouse is Almost Fully Leased

by UrbanTurf Staff

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Hecht Warehouse

Last November, the apartments inside the old Hecht warehouse in Ivy City opened their doors to both fanfare and skepticism. While many liked the idea of a residential conversion of a warehouse and the steampunk-meets-Willy-Wonka aesthetic, doubters deemed the luxury apartments too far away from Metro and too far down New York Avenue to attract renters.

A year later, the building is 85 percent leased, and management expects that they will be approaching full lease up after Thanksgiving.

“95 percent is industry standard for stabilization, so we are only a handful of units away from hitting our mark,” says Mark Hannan, general manager at The Hecht Warehouse.

Constructed in 1937 and expanded in 1948 to serve as the central depot for the Hecht department stores, Douglas Development purchased the warehouse in 2011 and redeveloped it into a 335-unit residential project that opened last year.

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The Hecht Warehouse offered rents that were lower than other new apartment communities in the city, which was likely a big draw, but the relatively quick lease-up could also be the result of what the future holds for this section of Ivy City.

A number of restaurants are on tap for the development, and an old warehouse behind the apartments is being turned into a roastery, coffeeshop and bakery for Compass Coffee. On a 15-acre site across from the Hecht Warehouse, Douglas is doubling down on development on this stretch with New CityDC, a mixed-used development with 550,000 square feet of retail, 156 hotel rooms, 422 apartments and 2,800 parking spaces.

This article originally published at http://dc.urbanturf.com/articles/blog/at_the_one-year_mark_ivy_citys_hecht_warehouse_is_almost_fully_leased/11849

1 Comment

  1. John P. Kyle said at 3:00 pm on Wednesday November 2, 2016:

    On October 18th Douglas Development hosted the Johns Hopkins Forum to a tour of the Hecht Warehouse Apartments at 1401 New York Avenue, NE.  We observed several surprises that this article did not mention.  The need for tenant inducements (low and/or free rent, especially) has greatly diminished with the high occupancy levels, and Douglas is now getting economic rentals.  Without convenient Metro service and what some people might regard as an isolated “off” location, the Hecht Warehouse Apartments appeal to people who drive.  A former owner of the property had constructed an enormous garage that Douglas and its tenants exploit. New York Avenue (US Route 50) leads quickly to the BW Parkway and Interstate 295, and some occupants commute surprisingly long distances to their places of employment (e.g., Baltimore, Fort Meade, Annapolis, Northern Virginia, etc.), usually with a “reverse” commute.  The rather iconoclastic free spirited tenants prefer this environment to having a chicken little-like ceiling, three white walls and a fourth floor to ceiling glass wall opening onto an almost never used patio.  13’ high ceilings, huge columns that the architects have integrated effectively, glass block walls, a neat rathskeller complete with antique memorabilia and other public areas such as the pavilions (areas carved out from the slabs of over-sized warehouse floors) with grills for cooking out have produced a distinctive living arrangement.  Tenants include writers, artists, musicians along with a pot pourri of younger typically single people who apparently enjoy living in an environment with people like themselves. As Douglas introduces more retail and other amenities full lease-up should occur soon.

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