A year ago, rumblings first began that the residential component would be nixed at the two million square-foot Capitol Crossing development. Now, Property Group Partners (PGP) is following through on that plan.
Capitol Crossing has already begun delivering its 1.9 million square feet of office space and 62,687 square feet of commercial space above the Center Leg Freeway at the intersections of Massachusetts Avenue, 2nd Street and E Street NW (map). A 150-unit residential building approved as part of the planned-unit development (PUD) is the component that the developer is now applying to replace with a 180,384 square-foot hotel. The application cites changing market conditions since the original PUD was approved in 2011, including the increase in residential development in the Mount Vernon Triangle neighborhood and the need for an element that would further activate the area.
In order to compensate for the loss of the residential component, PGP is planning to finance the second phase of TM Associates' all-affordable 101-unit development across the city at 1530 First Street SW (map).
Had a residential building delivered at Capitol Crossing, at least 50 of the units would be for households earning up to 80 percent of area median income (AMI). At the First Street SW development, the unit mix will include everything from one- to four-bedrooms, with 80 percent of the units for households earning up to 50 percent AMI and the remainder for households earning up to 30 percent AMI.
Receipt of a certificate of occupancy (C of O) for the hotel would be contingent upon a C of O being granted to the First Street project. A zoning hearing has not yet been scheduled.
This article originally published at http://dc.urbanturf.com/articles/blog/modification-application-confirms-no-residential-at-capitol-crossing/14968
Most Popular... This Week • Last 30 Days • Ever
A look around DC to see where home sellers are dropping their prices.... read »
The grocer has announced plans for other stores in Skyland and Columbia Heights.... read »
The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
The new store will open at 9am on July 13 at the City Ridge development.... read »
Federal Realty Investment Trust has submitted preliminary plans to the Montgomery Cou... read »
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro