Mixed-Use Property Trades; H Street Reconstruction Project Reaches Completion

By Veronica Grecu, Associate Editor UDR Inc. made headlines last week with the purchase of View 14, a mixed-use property located at 2303 14th St., N.W., in the Uptown submarket of Washington, D.C. The big national REIT paid a historic $104 million, [...]

UDR Inc. made headlines last week with the purchase of View 14, a mixed-use property located at 2303 14th St., N.W., in the Uptown submarket of Washington, D.C. The big national REIT paid a historic $104 million, or $600 per residential square foot, according to REBusiness Online. The 185-unit, nine-story luxury apartment complex includes one- and two-bedroom apartment units ranging from 501 to 1,382 square feet, with rents varying from $1,500 to $4,700 per month.

Completed in 2009 as a joint venture between Chicago-based Centrum Properties and local developer Level 2 Development L.L.C. at a total cost of $80 million, View 14 also features 32,000 square feet of retail space occupied by the YWCA and Beta Mixed Martial Arts, which – according to CoStar Group Inc. – signed a lease for 9,000 square feet on the ground floor in June and is expected to complete the move in the third quarter.

The sellers were represented by Drew White and Michael Marshall of Cushman & Wakefield Inc. and Andrew McAllister and Bruce Levin of MAC Realty Advisors.

In other real estate news, Mayor Vincent C. Gray last week announced the completion of the H Street Reconstruction project, accompanied by Ward 6 Council member Tommy Wells and Terry Bellamy, acting director of the District Department of Transportation (DDOT).

The reconstruction project began in September 2008 and was slated for completion in August, but DDOT was ahead of schedule and completed the work on June 30, rehabbing the roadway, sidewalks, streetcar tracks and streetlights in the 1300 and 1400 blocks at a total cost of approximately $35 million, reported The Washington Informer.

According to Citybizlist, the H Street Project also included installation of updated traffic signals, use of green technology with solar-powered multi-space parking meters, replacing the streetlights so that more light gets to the sidewalk, planting about 132 new trees, installation of 94 new bicycle racks and 20 park benches, and replacing the worn-out pipes and conduits with modern underground utilities. Reportedly, this is the first massive reconstruction and redevelopment of H Street since the 1968 riots that followed Dr. Martin Luther King’s assassination.