Sunday, 29 June 2008

What restaurant should go here?

The post earlier today outlined a recommended strategy from Richard Layman for restaurants in emerging neighborhoods. I also highlighted details about a possible destination for a new restaurant: The Penzance Building. The address is located across from 400 Mass and adjacent to the Dumont.

Sunken patio along Mass Ave

What type of restaurant do you envision taking advantage of this indoor & outdoor space in the near future? Chime in with your suggestions in the comments. Remember we want a successful business that can afford downtown rent which isn't as simple as naming your favorite restaurant.

Restaurant-Based Neighborhood Revitalization

Richard Layman's Rebuilding Place in the Urban Space highlights the revitalization underway in H Street NE. This has become the "IT" place in the city with numerous WaPo articles like "H is for Happening". The driving force to the revitalization is considered to be the intiative by Joe Englert (CP | Examiner | WBJ | Washingtonian | Chat) of seeding H Street with tavern-entertainment destinations offering pretty good food.

Layman has a few "rules" to successful Restaurant-Based Neighborhood Revitalization:

1. Relatively appealing cuisine that isn't too specialized (or at the very least is popular such as Asian food); food that is attractive to a large number of people--Italian, Mexican, and "American," seem to work best. You want at least 100 customers/nite. These days Thai food is moving into this category. Chinese seems to have lost its appeal. Restaurants like Indian, Caribbean, etc. are just a bit too specialized, and therefore don't get the weekly or at least a couple times/month patronage that such restaurants need especially when they are located in emerging commercial districts.

2. Good food; it doesn't have to be stunning but it better be good. (Perhaps Mexican restaurants illustrate this point the best.)

3. Good, good plus, or better service; waiting isn't fun, and neither is dealing with a server that doesn't help you get what you want with a modicum (ideally none) of problems.

4. Competitively priced; you can't have drinks at $8 or most of your entrees costing $13-$20 -- unless you offer a fully realized concept where those prices make sense. If your prices aren't competitive and maybe a little less expensive than the market, you won't get that frequent patronage that is necessary for your success. Pitchers of margaritas or sangria are good, maybe not pitchers of beer, which seem to attract a rowdier more alcohol-centered clientele.

5. Nice interior; it doesn't have to be stunning or a $1 million interior renovation, but it can't be threadbare, and it has to be appealing.

Any thoughts on how these rules relates to our Triangle 'hood? Richard's Rules for Restaurant-Based Revitalization apply most closely to transitioning, emerging, and distressed commercial districts. The Triangle is transitioning but overwhelmingly through new construction rather than adopting old structures to new uses. So the rents will be too high to closely follow the path H Street NE has taken to success. I would think rules 2 thru 5 should always apply. I also think rule #1 makes sense for the first restaurant that arrives - which would most likely be in the ground floor space at 455 Mass Ave NW (aka Penzance Building).


The space at the Penzance Building has a great are for outdoor seating on the Mass Ave facing. When built out the Triangle will have the critical mass to support a specialty cuisine restaurant like Indian or Carribean. But I think that's deferred until K Street's restaurant row one day arrives. Perhaps Italian, Mexican, Thai, or "American" is the way to go for this first new restaurant. I would also think the choice should should strive to serve the lunch crowd from the GAO and Chester A Arthur office buildings and repeat business from the new condo residents.

floorplate is approximation of ground level as it was intended to represent floors 5-8

Let's hope the space does end up as a restaurant and not subdivided into another bank and Starbucks. =)

Saturday, 28 June 2008

Blue Line in I-395 right of way?

As a followup to yesterday's post, David Alpert suggests reusing the segment of I-395 in a future separated blue line metrorail.



The separated blue line is part of Alpert's vision for metro in 2030. As gas prices have risen Metro has been breaking ridership records. WMATA's core capacity study, conducted in 2001, did not anticipate ridership to surge past 850,000 riders per day until 2014 yet we're already there. The Silver Line expansion to Tyson's Corner and Dulles will continue to feed in new riders to the system. But having the Silver, Blue, and Orange lines share one set of tracks from Rosslyn to Stadium Armory would likely choke capacity at the core. A separated blue line, while an expensive venture, would increase core capacity and connect Georgetown into the Metro system. WMATA included Alpert's system map in a May 22nd press release.

Images from GreaterGreaterWashington.org [double click to enlarge]

This vision is long term and a Blue Line separated in this manner would not arrive until after 2020.

Friday, 27 June 2008

DDOT suggests cutting 395 to Mass Ave

WTOP has reported that section of Interstate 395 between New York Avenue, NW, and Massachusetts Avenue, NW, could be closed to traffic permanently.

Rationale:
A letter obtained by WTOP from DDOT Director Emeka Moneme to Council member asks for a study on I-395 traffic in a letter to Phil Mendelson.

"Based on a Transportation Planning Board finding that a high proportion of New York Avenue traffic has neither an origin nor a destination within the District, DDOT has requested the option of closing a section of I-395 between its current northern terminus at New York Avenue and its interchange with Massachusetts Avenue."

At this stage no action is eminent DDOT just wants to leave the option open to explore. GreaterGreaterWashington.org has suggested that DDOT could coincide this move with the completion of the 11th Street bridge improvements that will improve a current bottleneck of the SE Freeway. This will make the SE Freeway the best bet for through traffic and in theory ultimately reduce traffic along New York Avenue.

Impact to the Triangle:
What is the impact to the Triangle? I'm just absorbing and processing this information but at the moment it still feels like a mixed bag.

Let's first consider the improvements that DDOT already planned for the Triangle because a potential closure would occur 5 or more years down the line.
  • 4th Street changed from one way to two way traffic
  • New Jersey Ave changed from one way to two way traffic
  • L Street extended over I-395 to New Jersey Ave
  • 3rd Street extended to meet new L Street extension
  • DDOT would allow for a park along the 3rd St extension
  • Presumably the District would sell the air rights along the new L Street segment to developers
  • These transportation infrastructure improvements help connect Northwest One new community to the MVT


Image from Mount Vernon Triangle Transportation and Public Realm Design Project
[double click image to enlarge]

So while cutting off I-395 at Mass Ave would allow the city to remove the big divide in the Triangle created by the highway - existing plans were in place to take on this task by building over it. Was a build over more a hypothetical pie-in-the-sky idea than one that would have received enough budgetary funding to come to fruition?

What I wonder is what this closure does to the proposed new end of the highway at Mass Ave. That area has a confluence of roads including Mass Ave, H Street, 2nd Street, 4th Street, and New Jersey Ave. That interchange area could become a mess. The new two way streets at 4th and New Jersey could see a dramatic surge of through traffic. Thoughts?

Thursday, 26 June 2008

BuildingDC.com discusses Madrigal Lofts

Jesse Kaye of BuildingDC.com has a new video blog posting discussing Madrigal Lofts. He briefly touches on the Mad Money promotion and the use of full page ads in the Washington City Paper.


However the crux of the post is that he questions The Mayhood Company's use of radio advertising as an effective way to spend their client's marketing dollars. His analysis is based around the assumption that the national average income of radio listeners is $65K/year. Jesse breaks down what loan products Countrywide would be presently willing to offer to an applicant making $65K/year and concludes it's not enough for anything but the smallest unit at Madrigal Lofts.

It's a very narrow perspective and seems more geared towards real estate industry insiders than information the general public would benefit from. It also does not delve into the prospective alternative advertising options with statistics or Jesse's recommendations. What's the average income of City Paper readers? Does any local medium have a deep penetration into high income local singles? Maybe the Washingtonian - anything else?

Has anyone heard the radio ads? Are they cheesy? Do they have the stereotypical announcer guy voice over? =)

Tuesday, 24 June 2008

5th Street Ace Hardware

5th Street Ace Hardware at City Vista (1055 5th Street NW) is set to open this upcoming Monday, June 30th. The location will have over 9,000 square feet of retail space and will be open Monday-Saturday 8am-8pm and Sunday 10am-6pm.

Photo is of the Logan Circle P Street location

5th Street Ace Hardware is a new location of the local chain A Few Cool Hardware Stores. The original store is Logan Hardware which opened on March 1, 2003 at 1416 P St NW.

Other locations can be found in Tenleytown, Glover Park, and Federal Hill (Baltimore). The stores are affiliated with the ACE Hardware retailer cooperative. The products offered span the categories of Paint & Cleaning Supplies, Tools, Electrical, Plumbing, Hardware, Automotive, Housewares, and Lawn & Garden.

Yelp! has 24 reviews of the Logan Hardware location.

I'll visit the store next week and report back with more detail and photos.

Sunday, 22 June 2008

WBJ: Mount Vernon Triangle renaissance takes shape

The Washington Business Journal published an article on Friday by staff reporter Melissa Castro entitled: Mount Vernon Triangle renaissance takes shape.

Castro recapped some history of the area and recent news items shared by Bill McLeod, executive director of the Mount Vernon Triangle CID.
The remaining businesses along that strip of Fifth Street are eager to sell, pending D.C.'s award of a city-owned 20,600-square- foot parcel at Fifth and Eye streets. Four teams have bid on the lot, including Donohoe Development Co. and The JBG Cos.

JBG also has offered to buy and restore the nearby Capital Automotive and a decaying Victorian building on Eye Street, McLeod said. It would build a 230-room hotel, 227 residential units and 44,000 square feet of retail, including an entertainment venue. Other bidders have proposed a mix of hip boutique hotels and residential buildings.

The city is expected to announce the award on July 18, said Clint Jackson, project manager for the Office of Planning and Economic Development.

I do have more recent news on the timeframes on 5th and Eye straight from Donohoe. As it stands now, the “best & final offer” deadline has been pushed back to July 18th, with the award announcement now August 1. Good news from a neighborhood perspective is that the city stated to developers that improvement of the triangle park and of 5th street are priorities, and asks that all final responses explain how they'll improve those 2 areas.

The article stats that 455 Mass Ave (aka the Penzance Building) has signed agreements with 3 tenants. Hopefully the first floor restaurant space can find a tenant later this year.
In the past month, three office leases totaling 16,500 square feet were signed at 455 Massachusetts Ave. NW, a 250,000-square- foot building developed and owned by ASB Capital Management LLC and The Penzance Cos., said David Bevirt, whose Jones Lang LaSalle Inc. team is handling leasing. Affordable housing law firm Reno & Cavanaugh PLLC will take more than 11,000 square feet. The remainder of the building is available.

Lastly, because I know how much MBG enjoys discussions of our parks, I have one more snippet:
While beautifying a tiny concrete-covered park at Fifth Street and New York Avenue NW, Lowe Enterprises Inc. spent $300,000 to dig up the concrete slabs by hand to protect the root system of a 120-year-old oak tree across from its burgeoning City Vista project.

Saturday, 21 June 2008

City Vista gets its GREEN!

So on a recent visit to City Vista I was pleased to see that there were people enjoying the green at City Vista. Granted they were construction workers on their lunch break it was still nice to see what the space has the potential to be.

Mount Vernon Triangle gets it's first manicured park. Too bad it's not accessible to the public.

Friday, 20 June 2008

DCMud interview with Neil Albert

Deputy Mayor for Planning Economic Development Neil Albert recently sat down with DCMud to discuss the latest RFPs, affordable housing, and why he thinks DC can shed its monumental, federal skin and become an full-fledged international city.

Albert prominently mentions 5th and Eye and City Vista in the interview. Is City Vista 20-30% affordable housing?

Thursday, 19 June 2008

Washington City Paper: Hoods and Services

The Washington City Paper is running a guide to D.C. Neighborhoods coined "Hoods and Services". The article does not drill down to specific D.C. neighborhoods but rather clusters then in to tongue and cheek names ranging from Carryouterbanks to HUDson Valley to Turrets Syndrome.

The Mount Vernon Triangle falls into a hood labeled Land of the Lofts. Undoubtedly a play on words relating lofts to past sci-fi works. This pseudo-community includes Logan Circle, Shaw, Mount Vernon Square, and Chinatown/Penn Quarter and ranks second overall in the "power rankings" to C-SPANistan.

The content for Land of the Lofts includes an essay, Census 2000 Stats and scores/blurbs on Kid-Friendliness, Housing, Eats, Consumer Good, Nightlife/Culture and Intangibles.

Wednesday, 18 June 2008

Another links roundup

  • Renew Shaw highlights $631,749.38 (!) in expenditures (taxes/repairs) Shiloh Baptist Church has spent on their portfolio of vacant properties in Shaw since 2005.
  • Fisher Raw's title says it all "D.C. Official: Outdoor Seats At Pizza Place Will Mean Rapes And Murders". A post on DCist also discusses the topic.
  • Several sources discuss DDOT's plan to move low cost regional buses from Chinatown to L'Enfant Plaza (Examiner | DCist | GGW ).
  • Sparked by comments on a posting about the West End days earlier, Greater Greater Washington asks: "Is it true the West End has no community because it has no families, and it has no families because it's all tall buildings and small condos".
  • DCMetrocentric has renderings of Northwest One project just east of the Triangle's New Jersey Ave border. This development aims to tear down and rebuild the area (including the Sursum Corda housing projects) as a new community. Northwest One will be mixed income, mixed use including a new clinic, library, recreation center, and rebuilt Walker-Jones elementary school.

Friday, 13 June 2008

Friday roundup

Just a roundup of links that maybe of interest.
  • District Chatter writes about a recent hard hat tour of the Dumont. I don't agree with his comment about "'faux loft' exposed ceilings [are features] everyone will regret in 5 years." But different strokes for different folks I guess.
  • DCMetrocentric brought my attention to the blog "Ellis Denning Sucks". This blog highlights dissatisfaction of new owners of the Fennessy Lofts condos near Logan Circle. As one commenter pointed out: "[The site] is more than a rant, it illustrates the risks people take on when they buy new and they have to go through a building’s shakeout period".
  • DC CityCouncil Member Jim Graham made some news earlier in the week stating on camera that Maryland drivers who commute in and out of the district are the "the devil incarnate"

Thursday, 12 June 2008

Playing Lowball - part 2

Earlier in the week I wrote a post that began to express my thoughts on a recent WaPo article that outlined an accepted "lowball" offer at Madrigal Lofts. That posting focused on how I wanted to use MRIS to get recent sales information but instead merely got an education on how scarce MRIS information is for new construction sales.

Shifting to Plan B I've elected to use the DC Recorder of Deeds (ROD). This public data source clearly has lag time in play, but I haven't figured out the rhyme or reason to it. The site has sales as recent as May 27th yet is still missing some sales from earlier months. To use the ROD tool you also either need to know the name of the deed holder or the Square and Lot Number for the land. Madrigal Lofts is Square 0528 Lot 0031. Additionally, for a condo building, you need to translate the sublot number to a condo unit number. I got a good tip from Gus on the sublot to condo unit translation. My condo docs enabled the mapping of unit #s to floorplans. With all this information collected there is enough to conduct a simple yet focused analysis.

Anerio floorplan

I think a useful place to start is by looking at the sales of the same floorplan (Anerio) mentioned in the Washington Post article. I'd personally consider the Anerio more of a Junior 1-Bedroom. It's the smallest floorplan in the building and hovers somewhere in that 575-650 sqft range (I don't know the exact figure). Sort of a studio with bedroom walls rather than an enclosure. The unit does not have a balcony and the bedroom does not feature the elevated loft aspect. All things considered a downtown condo with parking for ~$283,000 is a great price. But did the buyer, as the WaPo article reported, really shave $60,000 off the price through a combination of a lowball offer and persistence? While the sales team says all the Anerio units are sold or under contract only four of these units were in the ROD data. The sales prices were registered as $280K, $283K, $295K and $310K. The highest of those sales prices was for the 12th floor which is the penthouse level. The $280K and $295K sale are dated January and February respectively and demonstrate that the sub $300K prices aren't due to a very recent dramatic price drop or a deal unique to the WaPo buyer.

Allison floorplan

Moving on, let's look at the prevailing one bedroom floorplan at Madrigal Lofts. For simplicity's sake I'm going to consider Carlton units as part of the Allison stock since they are simply the mirror images of each other. Thus there are 30 Allison sales in the ROD data affording us an adequate apples-to-apples sample to make some conclusions on.

I saw 3 Allison sales in the $430-$440K range. These might have been from individuals who signed contracts back in 2006. I'm going to throw those 3 out of my analysis because they muddle the data and wouldn't be useful to current sales trends. The other Allison sales all span the $365-390K except one unit that I believe didn't get a parking space.

AVG Sales price by month, big font numbers are the # of sales in the given month

Average Sales price has decreased since November. The decreases have been in line with the prices quoted by the sales agents. It's a tight band that hovers around the low $370s. I don't see any points in the data that suggest buyers are finessing their way into dramatic 15% price drops on Allison units through negotiations as the WaPo article sensationalizes.

Update: Similar analysis for The Sonata is available at DCHousingPrices.

High gas prices means America finally gets a clue

by Mediocre Bad Guy

So after listening to a whole days worth of Fox news trying to tell me that my paying 4 dollars a gallon is actually good because it's feeding the oil companies profits which in turn helps my portfolio... bleh bleh bleh. 

Bull#!@%.

The good news is that because we here in the Triangle live in an urban environment we can easily walk, take public transportation, or if we really need a more personal way to get around we can easily hop in a taxi. Our European counterparts have made another means of transport a staple in their cities, motorcycles and scooters can be parked anywhere, consume much less fuel, and are sometimes even a bit sexier. Let's start a new segment focusing on solutions for more sustainable urban living, shall we?

This weeks featured green machine is the new Vespa Granturismo. With 12" wheels this baby promises to offer a ride typical of larger bikes with the ease and comfort of a scooter. Starting at only $5,299.00 it will cost you about as much as the premium package on your last car. Sell that 40k parking space and invest the money! The parking space is doing nothing for the economy. 

Vespa Granturismo 200 - Image courtesy of Vespa

Wednesday, 11 June 2008

Tips for Taxi Riders

PQLiving has a great post on dealing with Taxicabs in this new meter environment. Taxi Drivers have more frequently been taking indirect "scenic" routes to destinations to inflate fares. Suggestions include telling a taxi driver not only where you want to go but also the route.

Artomatic ends this Sunday

Artomatic is a 28 day multimedia arts event that draws together visual artists, musicians and performers and brings their work to the community without charge.



1,000 artists - 10 floors - Artomatic 2008 is here!

Opening Friday, May 9 - Closing Sunday, June 15
1200 First St NE, Washington, DC 20002
Capital Plaza I - corner of First & M streets NE - NY Ave Metro
Wed-Thu: 5pm-10pm; Fri-Sat: noon-2am; Sun: noon-10pm; closed Mon-Tue
Free admission; donations welcome

Sunday, 8 June 2008

Dumont Contract holders form Yahoo group

Contract holders of units at the Dumont West are getting together... Our neighbor, DC Jeff, over at District Chatter has formed a group for those of us who have signed contracts for units at 425 Mass to get together and voice our opinions. If you're part of the bunch check out the yahoo group and request membership. 


More power to the people!

Playing Lowball

About 10 days ago the Washington Post featured an article called Playing Lowball: From the Reasonable to the Ridiculous, A Guide to Small Offers. Among the anecdotes in the piece was a bond trader disclosing a deep discount he achieved through negotiations at the Madrigal Lofts. I first saw this news on DCHousingPrices.com and later in a posting on PQLiving.

I do want to say upfront that The Triangle blog does not advocate one condo over another. Our knowledge and experiences will naturally tend to have a focus on the places we reside. As my screen name suggests I am resident at Madrigal Lofts. The aforementioned "Playing Lowball" WaPo article was of obvious interest to me as it relates to my recent purchase. However I did not want to rush to a reaction and pile on in an uninformed way. I wanted to take time to gather more information to gain a greater understanding of the situation.

My first goal was to understand what type of unit at Madrigal Lofts this deal was on and secondly review a large volume of local sales data to determine whether this sale was an exception or part of a macro trend. I'm going to table the specific Madrigal Lofts analysis for another post later in the week (Tuesday). Below I will discuss what I found when I tried to obtain a larger volume of sales data.

First I visited DCCondoPrices.com, a sister site of the blog DCHousingPrices.com, to review what data they had. The creator of DCCondoPrices.com uses data that is public record and applies it Google mashup style. Due to the lag in the public record data the most recent displayed sales are from February. Unfortunately 3 month old data is not current enough to answer our questions about the Playing Lowball WaPo article.

Searching for alternatives I came across Penn Quarter Residential which displays the 20 most recent sales in the Penn Quarter neighborhood (spanning 3/26-5/30). I contacted the blog owner to inquire whether similar data could be pulled for the Mount Vernon Triangle. Realtor, Jessica Wilke (www.jnwilkie.com) was very helpful and shared with me the recent MRIS results for our area.

Information from MRIS is deemed reliable but not guaranteed

The largest drop from list price to sales price among those 10 sales was < 5%. Several actually went for 5-10K over list price - but in these cases the increase was offset by a seller subsidy so it was a cashflow device.

I was underwhelmed by the volume of sales in the MRIS report. As it turns out when developers sell units in their buildings the sales are considered "For Sale by Owner" (FSBO). Properties of this type are not always entered into MRIS as listings or sales. Therefore using sales information in MRIS to analyze the condo market is more effective in mature neighborhoods that are experiencing re-sales as opposed to areas of predominantly new construction.

I've basically hit a dead end on getting a substantial volume of current new construction sales data to do macro analysis but I did learn something about MRIS. If anyone else has suggestions for another avenue to try please chime in.

Friday, 6 June 2008

Second Annual Ward 6 Family Picnic & Softball Tournament

All Are Invited to the Second Annual Ward 6 Family Picnic & Softball Tournament Hosted by Councilmember Tommy Wells, Saturday, June 21, 2008, 11 am- 5 pm At the Rosedale Recreation Center • 1700 Gales Street, NE

Free Food and Fun for All Ages!!

Activities Include:

11:00 - Rosedale cleanup begins

12:00 - Celebrity Softball Tournament- featuring celebrity pitchers, members of the DC City Council, and other celebrity guests. To sign your team up contact Daniel Conner at dconner@dccouncil.us.

12-5 - Pool opens, Kids Soccer, Basketball and Tennis workshops.
Free health screenings, informational booths, and live music If you are interested in playing in the celebrity softball tournament; signing up for an informational booth; would like to be a sponsor; or have any questions contact Daniel Conner at dconner@dccouncil.us 202-724-8063.

Sponsors of the Second Annual Ward 6 Family Day include:

Washington Nationals • DC United • Capitol Community News • Department of Parks and Recreation • Children's Youth Investment • Corporation Trust • Tunnicliffs • Belga Cafe • Marty's• Capitol Hill Bikes • The Argonaut • Hawk & Dove • Schneider's of Capitol Hill • Café Delux •Cantina Marina • Zacks Taverna • Wellness Café • Riverby Books • Metropolitan Police Department • 9:30 Club and Many More...

Thursday, 5 June 2008

The Triangle in Pictures: Say Goodbye to History

I took this photo just a couple of days ago when I made my periodic trip to the Triangle to check the progress of the Dumont (The building I'll hopefully be moving into sometime this year). I was struck by the beauty of these derelict structures and really moved by the fact that I could see, in their present state, the many years of experience these buildings had. I could almost see the families that at one point lived in there. The kids playing out on the stoop, domestic noises pouring out the open windows. I became incredibly sad when I realized that soon, they'll be nothing more than meaningless facades. Completely sanitized and devoid of any life whatsoever, much like the fate of many of Penn Quarter's historical structures.

Wednesday, 4 June 2008

Council Passes Gutted Noise Bill & Single Sales Moratorium Deferred

Tuesday morning DC City Council voted on several issues with great relevance to the downtown and Triangle areas. The Council gutted the Noise bill before passing it.

The Single Sales of alcoholic beverages were also discussed. These single sales are magnets for loitering, public drunkenness, trash, panhandlers, and public urination. Miles Groves, of the Downtown Neighborhood Association, recapped the Council's decision this way: "It was decided not to amend the current bill, but to create a new bill for Ward 6 and for ANC2c and ANC2f. The new bill should be read in two weeks, followed by a public meeting. After that, there will be a second reading and we hope the bill passes before the council goes into recess."

Other blogs have written about this with greater detail and knowledge than I could ever impart. Below I've listed a roundup of links from DC blogs recapping the issues. I found the Cary for Council post to be the most informative although some of the others have good discussions in the comments.