real estate

Cherrydale Condo Development Converted to Rentals

By ARLnow.com

The Bromptons at Cherrydale condominium development — a.k.a. 3800 Lofts — is now being marketed as rental apartments.

The move comes about two months after another Arlington condo project, The Myerton, was converted to rentals. Local Realtor Laura Rubinchuk says that the history of the Bromptons project — construction was stopped after the building was declared structurally unsound in 2006 — probably came back to haunt it.

“Slow sales for the Myerton definitely played a part in their decision to convert back to rentals,” she said. “But I think the 3800 Lofts are always going to carry the past with it — buyers are going to be nervous about investing in something that was once on unstable ground, regardless of County clearance and any actions taken to remedy the situation.”

Rubinchuck contends that the Arlington condominium market is “on the mend,” and that The Myerton and 3800 Lofts both represent conditions that were building-unique, not market-wide.

For interested renters, 3800 Lofts is offering 22 large 1- and 2-bedroom apartments with stainless steel appliances and 9-foot loft ceilings. The building is located at 3800 Lee Highway in Cherrydale.

Arlington Tax Deadline Approaching

By ARLnow.com

The payment deadline is fast approaching for Arlington’s vehicle personal property tax and for installment two of the county’s real estate tax.

Both tax bills are due next week on Wednesday, Oct. 5.

In addition, the Arlington County Treasurer’s office is reminding residents that the 2011-2012 vehicle decals must be displayed on windshields by Nov. 15.

“If residents would like more information (including payment options, information about the Taxpayer Assistance Program, etc.), they may visit www.arlingtonva.us/treas or call 703-228-4000,” a Treasurer’s office representative wrote. “Residents may also contact the Treasurer’s office by emailing [email protected].”

BRAC’d Building in Rosslyn to Be Renovated

By ARLnow.com

(Updated at 2:00 p.m.) If you manage a 40-year-old office building in Rosslyn, what do you when your sole office tenant — the Department of Defense — packs up and moves most of its offices to Ft. Belvoir (and elsewhere)?

Renovate, renovate, renovate.

That’s the plan announced by real estate firm Penzance earlier this week for its 17-story office tower at 1500 Wilson Boulevard. Most of the building, minus ground-level retailers like Santa Fe Cafe and a couple of lower floors, will be vacated next year thanks to the Base Realignment and Closure Act, and Penzance is planning to spruce things up.

“Future improvements will include the renovation of the building’s main entrance, main lobby, elevator lobbies, restrooms, elevator cabs and mechanical systems, as well as HVAC improvements,” the company said in a press release.

“1500 Wilson is coming to the market at the right moment and with the added benefit of a multi-million dollar renovation,” said Penzance executive Matt Pacinelli. “We are offering one of the only large blocks of space available in Rosslyn, and at a significant discount to the market rents typically seen in the newer towers.”

Penzance is also trying to talk up the 200,000 square feet of office space by describing the benefits of a Rosslyn address.

“Prominently situated at the intersection of Wilson and Clarendon Boulevards, the 249,000 square-foot building serves as a gateway to the Rosslyn-Ballston Corridor and features stunning panoramic views from its 17-story vantage point,” the company said.

Crystal City Apartment Building Sold

By ARLnow.com

The Crystal Plaza Apartments in Crystal City (2111 Jefferson Davis Highway) are under new ownership.

Archstone sold the building to real estate investor Ralph Dweck at the end of last month. No word yet on why Archstone, a major Crystal City land holder, decided to sell the apartment complex.

We’re also awaiting word from Dweck about his plans for the complex. So far, however, no changes have been announced.

Residents were notified about the sale last week.

Update on Large Residential Developments in N. Arlington

By ARLnow.com

A drive through parts of Lyon Park, Clarendon and Rosslyn today revealed significant progress on three large residential developments, as well as clean-up work on one ill-fated project.

In Rosslyn, Clark Construction crews are busy cleaning up from last week’s retaining wall failure at the Sedona and Slate apartment site. Workers were busy reinforcing the adjacent Swansen Apartments building, which nearly collapsed into the construction pit after the failure.

Residents have still not been allowed to move back into the building, according to Arlington County Inspection Services Division Chief Shahriar Amiri. It’s hoped that the building may be ready for re-occupancy next week. The Sedona and Slate project, meanwhile, has been set back untold weeks or even months.

Also in Rosslyn, Abdo Development’s Gaslight Square luxury condominium building has a gleaming metal frame and teams of busy construction workers. The groundbreaking for the project was in January.

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Morning Poll: How Do You Feel About the Local Economy?

By ARLnow.com

Even with the national economy in the dumps three years ago, the economy in the D.C. region — and especially in Arlington — remained strong, with low unemployment and a healthy real estate market.

Now, as the national economy teeters once again, there’s some question of whether the local economy can remain an island of vibrancy. With federal discretionary spending decreasing, and with the possibility of even steeper cuts down the road, Uncle Sam may not be able to provide the steady flow of cash that kept the local economy going during the last recessionary period.

The local economic indicators are a mixed bag. Unemployment in Arlington is still remarkably low, at 3.9 percent. Home sales are up in the most recent period, but home sale prices are down considerably in Arlington and in the D.C. metro area.

How do you feel about the direction the local economy is heading?

 

Dr. Dremo’s Still Raising Money for Possible Clarendon Location

By ARLnow.com

Andrew Stewart, owner of the late, lamented Dr. Dremo’s Taphouse, is still raising money for a possible new Dremo’s location in Clarendon.

Stewart tells ARLnow.com that he has raised about $175,000 of the $400,000 to $500,000 he needs to bring the watering hole back to life. Having already sold interest-bearing investments, Stewart is now selling ownership shares in the new bar.

Stewart says that he has negotiated a purchase price for an existing business in Clarendon, and now just must raise enough money to get the new Dremo’s off the ground and running.

In June, the Washington Business Journal first reported that Stewart was eying a 6,000 square foot space somewhere in Clarendon. Stewart says he’s not going to reveal the exact location until he signs a lease.

Morning Poll: Concerns About Property Records

By ARLnow.com

For years now, one has been able to input an address into an Arlington County web page and find information like how much the property is assessed for, how much it has sold for in the past, and the name of the property owner.

According to the Sun Gazette, however, county leaders are now deciding whether including the owner’s name in the county’s public real estate assessment database presents privacy concerns.

Over the weekend, the County Board responded to a resident’s complaint about its online property records system by asking county staff to “look into options for redacting the names of property owners” from the search results, according to the paper.

The system, an internet-based version of the real estate records available at the county courthouse, is similar to Fairfax County’s property records system in that it is only searchable by address, not name. However, a speaker at Saturday’s County Board meeting complained that unlike Fairfax, Arlington does not offer residents the option of having their name withheld from the records upon request.

What do you think should be done?

Morning Notes

By ARLnow.com

Local Real Estate Market Lags — While the average home sales price in Arlington was up 4.6 percent for the first half of 2011, the total volume of sales was down 19 percent compared to 2010. [Sun Gazette]

Garvey ‘Home’ in Alexandria, Arlington — State Senate candidate and Arlington School Board member Libby Garvey is trying to play up her local chops to both Arlington and Alexandria Democrats. “Garvey, a resident of Fairlington, considers Alexandria to be her neighborhood,” the Huntington-Belle Haven Patch reported yesterday. Meanwhile, Garvey told the Arlington County Democratic Committee last night that after debates in Fairfax and Alexandria, “it’s really nice to be home tonight.”

Shirlington Jazz Festival Starts Tonight — Shirlington’s outdoor summer jazz festival starts tonight. Local jazz group The Oscillators will perform at the Village at Shirlington Plaza from 6:30 to 8:30 p.m. The festival runs on Thursday nights through August 25. [Shirlington Village Blog Spot]

Shirlington Hilton Garden Inn Gets a Chef — The Shirlington Hilton Garden Inn (4271 Campbell Avenue), which has been trying to lure local diners to its Great American Grill restaurant, recently hired a new chef. [Shirlington Village Blog]

New Office Buildings Planned for Clarendon

By ARLnow.com

New details have been released about a major office development in Clarendon.

Real estate investment firm Penzance says it’s about to complete its final site plan filing with Arlington County for the block bordered by Washington Boulevard, 11th Street, N. Highland Street and N. Garfield Street. Penzance wants to turn the block — which currently contains a bank, a bar, a used car dealership, a cemetery monument manufacturer and other small businesses — into a 300,000 square foot office development, complete with a 10-story office building, an 8-story office building, ground-level retail and a four-level underground parking garage.

The development, Penzance says in a press release, is consistent with the Clarendon Sector Plan.

Penzance has completed the preliminary 4.1 site plan filing review process and is submitting this week its final filing with Arlington County for a 300,000 square foot office development in the bustling community of Clarendon. The project is bounded by N. Washington Boulevard, N. Garfield Street, N. Highland Street and N. 11th Street and has two addresses, 3001 and 3003 Washington Boulevard. The parcels that comprise the site were assembled by Penzance over the last few years.

“3001-3003 N. Washington Boulevard will be an important addition to both the vibrant Clarendon community and the R-B corridor,” said Victor K. Tolkan, Penzance managing partner and founder.

“Working with the architecture firm, Noritake Associates, our team has created a development that provides welcome commercial office with ground floor retail space in a predominately high-rise residential area to reinforce Clarendon’s status as a true live-work-play urban environment. The project conforms to the Arlington County Clarendon Sector Plan that calls for a building that steps back from N. Washington Boulevard and N. Highland Streets as well as maintaining and restoring two existing building facades identified by the sector plan to be preserved. The building design allows for a wide range of floorplate options for our potential tenants. Situated in the heart of Clarendon’s commercial district, this project will add to the vitality of what has long been Arlington’s ‘downtown’,” said Tolkan.

The development is designed to function as two separate buildings with shared common services, such as the 4-level below-grade parking deck and loading dock. 3001 N. Washington Boulevard will be a 10-story, 200,000 square foot office building with typical floor plates containing approximately 20,000 square feet. 3003 N. Washington will be an 8-story, 80,000 square foot office building with typical floor plates ranging from approximately 8,000 – 10,000 square feet. The two buildings with complementary and unique architectural details will feature approximately 28,000 square feet of ground floor retail space with an expansive sidewalk area to accommodate café tables and outdoor seating. 3001-3003 N. Washington Boulevard is being designed to a minimum standard of LEED Silver, working toward the highest designation possible. Pending County approval of the site plan, 3001-3003 N. Washington Boulevard is scheduled to break ground in spring of 2012. Jones Lang LaSalle has been retained to market the project.

Penzance has demonstrated its commitment to Arlington County for many years, owning and managing 1500 Wilson Boulevard in Rosslyn, 2000 N. 14th Street in Courthouse and developing in 2003, and owning and managing Ballston Gateway (3865 Wilson Boulevard), a 2010 TOBY award winner. The company also plays a leadership role in the County’s urban arts center, Artisphere, through its active involvement in the Rosslyn BID.

Another rendering of the new buildings, after the jump.

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Dr. Dremo’s Seeking Investors for New Location

By ARLnow.com

The former owner of Dr. Dremo’s is once again seeking investors to help secure a possible new location for the late, lamented dive bar.

The Washington Business Journal first reported that Andrew Stewart is eying a 6,000 square foot space somewhere in Clarendon. The exact location has not been revealed.

Stewart has come close securing a new location for Dremo’s several times, but to no avail. In an email to potential investors, Stewart says he hopes this time will be different.

Dr Dremo’s is trying to raise $350K to open a new spot in Clarendon. Investment opportunities are available… For more info, please contact: [email protected]. Financial statements and documentation available upon request.

It has been almost 2 years since we last tried to round up investors. We have looked at many places, spoken to many real estate agents, and actually came close a handful of times. It is only now that we are close enough to having a deal, that it is again time to round up investors and try to raise the funds.

The old Dremo’s location in Courthouse was razed shortly after it closed in January 2008. The development that was supposed to take its place has been delayed since then, although construction is reportedly set to begin soon.

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