Today CADA selected SSK Development (Kolokotronis)and Ravel Rassmusen for the two sites. They approved a 60 day ERN for:
SSK to develop 70 condos and 7,300 retail in what seemed to be a 7 or 8 story building on site 2. Architect is Ankrom Moisan, who did Fremont Mews and L Street Lofts.
For site 3, 45 apartments and 7,200 retail on 4-5 stories. Architect is Chong Partners
Both developers wanted both sites. So it sounded like we may even see the selection change during the ERN to allow one to do both. Kolokotronis was very adamant about wanting to break ground by mid-next year. He said he didn't want to still be working on this project 4 years from now.
He has been vocal in the past about how long it takes to get projects done in downtown and midtown. Hopefully the same thing that happen with L Street Lofts, which happened very fast, can happen on 16th Street as well
CADAs top priorities for these sites were speed, home ownership and density. The sites are clean and ready to go, so they want them filled right away. They mentioned how there has been a lot of public input for more density on 16th Street, thus the selection of SSK for site 2. I couldn't agree more for site 2. Site 3 which is closer to Stanford Park Homes is probably a better place for the smaller building that Ravel is proposing, thus a good choice there as well.
Other interesting notes I took from the meeting:
CADA hopes to have a DDA in place with Lambert Development in 6 months for site 4 at 16th and P for 40 housing units, retail and underground parking.
For site 1, Lambert is working with Otto Construction on a mid-highrise for 16th and L, with an associated city parking garage.
Lambert made an interesting comment when he spoke. He made mention that even though Aura and The Towers have been having problems and may not happen, it has shown lenders that there is a market for these type of projects and what people are willing to pay for them. It sounded like they had a good beat on financing for the two projects.
It was made pretty clear in the meeting that this would be the last change Lambert has to put the deal together before CADA moves onto another developer though.
I also got the impression that Capitol Lofts is very close to not happening though. It has really run into a lot of budget problems from the sound of it. What a waste of 8 years if that is the case.