Friday, March 23, 2007

New Developers for East End Gateway

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.

8 comments:

td said...

i couldn't be happier or less surprised that SKK got the green light for one spot. Sotiris generated a ton of positive media attention for the final completeton of 1801, and the speedy follow up with L Street Lofts, now well under construction. that's great news.

now the part i don't get... everyone proposed a bigger project for Site 3 - but the CADA chose the opposite - a larger project on Site 2 and a smaller on 3. i wonder what the thoughts were behind this for both CADA and the developers??

did you get a glimpse of any renderings or concepts of the buildings? or is this all by the numbers right now?

re: Capitol Lofts... F#$!^#*$^!&(!*&!!**$&!$ !!!!!!

LivingInUrbanSac said...

There was a concept drawing for SSK. It was a very modern looking building, more so than L Street Lofts.

They choose Ravel for site 3 since it was a lower denisty project that they thought would go better next to the lower profile Stanford Park Homes. I'm all for density, but I understand the selection.

Central City said...

Exciting news indeed !

What a nexus of energy that we will have around Fremont park if this gets done along with Crystal Ice .

LIUS , Any word on the lot across from Naked Lounge and the Fremont Mews (15/Q)? It screams with transit oriented development potential .

Anonymous said...

Hey LIUS,

CADA actually approved a 60 day period to enter an ENA or Exclusive Negotiation Agreement with the two developers. Also, SKK indicated although they appreciated the opprotunity to develop Site 2 but they wanted to develop both sites or neither. So in essence they declined the offer for only site 2.

His stance may change in the next 60 days however. It may have been a ploy to have CADA only choose him for both sites.

I think CADA chose Ravel because it was less impactful to the townhomes but also a less complex project which means little subsidy and could be built faster.

Zen

LivingInUrbanSac said...

Ah, okay. I thought they approved the ERN. Thanks!

I thought I heard Sotiris say he wanted both or none, but I had a hard time understanding him so I wasn't sure. Either way, I took it has trying to leverage both sites as well. Ravel for site 3 seems fine, but 2 needs to be bigger imo..

Thanks Zen...

LivingInUrbanSac said...

CC - No clue about the 15tha nd Q lot. You are right though, it screams TOD

Also, Zen - Isn't CADA planning on moving that small building at 16th and L to site 3 to make more room for Lambert? Any idea what a realistic timeline would be for the sites?

Anonymous said...

LUIS,

In the development offering for EEG 2 and 3 CADA asked the developers if moving the apartment next to EEG 1 would be possible in the development proposals. Looking at all four proposals, 3 said it would not be beneficial to the project and 1 left room to move the building. So the building looks like it is staying.

Regarding the 15th and Q site. The landowners are looking at developing the site. I believe they are just kicking ideas around at the moment and have not done any feasiblity studies for a particular site plan. But from my conversations with the land owner they want to do something that will fit the nieghborhood (Fremont and R Street), and is mixed use. I think anything built there will be Transit Oriented just by its location and the fact that it is a required housing site in the R Street Special Planning District.

Zen

LivingInUrbanSac said...

Thanks for the great info, Zen!