washington, dc - hff
TRANSCRIPT
Washington DCDevelopment site
1300 FiRst stReet, neWASHINGTON, DC
ConFiDential oFFeRing memoRanDum
2
HFF has been exclusively engaged by a partnership managed by the JBG Companies to arrange a sale or joint venture for the development of Capitol Point North, a 0.94-acre site in Washington, DC’s NoMa submarket. Capitol Point North presently consists of fee simple ownership of seven (7) parcels totaling 40,910 square feet, with the option to purchase an additional four (4) parcels which would increase the total area to 84,322 square feet. Capitol Point North is currently zoned C-3-C/D-5. Under this designation, and based on the site’s frontage on both NY Ave and First Street, the maximum permitted height is 130 feet. There are no additional FAR density limits for residential development. Commercial development is granted 6.5 FAR of by-right density, however additional density credits may be applied to to site, after which the maximum achievable density is only governed by the 130’ height requirement.
The owners have previously commissioned several different massing studies which highlight the site’s flexibility and range of potential
assemblage options. The fee simple portion of Capitol Point North is L-shaped and offers frontage on New York Avenue, N Street and First
Street. Options exist to purchase 75 New York Avenue, as well as 39 and 41 New York Avenue and the non-contiguous 35 New York Avenue.
75 New York Avenue occupies the southwest corner of the New York Avenue and First Street, NE intersection and totals 25,150 square feet.
75 New York Avenue is currently improved with a high-grossing, corporately-owned McDonald’s, which may be bought out or incorporated into
the new development as a condo interest. 39 and 41 New York Avenue are located directly adjacent (west) of the existing fee simple site and
offer frontage on both New York Avenue and N Street. These two parcels 6,896 and 5,479 square feet, respectively, for an additional 12,375
of site area. 35 New York Avenue totals 6,397 square feet and is one parcel removed (to the west) of the potential assemblage.
Noma-Gallaudet U(New York Ave)
UnionStation
H Street NE
9th
St N
E
Florida Ave NE
Morris St NE
Neal St NE
Neal Pl
6th
St
Oates St NE
Penn St NE
Holbrook Terrace NE
Maryland Ave NE
3rd
St N
E
2nd
St N
E
1st
St N
E
4th
St N
E
5th
St N
E
6th
St N
E
7th
St N
E
8th
St N
E
10th
St
NE
11th
St
NE
12th
St
NE
13th
St
NE
14th
St
NE
15th
St
NE
Parker St NE
Acker Pl NE
E St NE
D St NE
C St NE
Constitution Ave NE
Massachusetts Ave NE
F St NE
G St NE
G St NE
F St NW
G St NW
E St NW
I St NEI St NE
K St NE
L St NE
M St NE
K St NE
L St NE
N St NE
O St NE
Ken Pl NE
Patterson St NE
Pierce St NE
Louis
iana A
ve
Nor
th C
apito
l St
NE
1st
St N
E
New York Ave NE
Trin
idad
Ave
NE
Orr
ens
St N
EO
rren
s St
NE
Gales St NE
Emerald St NE
Sherwood St NE
Warren St N
E
Park St NE
Le G
reni
erM
etro
Mut
ts
Bebo
p
New
Citi
Piz
za
Spor
ts Z
one
Gam
e St
op
Rite
Aid
Kah
n’s
Bar
& G
ril
Spiri
t Ro
om
Twel
ve R
esta
uran
t &
Lou
nge
Ben’
s C
hili
Bow
l
HR-
57
PoBo
y Jim
Foot
Loc
ker
CV
S
Rita
’s W
ater
Ice
The
Libe
rty
Tree
Cus
bah
Smith
Com
mon
s
Kof
fee
Bout
ique
Sol M
exic
an G
rill
The
Spot
Dan
gero
usly
Del
icio
us P
ies
Horace & Dickie's Seafood
Atla
s Pe
rfor
min
g A
rts
Cen
ter
Pho
Bar
& G
rill
Gal
lery
O/H
Maj
estic
The
Arg
onau
tD
C C
onsc
ious
Caf
e
Impa
la C
antin
a y
Taqu
eria
Tayl
or G
ourm
etH
& P
izza
Bank
of
Am
eric
a
PNC
Ban
k
Sherwood Recreation
Center
Ludlow-TaylorElementary
School
Russel SenateOffice Buildings
Hart SenateOffice Buildings
LovejoyPark
Union StationMetro Entrance
US Capitol
Ava
Department of JusticeHilton Garden Inn
Flats 130
The Bureau ofAlcohol, Tobacco
and Firearms
WashingtonGateway
Northwest OneSite B
Flats at Atlas(CRC)
Equal EmploymentOpp. Comm
60 L StNPRMathematica
VA
KaiserPermanente
DHS
IRSOPM
IRSFed. Emergency
Regulatory Comm.
DOEDC Public Schools HQ
CNNDCGov
APA
Amtrak HQGPO Office
PostalMuseum
SEC
Marshall Federal Judiciary Building
Union Market
Union Station
All Things OliveAlmaala FarmsAngellkaBidwellCoco SalaLyon BakeryMasseria
Peregrine EspressoRappahannock Oysters Red Apron ButcheryRighteous CheeseSalt & SundryTaKoreanTrickling Springs Creamery
UNION MARKET
UNION STATION
Ann TaylorAu Bon PainJos. A. BankL’OccitaneNeuhaus ChocolatierNine West
Prêt A MangerStarbucksSwarovskiSwatchThe Art of Shaving
Boun
dary
Roa
d Tast
e of
Jam
aica
Phila
delp
hia
Wat
er Ic
e Fa
ctor
y
Souk
The
Que
en V
ic
Litt
le M
iss
Whi
skey
’s
Chi
cken
Tor
tilla
TruO
rlean
s Re
stau
rant
and
Gal
lery
The
Ethi
opic
Batt
er B
all B
aker
ySi
dam
oTh
e Bi
g Bo
ard
Atla
s Ro
om
H S
tree
t Pl
ayho
use
The
Pug
& C
hurc
h an
d St
ate
Stic
ky R
ice
& T
he F
ruit
Bat
Cha
rles
Tayl
or S
teak
& Ic
e &
Red
Pal
ace
Bikr
am Y
oga
Cap
itol H
ill
Yoga
Dis
tric
tH
unte
d H
ouse
& D
esig
n A
rmy
H S
tree
t C
ount
ry C
lub
Star
& S
ham
mro
ckRo
ck &
Rol
l Hot
elBi
erga
rten
Hau
sSO
VA
Esp
ress
o &
Win
e
The
Dai
ly R
ider
Office
Existing Residential
Future Residential
Retail
Transportation
RestaurantsSnacks & TreatsBars& ClubsArts & CultureShoppingBanks
DC Metro
Red
Rock
sO
copa
Toki
Und
ergr
ound
StantonPark
Hechinger Mall
CAPITOL HILL
UNION MARKET
UNION STATION
The Offering: Scarce ShOvel ready SiTe in deSirable nOMa, WaShingTOn dc'S beST Mix Of 21ST cenTury live/WOrk/Play dynaMicS
3
W H Y N o M a ?
cOMPelling TrendSevOlved neighbOrhOOd
WiTh excellenT acceSSibiliTy
• NoMa is among the fastest growing residential neighborhoods in Washington, DC
• 3.6 million square feet of net office absorption in 10 years
• 54,000 workers come to NoMa daily
• Class A multifamily inventory has grown 50% in three years
• Private developers have invested more than $6.1 billion in the 35-block area with an estimated $4.5 billion in project costs to deliver by 2021
• Draws Echo Boomers with Metrorail, Bikeshare and walkability score (92)
• Union Station and 13 mediums of transit (Amtrak, Metro, MARC, VRE, Street Car) Walkable to Capitol Hill and CBD
• Two stations on Metro’s Red Line
• Proximity to Union Market, lively restaurants, entertainment venues and eclectic boutiques of the U Street and H Street Corridors
• Home to Google, NPR, CNN, Sirius XM, Mathematica, Kaiser Permanente, CareFirst Blue Cross Blue Shield, Qwest Communications
• Home to major public sector agencies – SEC, DOJ, FERC, FCC, DOE, IRS
W H Y WA S H I N G T O N D C ?
excellenT deMOgraPhicS rObuST deMand
• One of the most attractive cities in the U.S. for office tenants, residents and investors
• #2 Most livable city in the U.S. (Economist Intelligence Unit); #6 Investment Market in the U.S. (AFIRE)
• #5 largest economy in the U.S. with 3.3 million payroll jobs
• Lowest Major Metro Unemployment Rate in the U.S. (3.7% versus 4.5% National)
• 6 of the 10 richest counties in the U.S. (Forbes)
• Most Educated Large Metro Area with 49% of the population 25 and older holding a bachelor’s degree or higher (Census Bureau)
• #2 highest concentration of Echo Boomers in the U.S. (ages 25-34)
• Washington, DC has added 1,000 new residents per month since 2010, for cumulative growth of 13.2%. The population is now at its highest level in 40 years.
• Diversifying strong economy-50,500 net new jobs per year added in the 12 months ending March 2017, well above the 20-year average of 44,100.
• Recent deliveries have been offset by record setting absorption - The metro area has absorbed 38,000+ units over the past three years
• 10,381 Class-A units absorbed in the 12 months from Q2 2016 - Q1 2017
• Class A vacancy is 4.4%
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Capitol point north Development DensityMaximum Height
130’
NEW YORK AVENUE NE
1ST STREET NE
NO
RTH C
APITO
L STREET
N STREET NE
O STREET NE
41 N
Y39
NY
35 N
YHYATTPLACE
51 N 1250 1ST
75 NY
1300 1STPM
I SIT
E
33 N
Address 1300 1ST/ 55 NEW YORK
75 NEW YORK
39/41 NEW YORK
35 NEW YORK TOTAL
Owned Owned Option Option Option
Land Area 40,910 25,150 12,375 6,397 84,832
Max Height 130’ 130’ 130’ 130’ 130’
parCel anD Zoning summary - resiDential
Fee Simple Plus: 39 & 41 New York Ave
Fee Simple Plus: McDonald’s
Fee Simple
5
Capitol point north Development DensityBy Right FAR Vested FAR Maximum FAR*
6.50 8.17 10.00* HFF will illustrate the potential development scope if credits are applied to bring the property FAR up to 10.0
DynamiC noma NoMa is the best example of integrated Live/Work/Play dynamics and the best value proposition in the city. It is an evolved vibrant DC
neighborhood and the best value proposition for trophy quality living in the city. NoMa is an extraordinarily accessible gateway in the heart
of it all. The project will anchor the northern boundary of NoMa connecting to the neighborhood across New York Avenue, N Street, up
Florida Avenue and to the Convention Center, the U Street and H Street Corridors, as well as Union Market, The East End, and the Mount
Vernon Triangle. 14th Street Corridor and Shaw neighborhoods.
The Project will be particularly well located with Metrorail just one block away and Harris Teeter across the Street. NoMa as a whole stands
to benefit from the announcement that the Department of Justice (DOJ) will occupy 839,000 square feet in Three and Four Constitution
Square, as well as the recent redevelopment of Uline Arena (home to a flagship REI and Regus’ SPACES coworking concept).
NEW YORK AVENUE NE
1ST STREET NE
NO
RTH C
APITO
L STREET
N STREET NE
O STREET NE
41 N
Y39
NY
35 N
YHYATTPLACE
51 N 1250 1ST
75 NY
1300 1STPM
I SIT
E
33 N
Address 1300 1ST/ 55 NEW YORK
75 NEW YORK
39/41 NEW YORK
35 NEW YORK TOTAL
Owned Owned Option Option Option
Land Area 40,910 25,150 12,375 6,397 84,832
By Right FAR 265,915 163,475 80,438 41,581 551,408
Vested FAR 68,185 -- -- -- 68,185
Max FAR* 409,100 251,500 123,750 63,970 848,320
parCel anD Zoning summary - CommerCial
Holliday Fenoglio Fowler, L.P. (“HFF”) a Washington DC licensed real estate broker.
HFF has been engaged by the owner of the property [properties] to arrange the placement of equity. Information concerning the property [properties] and the owner described herein has been obtained from sources other than HFF, and neither owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or relate to the use of the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
G. Walter Coker
Managing Director
202.533.2537
Brian J. Crivella
Director
202.533.2522
SuSan BarneS CarraS
Sr Managing Director
202.533.2526
oWen Claypool
Associate
202.533.2503