The Washington DC Real Estate Blog

If you live in or own a home in Washington DC near the Historic Shaw’s O Street Development you should be  happy  to know that last month Mayor Fenty and the Department of Housing and Urban Development Jack Evans Ward 2 Councilmember, as well as the Deputy Mayor for Planning and Economic Development Valerie Santos and the Shaw Community all met to break ground on a new Washington DC real estate development.  This new project will be located between 7th and 9th street and O and P Street in Northwest DC, and will be a revitalization of the historic O Street Market which was first constructed in 1881.
Some Facts about the new O Street Project
This new Washington DC real estate development will add more than 87,000 square feet of retail and restaurant space as well as 600 new residential units and affordable housing, and a 71,000 square foot Giant Food Store.   Besides for the addition of more commercial and residential Washington DC real estate, this development will also have an economic benefit to its surrounding communities.  Some of these benefits include the creation of up to 390 full time jobs and up to 500 construction jobs.    Another very interesting fact to note about this project is that currently the Roadside Development team has given over a quarter of a million dollars back to the neighborhood in scholarships, donation, and amenities to local residential programs.  If everything continues on time the first phase of this project should be completed in 2013 and it will include the Giant store, and 395 apartments, a 190 room hotel, and 500 parking spaces.  Once the second stage is started it will include 80 units of affordable homes for seniors and 130 unit condo complexes.  Please check back for more information on this development and others like it.

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If you currently own or are looking to purchase or rent a home in Washington DC in the U street Corridor located in Northwest DC,  you may be in for a nice treat.  Last month Mayor Fenty met with the Deputy Mayor for Planning and Economic Development Valerie Joy Santos and Ward 1 Council member Graham and the residents of Ward 1 to break ground on the restoration of the historic Howard Theater.  The Howard Theater is located at 620 T Street, Northwest Washington DC.  The Howard theater was placed on the Historic Places Registry in 1975, and an interesting fact about this theater is that it was the first  full  sized theater for an African American audience.  Some of the great artist that played here include Count Basie, Duke Ellington, Lena Horne, Diana Ross, and Ella Fitsgerald.   This new project will allow those that live in Washington DC real estate to enjoy another music venue that will be receiving $8 million in grants from the District, and another $4 million in Tax incremental Financing in order to allow the renovations to be completed.

The Howard Theater is not the only real estate project going on in and around the U street corridor in Northwest Washington DC;  over the past three months the projects in this area include an unveiling of the new $15 million Watha T. Daniel Shaw Library and the breaking ground for the revitalized City Market that will be located at O Street.    This new development on O Street will include 87,000 Square feet of retail and restaurant space as well as over 600 units of affordable housing.

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If you are looking to purchase a home in Montgomery County or if you currently live in any Montgomery County Maryland real estate you should be proud to know the County is a finalist for the first time for the Broad Prize in Urban Education award.  This award was created in 2002 and is the largest education award that is given in the nation to school districts.  The school district that receives this award is being honored for being an urban school district that establishes the greatest overall performance and improvements in students while at the same time reducing achievement gaps of the low income as well as minority students.  If the Montgomery County School system is chosen out of the five finalists, the County will receive $1 million in college scholarships, and the others will get $250,000 in scholarships.  As it currently stands the four other finalist for this award are Mecklenburg School in North Carolina, Gwinnett County Public Schools outside of Atlanta, and there are two different school districts in El Paso Texas, the Socorro district and the Ysleta independent school district.
Some of the goals of this Award

• It Rewards districts for the improved achievement levels of the County’s disadvantaged students
• It restores the confidence that the public has of its county’s public school system
• It creates a competition and provides an incentive for the district to improve schooling
• Finally it displays the County’s successful achievements to others as well as other School districts

Once it has been determined what county will win the award the scholarships will then be given to graduating seniors in both the finalist and in the winning district who show academic improvements throughout their high school careers.  The seniors that may receive this scholarship are eligible for either a 2 year or a 4 year scholarship of up to $20,000 depending on the higher education institution the student wants to attend.

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Those who live in homes in Montgomery County Maryland should be proud to know that the County’s Department of Environmental Protection (DEP) was bestowed the prestigious Potomac Champion Award at the Fifth Annual Potomac Watershed Trash Summit.    This award is given to a department for its leadership in supporting the use of regulatory tools innovative outreach, and cooperative management in order to have a final result of reduced amount of trash and litter in the Potomac River.  An interesting fact for people who are currently thinking of moving to Montgomery county, or if you currently live or work in Montgomery county real estate is that the County was one of the original signers of the Potomac Watershed Trash Treaty.  Interestingly enough the county currently spends over $3 million a year on picking up litter.
Currently, Montgomery County is required to meet the numeric pollution limit for trash and litter in the Anacostia River, a tributary to the Potomac, as well as achieving the goals of the Potomac Watershed Trash Treaty.  Both of these requirements were put into effect under the Montgomery County’s State issued stormwater permit    The Department of Environmental Protection has also invested in public education campaigns and marketing efforts to hopefully prevent littering.

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If you are looking to move into Montgomery county real estate in Silver Spring, you may be glad to hear that this month the ground breaking on 1150 Ripley Street occurred.  The ground breaking of this new residential rental real estate development represents a significant percentage of the complete Ripley District Project.  Currently people hope that the completion of this downtown development will help to transform the area of downtown Silver Spring located south of Georgia Avenue.  These new Maryland real estate  developments will not just ad residential real estate but there will also be an increase in commercial space as well as amenity development.
Some Facts about 1150 Ripley Street in Silver Spring
This new residential apartment complex in Silver Spring stands at a whopping 17 stories and 417,000 square feet.  These 417,000 square feet will be divided amongst 286 units as well the common features that this new building will offer to its future residents.  This new Silver Spring Maryland real estate development is being developed by the Bethesda based Washington Property Company.  Another interesting fact about this new development that is going on in Silver Spring is that it is the first project in the Ripley District in roughly 20 years.  Due to its location some believe  it will be transit oriented since its located adjacent to the new multi-modal, state of the art Paul S. Sarbanes Silver Spring Transit Center.

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If you are looking for a one bedroom one bathroom Condo in Bethesda Maryland, then go no further!  The members of themarylandrealestateexpert.com team have just listed a condo located in the Parkside Subdivision in Bethesda Maryland.  This piece of Montgomery County real estate offers to its new owners a brand new kitchen with granite counter tops as well as stainless steel appliances, fresh paint, and hardwood flooring throughout the unit.  There is also a sliding glass door that opens up to a patio area.  This Bethesda Maryland real estate is located roughly .5 miles away from the Grosvenor Strathmore metro station, and offers community amenities such as a club house, an outdoor pool, tennis courts, as well as a volleyball court.  An interesting fact about this unit is that all of your utilities are included in your monthly condominium fees.

Facts About the Parkside Condominium Community

• The development was originally built as a rental community between 1952 and 1966
• In 1981 this rental community was converted into a condominium development,
  it is a three time national award winning community
• Parkside is composed of 102 buildings which amount to 954 garden style units conveniently located by: interstate 495, 270, Grosvenor Strathmore Metro Station, as well as white flint mall.

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If you are an owner of a home in Montgomery Village, you should be informed that the Montgomery Village Foundation has begun the process to try to increase assessments.  The foundation is trying to do this by asking village representatives to vote in favor of a $4.32 annual increase of the assessment ceiling.  Currently there is an increase in the monthly assessment amount for 2011 of 36 cents for all owners of Montgomery Village Maryland homes, and if you use the community pools, or other community facilities your monthly increase would be 67 cents. 

The increase of the property assessment for 2011 will allow the town to pay for $ 126,000 in improvements for the town.  Some of these improvements include a farmers market, community gardens, and fountains for the pool areas. 

Representatives from each of the communities in Montgomery Village still must meet to decide whether to pass this increase to the housing assessment.  There will also be an informational meeting for community members this month, and the vote to decide will be in early October. So the board can have the assessment set by late October.  As it stands now, the current assessment fee for Montgomery Village home owners is $20.18 per month, and if you pay to use the community facilities your rate jumps to $23.94 per month.

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Those who are either considering building new Montgomery county real estate or purchasing an existing piece of Gaithersburg Maryland real estate, please continue reading this article, as it contains information on changes that may be occurring in the town.  In the near future, the town of Gaithersburg will be meeting with its residents  about a plan that if passed, would extend the tax breaks for businesses in the area known as Olde Towne.  Currently this proposed expansion will be going to hearing  on Tuesday for the area known as the  Olde Towne Enterprise, which is 300 acres.  Businesses that reside in this 300 acre parcel can possibly qualify for income tax credits and waivers  from the county, and utility fees generally assesses before the project breaks ground.
As of now, if the city expanded this 300 acre parcel of Gaithersburg Maryland real estate, they would only be able to expand it a maximum of 50% of the original 300 acres. Another interesting fact about this proposal to expand the tax break area is that the enterprise zone can only be expanded in areas where over 80% of the families make less than 70% of the median income  in the county.   According to 2008 Census Bureau, the median income for Montgomery County residents was $93,895. 
The Olde Towne zone has been in place since 2008 and as of now, two projects have been finished, including the four story Slice of Olde Towne Pizza building as well as the office building located at 13 Park Ave.   Please check back later for more information on this expansion.

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If you currently live in a home in Montgomery County Maryland or more specifically in the city of Silver Spring, you have probably heard about new music venue that is suppose to be built  in the  down town area.  This new Montgomery county real estate development will be located where the old J.C. Penney store stands on Colesville Road.  The store has been vacant for over 18 years.  This new music venue will be known as the Fillmore, and an interesting fact to note about the development is a public private partnership between Montgomery County and the Lee Development Group is what is allowing it to be built. 

So currently the ground breaking for this new music venue is scheduled for September 2nd , but as of now this new downtown Silver Spring Maryland real estate development is currently $3.2 million dollars over budget.  Originally the construction of this music venue was supposed to cost 8 million dollars with the state and the county each paying four million.  Some of the reasons that this project is currently over budget is that the budget was developed over eight years ago and it did not take into account inflation and the rising costs of the construction materials.  Also, another interesting fact to note is that Live Nation has agreed to invest $2 million dollars into the development of the building’s interior, and any of the construction overages.  The overages that Live Nation paid for would then be deducted from the company’s rent which is $90,000 per year.  Currently the county has transferred saved money on other projects to  the Fillmore construction project.  These projects include the White Pak Community Recreation Center, Upper County outdoor pool, MAC diving tower and Wheaton Community Recreation Center.  Also, Live Nation has agreed to pay the remaining $724,926 in construction costs, but this means that Live Nation would not have to pay rent on there space for the first 8 years of the lease.

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