49 l street se industry day - gsaauctions.gov€¦ · thank you 1801 k street, nw suite 1000...
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1801 K Street, NW
Suite 1000
Washington, DC 20006
+1 202 719 5000
1600 Tysons Boulevard
Suite 1000
McLean, VA 22102
+1 703 485 8800
6701 Democracy Boulevard
Suite 201
Bethesda, MD 20817
+1 301 214 1144
www.joneslanglasalle-dc.com
©2012 Jones Lang LaSalle IP, Inc. All rights reserved.
All information contained herein is from sources deemed
reliable; however, no representation or warranty is made
to the accuracy thereof.
49 L Street SE
Industry Day
September 28, 2017
Neighborhood ObservationsSeptember 28, 2017
Ballpark
2
Observations
Source: JLL Research
Rapidly growing, mixed-use, neighborhood with a significant pipeline across uses
Fastest-growing multifamily submarket in the region
Demand for new office space is increasing with the tenant mix diversifying
Retail storefronts are adding activity to the area
The neighborhood has become a safe bet for tenants, residents and investors
In this cycle, rents have significantly reset across property sectors
3
Context
Source: JLL Research
4
Overview
Source: JLL Research, CoStar
4,384Multifamily units
4.4%of DC multifamily
inventory
4.2 m.s.f.Office space
3.7%of DC office
inventory
OfficeMultifamily
Parks & Waterfront Walk to Capitol Hill
* Office inventory includes leased space over 20,000 s.f. Green Line MetroSports & Recreation
5
Who lives in the neighborhood?
Source: JLL Research, ESRI Business Analyst
81% of my neighbors
have a college degree
I am 31 years
oldI spend $63,962annually
I earn $92,357 a year
85% of my neighbors
rent
6
35%
19%
39%
7%
< $50K$50K-$100K$100K-$200K$200K +
Annual income
Neighborhood resident profile
Source: JLL Research, ESRI Business Analyst
6%
55%16%
7%
16%
0-19 20-3435-44 45-5455 and older
Age profile
14%
5%
36%
45%
< 9th Grade - High School/GEDSome CollegeBachelor's / Associate DegreeGraduate / Professional Degree
Education level
Median age:
31.1
Median income:
$92,357
College-educated
81%
7
A brief history of neighborhood growth
Source: JLL Research, CoStar
960
1,19
7
1,19
7
1,36
7
1,36
7
1,36
7 1,87
2
1,87
2
3,35
5
4,38
4
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20170
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
Office Inventory (SF) Multifamily Inventory (units)
Federal Gateway & Maritime Plaza
II deliver
Nationals Stadium
completed
2001 2003 2007 2008 2010 2014 20172015 2016
Twelve12, Parc
Riverside deliver
2012
Canal Park opens
Yards Park opens
2011
NAVSEA relocates to Ballpark –
300 M, 80 M, and 1201 M deliver
U.S. DOT HQ
opens Foundry Lofts
delivers
WeWorkopens at 80 M St
3 new apt.
bldgs. deliver
99 M St goes
spec
NAB commits to 1 M
CBS Radio
relocates
5 new apt.
bldgs. deliver
Harris Teeter opens
70&100 Capitol Yards, Onyx
deliver
8
One of DC’s fastest growing neighborhoods
Source: JLL Research
2,523Multifamily units
under construction
23%New, multifamily
construction in DC
365,000 s.f.Office under construction
5%Office under
construction in DC* Office inventory includes leased space over 20,000 s.f.
9
Capitol Riverfront MF growth
3,020 units have delivered since 2014, with 2,523 units under construction
Source: JLL Research, CoStar
960 960 1,197 1,197 1,367 1,367 1,3671,872 1,872
3,352
4,384
5,544
237170
505
1,483
1,032
1,160
1,363
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Tota
l sup
ply
(uni
ts) Existing supply New deliveries
Projected
10
MF Class A DC and Ballpark rents converging
Source: JLL Research, CoStar
$2.08 $2.21
$2.37 $2.39 $2.40 $2.47
$2.64
$2.83 $2.88
$3.14
$2.45 $2.52
$2.69 $2.75
$2.81 $2.85 $2.96
$3.02 $3.05 $3.16
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD
Aver
age
effe
ctiv
e re
nt p
.s.f. Ballpark DC Class A
Ballpark average effective rents grew at an annual rate of 4.7% (2008 - 2017YTD)
11
MF rents continue to establish new heights
Source: JLL Research, CoStar
One Hill South has re-set the achievable high-watermark in the neighborhood
$2.25
$2.63
$2.77
$2.84
$2.99
$2.99
$3.00
$3.20
$3.21
$3.27
$3.28
$3.31
$3.38
$3.50
$3.70
Parc Riverside
100 Capitol Yards
70 Capitol Yards
909 Capitol Yards
Park Chelsea
Foundry Lofts
Twelve12
ORE 82
Onyx on First
Insignia on M
Dock 79
The Bixby
F1RST
Arris
One Hill South
Year built
2017
2016
2014
Before 2014
Average effective rent: $3.14 p.s.f.
12
MF market has stabilized quickly so far
Source: JLL Research, CoStar
962
237
0 170
0 0
505
0
1,48
3
1,03
2
712
367
39 142
33 156 27
2
730
1,39
1
12.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD
-200
0
200
400
600
800
1,000
1,200
1,400
1,600
Vaca
ncy
Uni
ts d
eliv
ered
Units delivered Absorption Vacancy
Average vacancy rate (2008-YTD): 11.9%
13
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Tota
l s.f.
unde
r con
stru
ctio
n
As density increases, office demand follows
BTS and spec development have returned with NAB’s 1 M Street and Skanska’s spec 99 M Street
Source: JLL Research
2018 deliveries
99 M Street
1 M Street
14
3
4
1
2 1
1
0
1
2
3
4
5
6
2015 2016 YTD 2017
# of
leas
es c
ompl
eted Leases 20,000-49,999 s.f. Leases 50,000 s.f. and larger
Office leasing activity and tenant mix
Source: JLL Research
Ballpark continues to attract contractors and government tenants, but the mix is diversifying (e.g. WeWork, CBS Radio, Pyxera Global, NAB )
15
Ballpark office vacancy has trended down
Vacancy is slowly declining as private sector and government tenants increasingly consider Ballpark as a viable option
Source: JLL Research
7.4%
16.0%
2.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Dire
ct v
acan
cy ra
te
Overall Class A Class B
16
Retail concentration growing
Source: JLL Research
The Yards
Half Street
M Street SE
The Yards
Hal
f Str
eet
17
311,000 s.f. of retail in the pipeline
Source: JLL Research, average concessions on 10-year Class A relocation
1. 1221 Van St SE (U/C)26,000 s.f. retail
2. 25 M (proposed)20,000 s.f. retail
8. Showplace Icon Theater (proposed)66,400 s.f.
4. 1250 Half (proposed)55,000 s.f. retail
The Yards
9. The Bower & Parcel O (U/C)20,000 s.f. retail
7. The Garrett (proposed)13,000 s.f. retail
6. Agora (U/C)35,000 s.f. retail
The Yards
M Street SE
431
5
8
2
9
76
3. West Half (proposed)65,000 s.f. retail
5. 99M (U/C)11,000 s.f. retail
Hal
f Str
eet
Half Street adjacent
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. The information contained in this document is proprietary to JLL and shall be used solely for the purposes of evaluating this proposal. All such documentation and information remains the property of JLL and shall be kept confidential. Reproduction of any part of this document is authorized only to the extent necessary for its evaluation. It is not to be shown to any third party without the prior written authorization of JLL. All information contained herein is from sources deemed reliable; however, no representation or warranty is made as to the accuracy thereof.
Thank you!For more information, please contact
Tammy ShohamVice PresidentResearch Advisory+1 202 719 [email protected]
Placeholder Image
The Capitol Riverfront
GSA: 49 L Street, SE Online AuctionSeptember 28, 2017
Accessible Location
Riverfront Vision
2003 Anacostia Waterfront Framework Plan
History
• Map showing location of investments and years
$2.3B Public Investment
2.8 M7,300
34,0002 75
10Annual visitors
Stadiums
Daytime employees
Residents Retailers
Acres of parks
By the Numbers
Yards Park
Build Out Numbers
37.5 M SF of Development
10M+ SF Office
22,000 Residential Units
1.36M SF Retail
1,600+ Hotel Rooms
2 Sports Stadiums
4 New Parks
Figures produced by:
Capitol Riverfront Tomorrow
500 Acres37.5M SF at Build-out1 Baseball stadium1 Soccer stadium10 Acres of parks1.3M SF Retail28,000+ Residents55,000+ Employees3M Visitors/year1,500+ Hotel roomsHundreds of millions of $$in new sales, property & income taxes
Residential DevelopmentExisting
5,611 Units25 Projects
Under Construction2,890 Units12 Projects
2017 Groundbreaking1,932 Units8 Projects
Foundry Lofts, Forest City Washington, 170 Rental Units
Parc Riverside, Toll Brothers, 287 Rental Units1
1250, Jair Lynch, 439 Rental Units, 2Q 2019
1221 Van, JBG Smith, 291 Rental Units, 4Q 2017/1Q 2018
1900 Half, Douglas, 415 Rental Units, 4Q 2019
The Garrett, WC Smith, 375 Rental Units, 2Q 2020
1Image from jdland.com
3,7995,456 5,666
9,251780
780 937
1,454
6,000
8,1008,600
13,900
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2016 2017 2018 2019
Condo Units
Rental Units
Population
Population Boom
Development Report – 2Q 2017
Who Lives Here?
$107K30.777%
Average household incomeAverage age
Bachelor’s degree or higher56% Millennials
Source: 2015 American Community Survey 5-year Estimates
Office Market
34,000 Employees
6.2 M Square Feet
95% leased
34,000 Daytime
Employees
$45/sf avgrent
100 M StreetLionstone230,000 SFDelivered 2007
55 M StreetHines255,000 SFDelivered 2009
1015 Half StreetPrudential374,000 SFDelivered 2011
Federal GatewayWC Smith279,000 SFDelivered 2003
Pipeline
99 MSkanska USA220,000 SFDelivery 1Q 18
One MMonument111,700 SFDelivery 3Q 18
DC Water HQDC Water151,000 SFDelivery 1Q 18
25 MAkridge/Brandywine250,000 SFPre-Development
250 M at Canal ParkWC Smith215,750 SF2Q 2020
Transportation
220% ridership increase 2006-2016
35% of employees commute on Metrorail1
10 minute Circulator headways to Union Station
5 Metrobus lines
95,000 annual Capital Bikeshare trips
6% of employees commute by bicycle1
Direct access to I-295 and I-395
36% of employees commute by car1
12016 Capitol Riverfront Perception Survey
Hotel Growth
204
372
567
737
Pre-2015 2015 2016 2017
7544
Total retailers
Other retail
Food/Beverage Retailers
31
Existing Retail
Existing SF390,000
Under Construction SF233,500
2017 Groundbreaking SF
253,500
Retail Pipeline
F1RST Residences, Grosvenor/McCaffery/CEI26,000 SF Retail, 2Q 17
Agora, WC Smith 35,000 SF Retail, 3Q 17
1221 Van, JBG Smith24,000 SF Retail, 4Q 17/1Q 18
Opening in 2017-2018
The Juice Laundry
2.9 M
205,000
1,691
836,000
338
SF retail
Residential units
SF office
Hotel rooms
At Build-Out
SF totaldevelopment
Looking South down Half Street from M Street towards Nationals Park
Ballpark District
Parks
10
1
3
5
Acres of parks
Mile of riverfront trail
Marinas/docks
Parks
Yards Park
Placeholder Image
The Capitol Riverfront
Thank you
1801 K Street, NWSuite 1000Washington, DC 20006+1 202 719 5000
1600 Tysons BoulevardSuite 1000McLean, VA 22102+1 703 485 8800
6701 Democracy BoulevardSuite 201Bethesda, MD 20817+1 301 214 1144
www.joneslanglasalle-dc.com
©2012 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Zoning Overview
Steve CochranDistrict of Columbia Office of Planning
Industry DaySeptember 28, 2017
Thank you
1801 K Street, NWSuite 1000Washington, DC 20006+1 202 719 5000
1600 Tysons BoulevardSuite 1000McLean, VA 22102+1 703 485 8800
6701 Democracy BoulevardSuite 201Bethesda, MD 20817+1 301 214 1144
www.joneslanglasalle-dc.com
©2012 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Thank you
1801 K Street, NWSuite 1000Washington, DC 20006+1 202 719 5000
1600 Tysons BoulevardSuite 1000McLean, VA 22102+1 703 485 8800
6701 Democracy BoulevardSuite 201Bethesda, MD 20817+1 301 214 1144
www.joneslanglasalle-dc.com
©2012 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Action Generating Credit Section in Subtitle I, Chapter
8 Governing the Generation
of the Credit
Purpose for which Credit May be
Used
Area(s) in which Credit
may be used (see Figure I
§ 900.9)
Development of residential gross floor area where it is not required or that exceeds a minimum residential requirement of Subtitle I, Chapter 5.
§ 802 Construct non-residential gross floor area in excess of the base permitted non-residential density of the D-3 through D-8 zones.
Same trade area in which the credits were generated.
Reduce the residential requirements of the D-4-R, D-5-R, or D-6-R zones.
Same trade area in which the credits were generated.
Each Residential SF exceeding res. Requirement Credits Generated
1 s.f. of Market Rate Housing 1 credit
1 s.f. of Low-Income IZ Housing 2 credits
1 s.f. of Moderate-Income Non-IZ Housing 2 credits
1 s.f. converted to housing in historic landmark or contributing building 2 credits
OP Contact for Additional InformationSteve Cochran, Zoning & Special Projects [email protected]
CREDITS
Replace TDRs and CLDs
Enable increased commercial density on one site through purchase of non-mandatory residential space from another site with a particular trading area
Trading Area 7 for GSA site, generally bounded by Virginia Avenue, SE; 2nd Street, SE; M Street, SE and Half Street, SW
Chart in Sub. I, Chap. 8 covers 6 credit generating actions and 9 types of credit usage
Thank you
1801 K Street, NWSuite 1000Washington, DC 20006+1 202 719 5000
1600 Tysons BoulevardSuite 1000McLean, VA 22102+1 703 485 8800
6701 Democracy BoulevardSuite 201Bethesda, MD 20817+1 301 214 1144
www.joneslanglasalle-dc.com
©2012 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
GSA Online Auction Process and
Invitation for Bid (IFB)
Tim ShecklerGeneral Services Administration
Industry DaySeptember 28, 2017
Agenda
I. Site Overview
II. Introduction to Auction Process
III. Auction Process
IV. Transaction Terms
V. Notices and Covenants
VI. Additional Information
49
• Warehouse building
• Constructed in 1934
• Most recently used for inauguration storage
• Last occupied in 2009
• Located in Capitol RiverfrontBID, near the Navy Yard
• Less than one block fromNavy Yard-Ballpark Metro
I. Site Overview
50
History and Location
• Square and Lot: 0699 0825
• Lot SF: 29,563 (0.68 acres)
• Building SF: 33,455gsf
• Ward: 6 / ANC 6D
• Zoning: D-5
I. Site Overview
51
Parcel Information
Source: dcoz.dc.gov
• GSA Online Auctions – A Proven Sales Methodology
- A fair and transparent way to dispose of excess real property
- Sold approximately 3,000 properties worth over $5.7 billion dollars in the last 10 years
• Auctions are administered through www.RealEstateSales.gov
• Participation requires prior registration and posting of a bid deposit
• Information about sale terms is provided in the Invitation for Bids (IFB)
• Additional information about GSA property sales is provided at https://propertydisposal.gsa.gov
II. Introduction to Auction Process
52
III. Auction ProcessTerms
• All Cash Sale; “As-Is, Where-Is”
• Auction Start Date: October 2, 2017
• Auction End Date: December 4, 2017 (Soft Close)
• Bid Deposit: $1,000,000
• Minimum Bid $5,000,000
• Bid Increment: $200,000 (subject to change at any time)
• Bid Interval: 24 hours (subject to change at any time)
• GSA reserves the right to - modify the bid increments at any time
- suspend or stop the auction for any reason and without award
- resume the auction or start a new auction at any time
- cancel the sale at any time
53
III. Auction ProcessBidder Registration
• Bidders must register online at www.RealEstateSales.gov
• Bidder Registration:
1. Create an online User ID and Password (Note: the User ID is used to publicly identify bids on www.RealEstateSales.gov
2. Complete Bid Form
3. Post a one-time Registration Deposit
• Approval for bid is contingent upon verification of Registration Deposit
• Registration possible at any time prior to the auction closing
• Bidders must allow GSA up to five (5) business days to complete the registration process
54
III. Auction ProcessBidder Registration
55
Click on ‘Register’
III. Auction ProcessBidder Registration
56
III. Auction ProcessRegistration Deposit
• A $1,000,000 Registration Deposit will be required
• Cashiers Check and Certified Check are acceptable
• Personal checks are not acceptable
• Registration Deposits:
- may be forfeited in case of revocation of bid and/or default
- will be refunded to all but the highest and the backup bidder after auction close
- bidder may request refund at any time prior to auction close, unless high bidder or #2 bidder
57
III. Auction ProcessBidding Process
• Types of Bids
- Flat Bid
- Automatic (Proxy) Bid
- Bids executed on behalf of a bidder by an agent require an authenticated Power of Attorney on file with GSA
• Bids may be increased online by the specified bid increment (or greater) at any time until the auction closes
• Submitted bids will be posted to the website immediately, in real time
• Posted bid amounts and associated bidder user names are visible to the public on www.RealEstateSales.gov
58
III. Auction ProcessBidding Process
59
III. Auction ProcessAuction Closing and Award
• Auction employs a ‘soft close’
• On soft close date, if there is any activity within the last Bid Increment, the auction ‘rolls over’ for an additional Bid Increment Period
- e.g. if bid increment is 24 hours, and there is activity in the last 24 hours prior to auction close, the auction continues for another 24 hour period
• Auction continues to ‘roll over’ until a Bid Increment period ends with no bidding activity
60
III. Auction ProcessAuction Closing and Award
• Upon auction closing, GSA evaluates high bid
• If GSA accepts bid, purchaser must produce an additional cash deposit to increase earnest money to at least 10% of the total winning bid within three (3) business days of award
- The registration deposit counts towards the 10% requirement
- Failure to provide funds may result in rejection of bid and forfeiture of registration deposit
• Auction is not an absolute auction, e.g. GSA is not compelled to accept the high bid
• The second-highest bidder (backup bidder) may be considered for award for the Continuing Offer period of 90 calendar days
61
• Transaction closing must occur within 60 calendar days after acceptance of bid
• All previously paid monies will be credited toward total purchase price
• Remaining balance of purchase price is payable in the form of
- Cashier’s check
- Certified check, or
- Electronic wire transfer
• Purchaser is responsible for all closing costs, including any escrow and financing fees
• Government’s interest in the property is conveyed via Quitclaim Deed
IV. Transaction TermsClosing Process
62
V. Notices and Covenants Overview
The following Notices and Covenants will be inserted in the Deed:
• Environmental
1. Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)
2. Lead-Based Paint
3. Asbestos-Containing Materials
4. Polychlorinated Biphenyls (PCBs) / Mercury
5. Mold
• Transaction Terms
63
V. Notices and Covenants Environmental – Site
• GSA warrants that all remedial actions necessary to protect human health and the environment has been taken before the date of this conveyance pursuant to CERCLA
• Property will convey with a groundwater restriction
- Grantee (which term includes Grantee’s successors and assigns) is hereby prohibited from using the groundwater located below the surface of the Property (but may dewater the Property to permit construction in a manner that is satisfactory to DDOE).
- Furthermore, ownership of the groundwater is being retained by the Grantor. Should the Grantee desire to undertake a cleanup of the groundwater to allow for use of said groundwater, or to establish that a restriction on use of no longer necessary (in whole or in part) it will seek the concurrence from DDOE to undertake such an action or study. Should permission for such an undertaking be granted, upon the completion of the proposed action by the Grantee, that is satisfactory to the Grantor, such restrictions will be lifted or modified and the groundwater interests (in whole or in part)will be conveyed to the Grantee. All costs associated with conducting such a proposed action shall be borne exclusively by the Grantee and its assigns or successors, and not the United States. Furthermore, the conduct of such a cleanup action by the Grantee is not within the scope of actions that would make a response action necessary by the United States under CERCLA Sec. 120(h)(3)(A).
64
V. Notices and Covenants Environmental – Building
• Lead Based Paint
- A risk assessment or inspection for possible lead-based paint hazards is recommended prior to converting the Property to a residential dwelling
• Asbestos Containing Material
- Bidders are warned that the Property contains asbestos-containing materials
• Polychlorinated Biphenyls (PCBs) / Mercury
- The Property may contain polychlorinated biphenyls (PCBs) resulting from former operations of transformers & light ballasts / gauges
• Mold
- Bidders are notified that mold is present in various locations in the building
• The Buyer agrees that in its use and occupancy of the Property it will comply with all Federal, state, and local laws relating to the above mentioned environmental conditions
65
V. Notices and Covenants Transaction Terms
• Crane Swing Agreement
- The Property is conveyed subject to a Crane Swing, Sheeting and Shoring, and Monitoring Easement agreement recorded in the land records of the District of Columbia land records as Document #2015013898, recorded February 13, 2015.
66
VI. Additional Information
• Additional details are provided in the Invitation for Bid (IFB) document posted at www.realestatesales.gov and
• For any other additional info:Mr. Tim Sheckler
U.S. General Services Administration
Director, Property Disposal and Utilization Division
National Capital Region
301 7th St. SW, Room 7600
Washington, DC 20407
202-401-5806
67
VI. Additional Information
• Auction Website:
https://realestatesales.gov/gsaauctions/aucprvoth/?sl=DCNCR018001001
68
Thank you
1801 K Street, NWSuite 1000Washington, DC 20006+1 202 719 5000
1600 Tysons BoulevardSuite 1000McLean, VA 22102+1 703 485 8800
6701 Democracy BoulevardSuite 201Bethesda, MD 20817+1 301 214 1144
www.joneslanglasalle-dc.com
©2012 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q&A
69
1. How long was the Cotton Annex bid process extended beyond the soft close? (GSA)
- Soft close was January 31st, it eventually closed February 8th
2. How much did the price increase in that period? (GSA)
- Price increased from $6 million on January 31st to the final high bid of $30.261 million
3. How often does the highest absolute bid not win? (GSA)
- GSA is charged to recover Fair Market Value in its property dispositions, but has some latitude to determine what constitutes Fair Market Value. In most cases, the high bid from auctions is accepted, but this is determined on a case by case basis.
4. Are the Industry Day slides available? (GSA)
- Yes, slides will be made available by email and posted on the website
5. Has the Whole Foods been delayed? (DC Office of Planning)
- Yes, due to CSX tunnel construction on 2nd street, east of the Whole Foods. H street needs to be brought to the grade level of 2nd street. Estimated March – April 2018.
6. Is there any historic restriction that will limit development? (DC Office of Planning)
- No, a determination of eligibility was signed by the State Historic Preservation Officer, and the building is not historic.
7. Can you describe the credits in more detail? (DC Office of Planning)
- Credits are required if the property will not be residential and will be larger than 6.5 FAR. A developer must buy development rights from someone who built excessive residential or performed a historic rehabilitation. Subtitle I, Chapters 8 and 9 of the DC Zoning Code discuss how you generate and use credits.
8. Is the 10% deposit refundable should the sale not close following due diligence? (GSA)
- There is no due diligence period after the auction close. Once the auction closes, and the high bid, there is no due diligence contingency. Whatever funds have been deposited will be forfeited should the sale not close.
9. Are bidders required to accept diligence provided?
- Due diligence information is provided in good faith by GSA to provide as much information as possible, but the information is not warrantied, per the terms of the Invitation For Bid (IFB).
Q&A Panel
70
Thank you
1801 K Street, NWSuite 1000Washington, DC 20006+1 202 719 5000
1600 Tysons BoulevardSuite 1000McLean, VA 22102+1 703 485 8800
6701 Democracy BoulevardSuite 201Bethesda, MD 20817+1 301 214 1144
www.joneslanglasalle-dc.com
©2012 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Thank you
71
First Name Last Name Company
Tad Anderson PMG
Michael Bailey Tyco Integrated Security
David Bookhout AvalonBay Communities, Inc.
Steve Chun Lerner
Michael Cohen Lerner
Ron Dalal JBG SMITH
Jeffrey Diamond streetscape partners
Tessa Edison Answer Title and Abstracts
Steven Gewirz Potomac Investment Properties
Daniel Gordon The Hanover Company
Rich Jordan Potomac Investment Properties
Charles Kehler Altus Realty Partners
Alexandra Kirk Skanska
Brady Nolan Urban Atlantic
Chad O'Connor LCOR
Kameel Omar Monument Realty
Daniel Roth Ditto Residential
Sujohn Sarkar Ruben Capital Acquisitions, LLC
Connor Savage JBG SMITH
Jeffrey Sledden JAG
Francis Smyth Lincoln Property Co.
Michael Stevens Capitol Riverfront BID
Al Troup Altus Realty Partners
Greg Van Wie Jefferson Apartment Group
Marc Waddill The Craddock Group
Charles Whitley ParadigmSally Wilson Newmark Knight Frank
49 L Street SE Industry Day Attendees