p42 -- baywood presentation
TRANSCRIPT
PARCEL 427th Street & Rhode Island Avenue NW
DEVELOPMENT TEAM7th Street & Rhode Island Avenue, NW
Lead Partner: Baywood Hotels Project Architect: OPX
Co‐Developer: Dantes Partners
Equity Investor: Baywood Hotels
Debt Financing: Pettles Group/EB5 Capital
Parking: U‐Street Parking
Retail Management: The Menkiti Group
Retail Tenant: Milk & HoneyDebt Financing: Pettles Group/EB5 Capital Retail Tenant: Milk & Honey
PARCEL 427th Street & Rhode Island Avenue NW
GUIDING PRINCIPLE7th Street & Rhode Island Avenue, NW
Transformation of Fallow Parcel to Vibrant Gateway
The Challenge How to Create a Program That Delivers:The Challenge – How to Create a Program That Delivers:1. High Quality Architecture2. Economic Viability & Development3. Mixed Income Housing3. Mixed Income Housing4. Neighborhood Serving Retail5. Parking6. Transit Oriented Developmentp
The Solution – Forgo the Predictable and Blend the Unexpected:1. Hotel: Economic Development & Design2. Affordable Housing: Pathway to Employment & Housing3. Retail: Fresh New Small Business & Jobs4. Parking: Long Standing Community Based Business5 N t ifi i it t5. Not sacrificing any community request6. NO SUBSIDY FROM THE DISTRICT GOVERNMENT!
PARCEL 427th Street & Rhode Island Avenue NW
TEAM QUALIFICATIONS7th Street & Rhode Island Avenue, NW
Collectively our team has accomplished the following:
• Transformed Communities Through Thoughtful and Patient Approach to Real• Transformed Communities Through Thoughtful and Patient Approach to Real
Estate and Economic Development, Design, and Financial Investment.
• Delivered 62 Hotels; in business since 1975
• $800M in assets
• Financed & Developed 511 Affordable Housing Units
• Manage Over 65,000 Parking Spaces in Major Airports
• Developed Over 200K Sqft of Neighborhood Commercial and Workforce
Housing UnitsHousing Units
• Invested over $675MM in Washington DC Real Estate Projects
• Designed and Delivered the First LEED Certified Hotel in North America
PARCEL 427th Street & Rhode Island Avenue NW
COMMITTED RETAIL TENANT:MILK & HONEY 7th Street & Rhode Island Avenue, NWMILK & HONEY
Commits to P42 bringing a high quality boutique quality boutique
grocery option to the Shaw neighborhood Shaw neighborhood and a terrific amenity to the hotel guests.
PARCEL 427th Street & Rhode Island Avenue NW
SUMMARY OF USE7th Street & Rhode Island Avenue, NW
Hotel 57 209 SFHotel 57,209 SF
GRADE
Parking 74
Affordable Housing 22,378 SF
Retail 5,689 SF
Parking 74 spaces
PARCEL 427th Street & Rhode Island Avenue NW
SUMMARY OF USE7th Street & Rhode Island Avenue, NW
Parking: 74 spaces (54 and 20 valet)
Retail: 5 689 SF (first floor)Retail: 5,689 SF (first floor)
Hotel: 102 hotel rooms: 54,592 SF (floors fourth to ninth)
Affordable Housing: 22 affordable units @ 50% of AMI3 efficiencies @ $797 per month19 one‐bedrooms @ 858 per monthRepresenting 24% of FARRepresenting 24% of FAR
Total SF: 89,915
H i h 90 f ( i i )Height: 90 ft. (nine stories)
Management: One ownership/different managers for each component
PARCEL 427th Street & Rhode Island Avenue NW
DEVELOPMENT PLAN: JOB CREATION7th Street & Rhode Island Avenue, NW
Grocer15 JobsGrocer15 Jobs
ECONOMIC DEVELOPMENT
• 60‐75 Jobs
Hotel41 Jobs
Avg Wage:
Hotel41 Jobs
Avg Wage:
15 JobsAvg Wage:
$10 ‐ $32/HR
15 JobsAvg Wage:
$10 ‐ $32/HRParking 5 Jobs
Avg Wage:
Parking 5 Jobs
Avg Wage:
• Partner With Community Based
Organizations that has the Avg Wage: $15/HR
Avg Wage: $15/HR
Avg Wage: $8 ‐ $10/HRAvg Wage: $8 ‐ $10/HRcommunity’s interest at heart
• Priority for Shaw Residents
• Opportunities for Individuals Construction300‐400 JobsAvg Salary:$47 000
Construction300‐400 JobsAvg Salary:$47 000
Property Mgt1 ‐2 JobsAvg Wage:
$15 $20/HR
Property Mgt1 ‐2 JobsAvg Wage:
$15 $20/HR
• Opportunities for Individuals
With High School Diplomas
$47,000$47,000 $15 ‐ $20/HR$15 ‐ $20/HR
ApplicantsCareer Path
Entry Level
PARCEL 427th Street & Rhode Island Avenue NW
DEVELOPMENT PLAN: AFFORDABLE HOUSING
AFFORDABLE HOUSING
7th Street & Rhode Island Avenue, NWAFFORDABLE HOUSING
AFFORDABLE HOUSING
• 22 Affordable Housing Units
19 1 BDs and 3 Studios
• Affordable at 50% of AMI
Rents Will Range Between $797 ‐ $958/Month
The Power of Principian Venture’s Program is:
Affordable
VIEWS
Ariel ViewAriel View
VIEWS
View looking toward Rhode IslandView looking toward Rhode Island
RESIDENTIAL ENTRANCE
PARCEL 427th Street & Rhode Island Avenue NW
COMMUNITY TOT LOT:7th Street & Rhode Island Avenue, NW
PARCEL 427th Street & Rhode Island Avenue NW
SUSTAINABILITY:7th Street & Rhode Island Avenue, NW
GOAL: LEED NC v2009 Gold certification
l h h f f•Integral stormwater management through use of green roof and rainwater reclamation system
•Promotion of public transit system via Metro Rail Metro Bus and Capital•Promotion of public transit system, via Metro Rail, Metro Bus, and Capital Bikeshare
•Energy efficiency through high performance envelopeEnergy efficiency through high performance envelope
•Promotion of grid sourced renewable source electricity
•Use of sustainable construction materials, and stringent construction activity pollution prevention measures during construction to minimize impact to the community
•Building can act as an actively engaging educational tool
PARCEL 427th Street & Rhode Island Avenue NW
DEVELOPMENT PLAN: COMMUNITY BENEFITS 7th Street & Rhode Island Avenue, NWCOMMUNITY BENEFITS
Economic Development (60 – 75 Jobs; >80% Long‐Term)Internships For Students From Hospitality High To Create a Long Term- Internships For Students From Hospitality High To Create a Long‐Term Career Path
- Taxes: sales, hotel, property, franchise, employment, parking
Affordable Housing (22 Units)
W ld Cl D i World Class Design
Innovative and Compelling Retail Concept
Parking (w/Valet)
Community Playground on empty lot