Tuesday, March 2, 2010

Can I finally exhale??

There isn't a lot of commercial development potential where I live due to the abundance of single- and multi-family homes. As it stands right now the two "major" opportunities within walking distance of Fairfax Village are Penn Branch Shopping Center and Skyland Development. When I talked to the real estate agent for Penn Branch last year, he assured me that the renovations would be complete by December 2010. I was starting to lose hope. I'm still holding my breathe for Skyland.

Washington Business Journal announced yesterday that the DC Department of Motor Vehicles (DMV) agreed to a 10-year lease renewal, which will provide the necessary revenue for the rehab project to finally begin. They also noted that the developer is not receiving any tax breaks. Hopefully, the rehab project will bring us new retail and eating establishments that aren't carry-outs or fast food.

While I'm not a huge fan of the District government leasing space while selling off District-owned property, I'm very excited about this project. Call me selfish if you want, but I like having DMV within walking distance and that building is in dire need of a facelift. This combined with the Pennsylvania Ave Main Streets Project is going to bring new life to the neighborhood. Now if only the property owner of the blue and yellow laundromat next door would consider improving that property.

1 comment:

  1. Penn Branch hold up is that - the developer paid too much for the project in 2005, now with the market he can't make the rent numbers works. Only how Penn Branch will move forward if he takes the hit initially or residents agree for my density, higher buildings in order to make up for the loss income.

    Skyland is still is moving forward, just slow because of the market conditions, it extremely hard for banks to loan the 20 and 50 million for development projects especially if DC Gov't isn't financially invested.

    But Council Member Brown is the Chair of the Committee of Econ. Development, so hopefully he can some how push these two projects forward.
    Oversite hearing is scheduled sometime this month.