June 6, 2007

Hotel Lands in Brookland

The Story:
--- Property (5.4 acres) used by Washington Hospital Center at 300 Michigan Ave. NE will be developed by Hospitality Partners into a hotel complex, said the WashExam. The D.C. Department of Housing & Community Development owns the land.
--- The plan is to build a 175-suite SpringHill Suites by Marriott, an 8,000-square-foot restaurant, 12,000-square foot conference center and 400-space parking lot in the first phase of the development. The second phase would include either additions to the existing hotel or a second structure operated as a Residence Inn.
--- Paul Cohn is expected to create a similar concept to Georgia Brown's at this property.
--- The project is in the design phase with construction expected to start by year-end, if all the approvals come through. The hotel is expected to open in the first quarter of 2009.

The Scoop:
--- Brookland has undergone its own transformation of late. Not as dramatic as other parts of the city, but change for the good is happening there too. Furthermore, there is much opportunity for future revival and this deal should only encourage others to follow.


Lance said...

Glad to see you are back ... and giving a balanced view of the world. Your blog is a breath of fresh air, and reality, compared to the bubblehead blogs. You'd think 2 years post the end of the run-up, they'd give up on the idea profiting from a "bust".

dcbubble.blogspot said...

Glad to see you back too.

In Wash-Tysonsvile where we live the bubble mainly exists outside the beltway. I do think we have see some micro-bubbles in DC -- 2 bdroom NOMA condos for $600k comes to mind.

Yes the bubblemeters only want to hear that prices are waaay down. If there were an SEC for real estate the regualtors would be all over the short sellers.