Art's District (Hyattsville to DC Line) - News, Events, Updates, Questions and Developments Etc. (Silver Spring: leases, mortgage)

[adelphi_sky]

Originally Posted by hikerMD

Demolition for the Canvas apartments in Hyattsville started! https://www.hyattsvillewire.com/2022...ts-demolition/

This is one of the largest projects in the city ever, and it seems that it will radically improve the Arts district area with its wide sidewalks, two public plazas, and 30k sqft of retail. Expected in 2024

Bout time. Was wondering when that project would kick off. By the way, when is that building on the corner of Rt.1 and eastern Ave. going to be built in Mt. Rainier ? I was looking forward to it being the gateway to the Arts District from DC.

Hmmmm. I think I like this better. Looks like the plans changed form the original.



https://ifggroup.us/project/3200-rho...nier-md-20712/

[hikerMD]

Originally Posted by adelphi_sky

Bout time. Was wondering when that project would kick off. By the way, when is that building on the corner of Rt.1 and eastern Ave. going to be built in Mt. Rainier ? I was looking forward to it being the gateway to the Arts District from DC.

Hmmmm. I think I like this better. Looks like the plans changed form the original.

https://ifggroup.us/project/3200-rho...nier-md-20712/

Oh it does look very nice indeed! The link you posted indicates completion in 2025. Construction is typically 18-24 months, so it probably means that there's loose ends to tie (like financing). In other words, it'll still take a while and there's even a chance it'll never happen...

[lookingbutnotlost]

I did like the selfie walls and the art that was on those buildings. It actually made people stop.

[Buck_Mulligan]

Originally Posted by hikerMD

Interesting, I didn't realize Hyattsville had a whole block of $1 million houses. And they're selling.
https://www.hyattsvillewire.com/2022...uffrage-point/
They're pretty large, new construction, and reasonably close to the amenities in the Arts district and the metro station, but still, $1.13M for Hyattsville is pretty steep!

Today, a question relating to this development popped up on a FOIA mailing list I subscribe to. The writer is a member of Sustainable Hyattsville, which has been denied access to emails between the developer and M-NPPC staff. In February, the Md Court of Special Appeals ruled in favor of Sustainable Hyattsville on the underlying issue, but the M-NCPPC is still stalling.

The underlying issue is that the developer's attorney apparently told the planning staff to ignore the law, which they apparently did. The court also remanded the 2019 county council decision to approve the project, which calls for 66 townhomes and 16 SFH. The M-NCPPC has a hearing this coming Thursday on at least some of the issues involved.

Here's the 77-page CSA opinion. I've not read it.

https://www.courts.state.md.us/data/...22/1261s20.pdf

[hikerMD]

Originally Posted by hikerMD

Some interesting updates for the Hyattsville Arts district from https://streetcarsuburbs.news/pedest...along-route-1/

The Rhode Island Avenue Trolley Trail extension moves forward with the MDOT asking for bids.

Construction Begins This Month on Trolley Trail Link in Hyattsville https://www.hyattsvillewire.com/2022...-construction/

I didn't realize this

To make room for the trail, Route 1 will be reduced to a single lane on the northbound side from Armentrout drive to just south of Farragut Street.

[lookingbutnotlost]

Single lane? Eeek

[adelphi_sky]

Originally Posted by hikerMD

Construction Begins This Month on Trolley Trail Link in Hyattsville https://www.hyattsvillewire.com/2022...-construction/

I didn't realize this

Awesome. Definitely shortens my ride to the Navy Yard. Which is an awesome ride from Bladensburg Waterfront Park.

[paytonc]

This is old news, but I found it interesting for candor. Real estate types tend to have big egos and don't often talk about their misses.

Heard a recent podcast interview with EYA's chairman (former CEO) who mentions that the company lost money on Arts District Hyattsville, but that in the long term it was a good call.

I was home shopping in the early 2010s and remember seeing some deals there that seemed too good to be true. Guess they were true!

[hikerMD]

Originally Posted by paytonc

This is old news, but I found it interesting for candor. Real estate types tend to have big egos and don't often talk about their misses.

Heard a recent podcast interview with EYA's chairman (former CEO) who mentions that the company lost money on Arts District Hyattsville, but that in the long term it was a good call.

I was home shopping in the early 2010s and remember seeing some deals there that seemed too good to be true. Guess they were true!

Thank you very much for that! If anyone wants to listen, just go to 1:46:40 in the podcast, though the Hyattsville bit is quite short. I transcribe it here

Have I lost money on projects? Absolutely. We got killed in Hyattsville but I drive through there today and I see the transformation that took place. It was a great lesson that we were ahead of our time in an emergent market, but I look at the way that the community enjoys that neighborhood today, it is not a loss at all, it's a win for that neighborhood and a great lesson for me and future EYA projects.

I wonder if he means that he should have sold the houses at higher prices, or that he couldn't sell them at those prices due to the timing (right after the great recession).

[adelphi_sky]

Originally Posted by hikerMD

Thank you very much for that! If anyone wants to listen, just go to 1:46:40 in the podcast, though the Hyattsville bit is quite short. I transcribe it here

I wonder if he means that he should have sold the houses at higher prices, or that he couldn't sell them at those prices due to the timing (right after the great recession).

If you build it, they will come.......eventually?