Retail is often the most visible measure of vitality (if not the most accurate) of a mixed use neighborhood. Residential can be hidden or low key, office space only shows itself during the daylight hours and nite life spots are often dark on weekdays and even some weeknights. But retail is pretty easy to eyeball. Either it's there or it's not.
The retail collection in NoMa is eclectic, but fitting for an area with more workers than residents. TD Bank, Potbelly, and Tynan Coffee & Tea recently opened. A small strip of retail including Five Guys and Pound Coffee is located across from the Holiday Inn Marriot Courtyard. These are all retail options that can serve residents and tourists, but also feed a growing office worker contingent. 1,900 DOJ workers just moved in and 1,400 GSA employees are moving in as we speak.
Harris Teeter is opening a grocery this week, a CVS is opening in January and NoMa's first white tablecloth sit down restaurant is scheduled to open in April inside the new Hilton Hotel. That is a lightening fast opening schedule for the next six months. I guess I wonder who will patronize the businesses until a critical mass of residents move in. There are obviously residential areas right across North Capitol St, NY Ave and the other side of the rail tracks, but at what point is it worth actually coming into NoMa for those residents. Potbelly probably won't do it, but perhaps having Harris Teeter as an anchor will help bring nearby residents to the area and the other businesses (Tynan, TD Bank, Pound) will start get regular use from non-office workers. And Walmart --still unbelievably-- has very early plans for 801 New Jersey Ave NW. For all the new construction though, there has to be more than Potbelly's, CVS and a few dry cleaners in order for NoMa to be considered a destination.
9 comments:
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I hope there are places that normal people can live in this neighborhood. The limited new residential projects price out anyone in my salary range and probably the next tax bracket up, too. Really a shame. I guess that's my real hope for this neighborhood. That it can be unique as a tightly knit, very planned, vibrant community, but also that it can be a place that will create options for more than just the wealthy."
New construction is expensive. The set asides for "affordable housing" only make the market rate units even more expensive. I think the people who lament that new construction is above their price point need to think about it from a different angle. These buildings are leasing up and therefore meeting demand. Without these buildings these new residents would either be living in VA/MD or directing their demand towards the older properties in the city pushing prices on those EVEN HIGHER.
I lived with roommates for my first 8 years after college in a shared house nearly a mile from Metro. I slowly progressed up the career ladder, paid off student loans and saved for a mortgage downpayment. Never once did I just think "government should intervene in the market and force new construction 1BR condos atop metro to be in my price range."
I am a normal person. Normal people don't get shortcuts or receive housing subsidies. They work hard and make sacrifices along the way so they can one day realize their goals.
i'm not advocating for affordable housing programs or government intervention. i didn't mention either, but i can see why you assumed that.
i know some take for granted that the market will decide who can live where, and in perfect distribution. but it doesn't. it's stacked against the poor and middle class.
the first new residential in noma IS NOT market rate. it is over market rate. the fact that residents are renting there doesn't change that.
i'm trying to be optimistic that rents will lower to a more normal rate. obviously that's in my eyes; i can't say what's considered normal by anyone else's standard.
yes, if you make enough, of course you want to show that you were diligent and paid your dues, etc, and can spend accordingly. i'm not trying to rain on that parade.
but, i would love to see some housing in noma that IS market rate, which flats 130 for example, is not. it's way overpriced. i don't want the rest of the residential projects to follow the same pattern.
tim: i think the definition of "market rate" is something that's debatable. if these apartments are being occupied, then there is a market for them at their price. they would be above market rate if they stayed vacant and the owners refused to meet reality and lower prices.
(PS - the hotel that's across from pound and 5 guys is a marriott, not a holiday inn)
If the apartments are leasing at a good velocity then they are market rate.
I think Jason's comments could have been a little less caustic. But I agree with him that those expecting *new construction* in prime locations to be priced at work force market rates (or whatever you want to coin it) are unrealistic.
It's better too focus on his salient point how demand being satisfied by these rentals keeps the market in better equilibrium. Without new construction residential demand will outstrip the supply of people who want to sell and prices of older housing/apartments will accelerate even faster.
thanks all for comments. whoops re: holiday inn. sorry marriot courtyard!
Yikes, I checked out the webpage for Flats 130 and studio apartments are renting for $1800-$2000, 1 BRs are $2000+, and 2 BRs are $3000+. I agree that it would be nice for the neighborhood to provide more housing options than luxury condos but given NOMA's proximity to downtown (theoretically NOMA will be transformed into something like the existing K St NW corridor), I think any new construction is destined to be expensive (cost of land + cost of construction = $$$$$). Btw, Flats 130 is offering rent specials like 1 month free rent, so unless other commenters have some info that I don't, I do not think they have leased to capacity (or expect to)at their current rates.
thanks for that
@dc_chica - if they are leasing more than 25-30 units per month then they are probably at the right price/incentive point. It's not Simcity. An new apartment building isn't going to lease 300+ units overnight.
An apartment building in my neighborhood (425 Mass NW) less than 1 mile west is leasing at roughly the same price point. They are leasing about 45 units per month. When interviewed by the WBJ the corporate owners only expected to lease 25 per month.
I look at this new limited residential project from a different standpoint. While these types of Construction projects in Massachusetts can be difficult for homeowners looking for affordable housing, it is a great thing for the construction workers, like myself. With the current economic troubles there just isn't enough work to go around and everyone in the industry could really use a helping hand. Luckily a friend recommended Dodge Projects and they are the perfect helping hand. They have detailed job listings that are sorted by state and type. It makes it so easy to see which jobs are right for you. i definitely recommend them. You should check it out.
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