Another indication of “weak market demand” in Hill East: Bisnow Real Estate recently reported that the Goldstar Group, a private equity firm based in Bethesda, has purchased the Domino’s lot at 1500 Pennsylvania Ave SE and plans to build a 40-unit residential building on the site.
I had a chance to follow-up with Goldstar and learned some additional details about their plans:
- While the building will be mostly residential, Goldstar has not ruled out retail on the first floor of the building. The retail would be small given the lot size.
- As of now, they plan to build the building “matter of right,” and do not anticipate needing any zoning relief or variances. Goldstar believes they can fit the required 20 parking spaces on the site.
- Goldstar will spend the next four months designing the building. In terms of height, they plan to start at the height allowed under the site’s current zoning (C-2-A, 50 ft.). Height could be adjusted based on design.
- The adjacent laundromat building just north of the site (732 15th Street SE) is not a part of the project. A separate owner, Gary Cohen, still plans to build a small condo building on the laundromat site.
- Regardless of whether they seek zoning relief or not, Goldstar is very interested in coming out to the neighborhood to share their plans with the neighborhood, probably sometime this fall. If everything goes smoothly with permitting, etc. , they hope to begin construction in early 2014.
You can read more about the Goldstar Group at www.thegoldstargroup.com.