Developer John E. Akridge III has announces that he has signed a lease for $12,000 a year for the rights to build an "air rights" building over a small alley that the District owns on the east side of 15th Street NW. The $13 million, 12-story building at the northeast corner of 15 and K NW will have more than 164,000 square feet of space. The building, which is scheduled to be started in October, has been financed by American Federal Savings & Loan Association. Construction will be reinforced concrete with tinted glass and a facade of exposed aggregate. Weihe, Black, Jeffries & Strassman designed the struture that will replace the H.L. Rust building (on the corner), a smaller property on 15th Street (near the alley) and two older office buildings that Akridge's limited partnership purchased recently from the United Mine Workers of America for $1,015,000.
Capital Homes, Inc., a subsidiary of the National Corp. for Housing Partnerships, recently acquired a 140-acre tract on Old Keene Mile Road in The Springfield area of Virginia for $1,542,000 from the Presley Co. East. It is likely that site will be developed, by a private builder in partnership with Capital Homes, into a subdivision of townhouses for sale.
The Park Regent, a 100-unit, 75-year-old apartment building at 1701 Park Rd. NW has been purchased for a reported $600,000 by a partnership headed by Leonard Greenberg. The seller was Park Investment Co., a subsidiary of the Baskin Co. Greenberg said thaat the new owners of the four-story building have no plans for a conversion to condominium ownership for the moderate-income rental building that is fully occupied. Washington Realty Co. handles the management of the building.
Anthony G. Denice, president of a mortgage banking firm in Northern Virginia, has regained a Fortune, so to speak. Denice is delighted that Nancy D. Fortune, an approved underwriter, has returned after two years of maternity leave. Mr. and Mrs. Fortune are the parents of a girl.
How's downtown D.C. doing? Well, the new edition of Portfolio, from Walker & Dunlop, is bullish for a number of reasons. One quotation: "The pace of rehabilitation and restoration in residential downtorn-whether in the 'riot corridor' stretches of 14th Street or the gas-lamp-lit Corcoran Street-has led to rapidyl rising property values and and influx of middle and upper income families, white and black, into the area. These are unmistakable barometers of the health of downtown; people of all economic levels are voting with their feet-and moving in."
In Rockville, construction is under way on the development of split-level houses to be called Rockland Commons at Rockland and Lewis avenues. The site is near a future Twinbrook Metro Stop. Imas Gruner of Gaithersburg, who also is handling sales, designed the houses and BSR Construction is the builder. Exteriors will be stucco and wood. Washington Federal S & L is providing the financing. Prices will range around $70,000.
Sources in the office building market indicate that separate electric bills are in the future for individual suites and tenants. That's the result of the increasing costs of utility services. The new wrinkle is really a "rent downer" per square foot. But paying their own the amoung "saved" on the leas to the total cost of occupying the space. However, if the space users turn off unused lights and hold down their thermostatic calls for heat and air conditioning, the result might be ameliorated.