John Coe
Introduction
This is a special episode to review the highlights of the 2022 episodes of Icons of DC Area Real Estate. Rameez Munawar of Jamestown Investments, who has helped me with several postscripts in the past year, will be my companion on this review. We have filtered the review through six themes, which are highlighted below. The episodes will be linked accordingly for reference.
Themes
1. The Clear Trend Away From Traditional Office and Retail Toward Residential Mixed Use
- Don Wood, CEO, Federal Realty (5:15)
- Speech in 2012- “Let’s milk this until it is gone” in reference to “dying malls” and other retail that is failing
- “Best product gets repurposed and redeveloped”
- “No commodity. It’s got to be special”
- Rameez emphasizes these points and references Georgetown Park, Jamestown’s latest iteration of the property with a placemaking strategy to convert the “mall” into a mixed use property. The property will go through its 3rd iteration since its development in the 1980s as a mall. (7:15)
- Paul McDermott, CEO, Elme Communities (was WashREIT) (9:30)
- Research told him that multifamily was the product type for concentration beginning in 2013
- Conversion of the company from predominately commercial (office and retail) into a multifamily REIT- Sale in 2021 of both its office and retail portfolios in two bulk transactions
- Rameez cites that now is the industry’s fight or flight moment regarding office buildings (12:30)
- Unique moment in time regarding portfolio management to decide how to proceed
- Donna Shafer, Managing Director, Cityline Partners (13:45)
- Transition of suburban office park into several large residential mixed use properties and a hotel
- Discussion of Scotts Run Stream Valley Park being a natural feature to the land development plan
- Capital One mixed use project across the way allows them the opportunity to build complementary residential and mixed use to this project
- Tysons is transitioning to a mixed use environment, but not yet walkable, however, is progressing (17:45)
- Rameez cites geographical advantage of Tysons and other 1st tier suburbs as being closer to commuters than the CBD (18:45)
- Vicki Davis, Managing Partner, Urban Atlantic (20:00)
- Developing transformational mixed use projects with a variety of uses- residential, entertainment, and retail
- Parks at Walter Reed an example of transition from an institutional military use into a quality residential and mixed use development
- Synergies of place and the correct mix of uses in the project
- Chuck Watters, Regional Head, Hines (22:00)
- Hines was known as an office developer, yet they readapt themselves to address market trends
