P42 -- Baywood Presentation

PARCEL 427th Street & Rhode Island Avenue NW

DEVELOPMENT TEAM7th Street & Rhode Island Avenue, NW

Lead Partner: Baywood Hotels Project Architect: OPX

Co‐Developer: Dantes Partners

Equity Investor: Baywood Hotels

Debt Financing: Pettles Group/EB5 Capital

Parking: U‐Street Parking

Retail Management: The Menkiti Group

Retail Tenant: Milk & HoneyDebt Financing: Pettles Group/EB5 Capital Retail Tenant: Milk & Honey


GUIDING PRINCIPLE7th Street & Rhode Island Avenue, NW

Transformation of Fallow Parcel to Vibrant Gateway

The Challenge How to Create a Program That Delivers:The Challenge – How to Create a Program That Delivers:1. High Quality Architecture2. Economic Viability & Development3. Mixed Income Housing3. Mixed Income Housing4. Neighborhood Serving Retail5. Parking6. Transit Oriented Developmentp

The Solution – Forgo the Predictable and Blend the Unexpected:1. Hotel: Economic Development & Design2. Affordable Housing: Pathway to Employment & Housing3. Retail: Fresh New Small Business & Jobs4. Parking: Long Standing Community Based Business5 N t ifi i it t5. Not sacrificing any community request6. NO SUBSIDY FROM THE DISTRICT GOVERNMENT!


TEAM QUALIFICATIONS7th Street & Rhode Island Avenue, NW

Collectively our team has accomplished the following:

• Transformed Communities Through Thoughtful and Patient Approach to Real• Transformed Communities Through Thoughtful and Patient Approach to Real

Estate and Economic Development, Design, and Financial Investment.

• Delivered 62 Hotels; in business since 1975

• $800M in assets

• Financed & Developed 511 Affordable Housing Units

• Manage Over 65,000 Parking Spaces in Major Airports

• Developed Over 200K Sqft of Neighborhood Commercial and Workforce

Housing UnitsHousing Units

• Invested over $675MM in Washington DC Real Estate Projects

• Designed and Delivered the First LEED Certified Hotel in North America


COMMITTED RETAIL TENANT:MILK & HONEY 7th Street & Rhode Island Avenue, NWMILK & HONEY

Commits to P42 bringing a high quality boutique quality boutique

grocery option to the Shaw neighborhood Shaw neighborhood and a terrific amenity to the hotel guests.


SUMMARY OF USE7th Street & Rhode Island Avenue, NW

Hotel 57 209 SFHotel 57,209 SF

GRADE

Parking 74

Affordable Housing 22,378 SF

Retail 5,689 SF

Parking 74 spaces


SUMMARY OF USE7th Street & Rhode Island Avenue, NW

Parking: 74 spaces (54 and 20 valet)

Retail: 5 689 SF (first floor)Retail: 5,689 SF (first floor)

Hotel: 102 hotel rooms: 54,592 SF (floors fourth to ninth)

Affordable Housing: 22 affordable units @ 50% of AMI3 efficiencies @ $797 per month19 one‐bedrooms @ 858 per monthRepresenting 24% of FARRepresenting 24% of FAR

Total SF: 89,915

H i h 90 f ( i i )Height: 90 ft. (nine stories)

Management: One ownership/different managers for each component


DEVELOPMENT PLAN: JOB CREATION7th Street & Rhode Island Avenue, NW

Grocer15 JobsGrocer15 Jobs

ECONOMIC DEVELOPMENT

• 60‐75 Jobs

Hotel41 Jobs

Avg Wage:

Hotel41 Jobs

Avg Wage:

15 JobsAvg Wage:

$10 ‐ $32/HR

15 JobsAvg Wage:

$10 ‐ $32/HRParking 5 Jobs

Avg Wage:

Parking 5 Jobs

Avg Wage:

• Partner With Community Based

Organizations that has the Avg Wage: $15/HR

Avg Wage: $15/HR

Avg Wage: $8 ‐ $10/HRAvg Wage: $8 ‐ $10/HRcommunity’s interest at heart

• Priority for Shaw Residents

• Opportunities for Individuals Construction300‐400 JobsAvg Salary:$47 000

Construction300‐400 JobsAvg Salary:$47 000

Property Mgt1 ‐2 JobsAvg Wage:

$15 $20/HR

Property Mgt1 ‐2 JobsAvg Wage:

$15 $20/HR

• Opportunities for Individuals

With High School Diplomas

$47,000$47,000 $15 ‐ $20/HR$15 ‐ $20/HR

ApplicantsCareer Path

Entry Level


DEVELOPMENT PLAN: AFFORDABLE HOUSING

AFFORDABLE HOUSING

7th Street & Rhode Island Avenue, NWAFFORDABLE HOUSING

AFFORDABLE HOUSING

• 22 Affordable Housing Units

19 1 BDs and 3 Studios

• Affordable at 50% of AMI

Rents Will Range Between $797 ‐ $958/Month

The Power of Principian Venture’s Program is:

Affordable

VIEWS

Ariel ViewAriel View

VIEWS

View looking toward Rhode IslandView looking toward Rhode Island

RESIDENTIAL ENTRANCE


COMMUNITY TOT LOT:7th Street & Rhode Island Avenue, NW


SUSTAINABILITY:7th Street & Rhode Island Avenue, NW

GOAL: LEED NC v2009 Gold certification

l h h f f•Integral stormwater management through use of green roof and rainwater reclamation system

•Promotion of public transit system via Metro Rail Metro Bus and Capital•Promotion of public transit system, via Metro Rail, Metro Bus, and Capital Bikeshare

•Energy efficiency through high performance envelopeEnergy efficiency through high performance envelope

•Promotion of grid sourced renewable source electricity

•Use of sustainable construction materials, and stringent construction activity pollution prevention measures during construction to minimize impact to the community

•Building can act as an actively engaging educational tool


DEVELOPMENT PLAN: COMMUNITY BENEFITS 7th Street & Rhode Island Avenue, NWCOMMUNITY BENEFITS

Economic Development (60 – 75 Jobs; >80% Long‐Term)Internships For Students From Hospitality High To Create a Long Term- Internships For Students From Hospitality High To Create a Long‐Term Career Path

- Taxes: sales, hotel, property, franchise, employment, parking

Affordable Housing (22 Units)

W ld Cl D i World Class Design

Innovative and Compelling Retail Concept

Parking (w/Valet)

Community Playground on empty lot

Documents

P42 -- Baywood Presentation