Bussuto Delayed, Yale II Moving Forward

Posted By Cary Silverman, 01/21/10 9:46 AM

Buzzuto Development Company is asking District's Historic Preservation Review Board for a two year delay on its planned residential development at 460 Block New York Avenue NW, according to DC Mud. Construction was slated to begin on the project, on the west side of the block, in 2010. The planned 13-story building would include 87 residential units for a total of 85,555 square feet. The plan includes demolishing the deteriorating small store/residence (known as the "Boner building" for its graffiti) from the 1870s and literally picking up and moving westward the other remaining three-story residential property dating from 1902.

Next door, however, construction on Yale Laundry Lofts II has resumed after IBG secured a $50 million Housing and Urban Development loan, as reported in the Washington Business Journal. After the developer had excavated the site, leaving a massive hole, construction stopped for several months. Now, completion of the second building, which will deliver 218 apartments, is expected in late 2011.

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Comments

I would think they would have to move the Boner building before the yale tower is erected, no? Bozzuto & others should definitely pay attention to this HUD financing resource, maybe they can use it too? Also are they going to pay vacant property tax while they sit on the project?

Posted By Si Kailian / At 1/22/10 10:06 AM

There's no more vacant property tax, since the city ended it. One would have to argue that the vacant buildings are "blighted" to qualify for the $10 rate. And vacant lots are not subject to any higher tax anymore - only vacant improved properties.

Posted By Cary Silverman / At 1/22/10 11:12 AM

i welcome Yale Steam Laundry phase 2; the more folks, the better.

and i didn't know about the end to higher taxes on vacant property. that's too bad.

i hope Bussuto doesn't have their plans approved. that's not what we agreed too. they should come to the community first and the city last. not the other way around.

Posted By richard / At 1/23/10 6:29 AM