WestMill Capital Partners (WCP), as developer, plans to renovate the property and lease it to a restaurant or retail tenant. WCP believes that the property offers an opportunity for current cash flow over the mid-term while providing the potential of long-term appreciation, as a result of the surrounding growth of the H Street Neighborhood.
Our base scenario projects a minimum rent of $180,000 triple-net at stabilization and a total project cost of $2,570,000 which includes both acquisition cost plus development costs.
|Capital Senior to Fundrise||1-49%||1|
|Capital Junior to Fundrise||10-19%||4|
|Sponsor’s Track Record||Less than $50 million||3|
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The building has been occupied by various commercial businesses since the early 1920s, such as a men’s clothing shop, the Salvation Army, a general merchandise store, a used clothing store/thrift shop, a TV and Radio repair shop, as well as numerous residential tenants.
Investment capital will be used to:
H Street NE is a half-mile commercial district that is home to over 100 retail shops, a vibrant collection of new restaurants, clubs, coffee houses and diverse dining opportunities catering to DC's young professionals and long-term residents.
H Street NE is a transforming new entertainment district in Washington, DC. In the last 5 years, more than 35 new restaurants have recently opened or are presently under construction.
H Street NE is also an integral part of the Great Streets Initiative, an economic development project led by the District of Columbia to transform up-and-coming corridors into thriving neighborhood commercial districts. Over $65 million in new streetlights, curbs and sidewalks, trees and landscaping have been, and will be, invested in the H Street NE corridor.
The fruits of this investment are being realized today with the planning and construction of more than 1,000 residential units, building renovations, and storefront improvements that are breathing energy and excitement into this neighborhood bordered by Capitol Hill, Stanton Park and Downtown.
The H Street corridor will be the first streetcar line in the District's ambitious 37-mile, $1.5 billion streetcar network. Despite the political uncertainties surrounding the construction of the entire network, the H Street NE line is already under construction. The District Department of Transportation estimates the line will be completed in 2013.
Once completed, the streetcar line will run from near Union Station, a Metro and commuter train hub, along H Street NE to Benning Road and stop before the Anacostia River. The H Street Corridor will benefit from improved public transportation and the unique attraction of having the only trolley in the city.
WestMill Capital Partners is a leading real estate investment and development firm in Washington, DC. Focused exclusively on urban mixed-use and retail development, WestMill has a strong track record of creating unique, high-quality destinations.View full profile