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.
This offering is only available to residents of the District of Columbia and the Commonwealth of Virginia. Why is this offering not available in my state?
|Private Investor Equity (already raised)||67%||$936,000|
|Fundrise Investor Equity||25%||$350,000|
|Developer Equity (already raised)||8%||$114,000|
|Preferred Return to Investors||10%|
|Exterior & Façade Work||7.1%||$45,000|
|Utilities & MEP Work||34.7%||$315,000|
|Permitting & Expediting||1.3%||$8,500|
|Total Hard Costs||$633,500|
|Interest & Carry Cost||30.4%||$111,419|
|Real Estate Taxes||5.7%||$21,035|
|Total Soft Costs||$366,189|
|Total Hard Costs||63.3%||$633,500|
|Total Soft Costs||36.6%||$366,189|
|Total Development Costs||$1,000,000|
WestMill Capital plans to redevelop the property, including upgrading the structural integrity of the building, renovating the facade, upgrading the utilities service to the property, and then lease the property to one or potentially several retail/restaurant uses. WestMill Capital is also exploring the idea of leasing the second floor as residential or office space.
|Design Plans Submitted||Fall-Winter 2013|
|Permits Approved & Construction Commences||Spring-Summer 2014|
|Construction Complete & Tenant Grand Opening||Fall 2014|
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.
Founded in 2010 by Benjamin & Daniel Miller, WestMill Capital carries on a family legacy of building some of DC’s most iconic flagship projects: Gallery Place, Washington Harbour and the Georgetown Park Mall.
WestMill relies on its experience, creativity, and innovative spirit to produce one-of-a kind projects and outstanding value for investors.
An approximately 1-acre property, currently occupied by AutoZone, operating under a ground-lease. In the long-term the property has great development potential, the site can accommodate roughly 116,000 sq. ft. of development. WestMill Capital plans to build a mixed-use project combining residential units with a mix of ground floor retail.
A 6,400 sq. ft. property located directly across from the planned unit development, H Street Connection, a 400k sq. ft. mixed-use project containing 360 new residential units and over 50k sq. ft. of new retail. WestMill Capital Partners plans to redevelop the property into a top class restaurant & retail space.
8,000 sq. ft. historic Powerhouse building along the C&O Canal, located directly across from the Shops at Georgetown Park and the Dean & Deluca Market House. The property is currently being redeveloped into the city’s premier private events space and gallery.
Located directly on top of the Gallery Place Metro stop and adjacent to the Verizon Center, Gallery Place has become the cities preeminent mixed-use development. Combining residential, office, and retail into a single project, Gallery Place has transformed 7th Street NW into the busiest pedestrian corridor and entertainment hub of DC.
A two-story property with outdoor courtyard located on the high-traffic 1300 block of H Street NE. WestMill Capital Partners has leased the property to Maketto, a hybrid food and fashion concept created by the founders of Toki Underground and DURKL clothing. The property is currently under renovation with plans to open in the Spring/Summer of 2013.
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.