Property Updated on Friday, April 29, 2022 by Lior Lustig
37 Units | 3,800 Sqft Commercial Mixed-Use Development Project
The project will offer a unique and unprecedented design in the capital, the craft of architecture and interior design has been personally entrusted to the super designer Karim Rashid and the collaboration of 3 international firms. The design emphasizes a smart and modern building that will address the urban lifestyle of the target audience without compromising on a unique design and living experience and at lower than average prices in the city.
The mix of apartments includes about 21 one\one apartments, 9 one\one apartments + “Dan”, 7 two\two apartments, and a commercial floor with a size of about 3,800 square feet, the total project size is 34,945 square feet spread over 5 floors, including a penthouse floor.
The instrumentation package is especially rich and offers a variety of original accessories from the creator of Karim Rashid.
Alfred, also known as Hello Alfred, is a resident management software application that enables real estate developers and property managers to provide in-home services and experiences to their residents. Residents in Alfred buildings are assigned a personal home manager, or Alfreds, who are W-2 company employees, and can make requests in the company’s app. The Alfred platform integrates with Real Page, Yardi and Entrata so that building management teams can operate their buildings through a single platform.
The company has publicly raised $56.5 million in funding and operates in over 20 cities
Modern architecture in the nation’s capital. Comprised of 5 floors and over 34,945 SF. A private gym, expansive rooftop, and residents lounge. The property provides a unique and affordable alternative to young professionals looking for quality living and quick access to the best of Washington D.C.
The developer has acquired the land in 2018 and financed the entire project independently to date, including a lengthy process of design, permitting, and securing the different development aspects such as construction loan and GC. The investors are coming in at a lower risk position with minimal unknown factors into a shovel-ready project.
The developer has invested to date over $3M in the land and is committed to participating in up to 30% of the total required equity to develop the project. Such commitment is higher than the market standard and represents a high level of confidence in the project.
’Urbanico Realty Group’ managers and owners are locally present and highly familiar with the property market. The ownership team live in the city, some for more than 20 years. With the experience of over 500 units acquired, under development, and construction in the local market alone. Urbanico always has people on the ground to oversee operations, stay aware of market trends, and execute the company strategy successfully.
The Washington, DC metro area is the fifth-largest job market in the nation with 3.3M payroll workers. While the federal government is unquestionably the nexus of the metro area, the market is highly diversified and attracts many large employers such as the new Amazon HQ. Due to that combination of stable government jobs and continuous growth in other fields, the D.C market was known to be extremely resilient to financial downturns.
Karim Rashid is one of the most prolific designers of his generation. Over 3000 designs in production, over 300 awards and working in over 40 countries attest to Karim’s legend of design.
Karim’s diversity affords him the ability to cross-pollinate ideas, materials, behaviors, aesthetics from one typology to the next, crossing boundaries and broadening consumer horizons.
His award winning designs include democratic objects such as the ubiquitous Garbo waste can and Oh Chair for Umbra, interiors such as the Morimoto restaurant, Philadelphia and Semiramis hotel, Athens and exhibitions for LG Hausys and Audi.
Karim has collaborated with clients to create democratic design for Method and Dirt Devil, furniture for Artemide and Magis, brand identity for Citibank and Hyundai, high tech products for LaCie and Samsung, and luxury goods for Veuve Clicquot and Swarovski, to name a few.
He has completed over 50 interiors projects, with 2.5 million square feet built, in 32 cities, on 6 continents. The projects include hospitality, retail spaces, and residential condo buildings.
Karim’s work is featured in 20 permanent collections and he exhibits art in galleries world wide.
Karim is a perennial winner of the Red Dot award, Chicago Athenaeum Good Design award, Interior Design Best of Year award, IDSA Industrial Design Excellence award.
He holds honorary doctorates from the Ontario college of Art & Design and Corcoran College of Art & Design.
Karim is a frequent guest lecturer at universities and conferences globally disseminating the importance of design in everyday life. Karim has been featured in magazines including Time, Financial Times, NY Times, Esquire, GQ and countless more.
Karim just released his 6th monograph, XX, Design Publishing (2015), which highlights the last20 years of his career.
His other books include, Forma Edizioni (2014), Sketch, Frame (2012), a monograph of 300 drawings and computer renderings of selected works, KarimSpace, Rizzoli (2009), Design Your Self, Harper Collins (2006), Evolution, Rizzoli (2004) and I Want to Change the World, Universe (2001).
In his spare time Karim’s pluralism flirts with art, fashion, and music and is determined to creatively touch every aspect of our physical and virtual landscape.
Get To Know Karim Rashid: Click here
The Greater Washington DC region has been experiencing growth for the past two decades, with billions of dollars in new investments and a rapid increase in the number of jobs, population, income, and housing value growth. The region features a diverse economy headlined by direct and indirect employment associated with the Federal Government. The regional economy is in the midst of an elongated expansion cycle which has been led by the private sector, however recent Federal job expansion has rebounded and is once again an employment driver. The region features 2,290,756 households and has seen its population grow 28.1% since 2000. The population is projected to increase another 5.9% from 2018 through 2023. The long-term outlook for the Washington metro remains strong and the region should continue to experience sustained growth given its inherent benefits such as a highly educated workforce, diversified economy, growing health & technology sector, high quality of life, and sustained housing market.
The eastward path of development from the city center in recent years is clear – NOMA to H Street, Union Market, and up into Ivy City.
Over 2,000 multifamily rental and condo units have been delivered and stabilized over the past six years in the H Street Corridor alone, including AVA H Street, The Apollo on H Street, The Anthology, and The Flats at Atlas, which look to bring people to the ever-increasing theaters, restaurants, and music venues of the area.
Just north of the H Street Corridor and less than 1.5 miles from Bonsai, Union Market generates a massive influx of pedestrian traffic as the mixed-use development draws people from all over the city with its abundance of pop-up stores and food vendors.
Ivy City is experiencing spillover from this growth and has accommodated new developments such as the mixed-use Hecht’s Warehouse project and the under-construction New City development.
With Amazon’s HQ2 effect on Washington DC Metro Area, and an available housing shortfall expected in the coming years, Bonsai is poised to become a successful addition to the community.
Link to Location Rating – Washington D.C.
Washington’s education industry is experiencing strong job growth.
The education industry came in fifth in terms of local employers adding new jobs. In the past month, 94 companies listed open jobs for Washington-based workers in that area.
Top companies hiring locally in education include Center City Public Charter Schools, District of Columbia International School and ARServices. According to a recent job opening posted by District of Columbia International School, it is “a public charter middle and high school in D.C.”