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 In this Issue...

Join us in Congratulating NAIOP Maryland/DC's 2015 Chapter Merit Award Winners!

REEL winner of NAIOP’s Large Chapter Best Developing Leaders Program and NAIOP’s Sustainable Development Committee (SDC) winner of NAIOP’s Large Chapter Education Award.


2015 Market Forecast
(Left) Bill Magruder, Clark Construction
(Right) Al Gooden, BBGM
(Left) Josh Gurland, Washington Property Company  (Left middle) Derek Hendon, Washington Property Management (Right Middle) Hugh Cole, Washington Property Company (Right) Paul Kinyon, Bank of America (Left) Tara McCarthy, KBR Building Group, (Middle) Lisa Scala, Hoar Construction, (Right) Jannifer Bottomley, HGA Architects and Engineers
Over 200 Chapter members attended our recent 2015 Market Forecast. Bob Buchanan, Partner of Buchanan Partners and President of the 2030 Group, provided an insightful key note address.  Bob updated the Chapter on the regional economic diversification efforts of the 2030 Group, an association of Washington Metropolitan area business leaders which Bob chairs.  The 2030 Group’s goal is to pursue economic and infrastructure decision making on a regional basis and champion solutions that lead to a more diversified regional economy.

Bob was joined by a panel of regionally focused mixed-use, apartment and office real estate development and investment executives. Other panelists included Doug Firstenberg, Principal of Stonebridge Associates, Matt Birenbaum, Chief Investment Officer of AvalonBay Communities, Zach Wade, Principal of MRP Realty, and Oliver Carr, CEO of Carr Properties.  Panelists discussed their perspectives on their current investment and development strategies, participation in the trend toward amenitized urban mixed-use projects and the effect of changing demographic and space utilization trends on the marketplace.   

Reflecting on Metro DC’s highly competitive apartment market, Matt Birenbaum hoped that many developers who are new to apartment development will return to their traditional roots in commercial development.  Overbuilding coupled with marginal gains in employment and wage growth have flattened apartment rent growth in Metro DC, compelling AB to be more selective in developing apartments in this market. Partnering with retail developers such as Edens and Greenberg Gibbons on retail oriented mixed-use projects continues to be an attractive development format for AB and other apartment developers.

MRP’s Zach Wade discussed his company’s focus on creating projects that combine elements of live, work and play that appeal to millennials.  MRP is broadening its reach by geographically diversifying into Philadelphia and also pursuing flex/distribution development projects along the Baltimore/Washington corridor.

Doug Firstenberg indicated Stonebridge prefers developing amenitized mixed-use projects in locations such as downtown Bethesda and Wheaton. While sites are difficult to find and assemble, Stonebridge recently won a pair of prominent Montgomery County Government competitions for development rights to mixed-use projects in these markets.  Additionally, Stonebridge has a strong track record of developing Federal build-to-suit projects, but their enthusiasm for this work is tempered by the slow pace of project approvals on Capital Hill.

Oliver Carr’s company Carr Properties is focused on development of Class A Metro served office buildings in the District, Arlington and Bethesda. They have seen strong tenant interest for new office space featuring retail space at grade and an array of tenant focused in-building amenities such as roof decks.

Our panelists and their firms are continuously evolving their approach to development and investment by embracing new demographic trends, diversifying into new markets, focusing much more intensely on core strengths and creating more compelling live, work and play environments. We hope that they can return next year to update us on their success.  
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Leadership Committee Making an Impact

It has now been 6 months since the founding of NAIOP’s Leadership Committee. Our continuing goal is to strengthen NAIOP’s relationships with government leaders that impact our industry in both Montgomery County and the District of Columbia.   Our initial focus has been in Montgomery County with the County Executive, Park & Planning’s leadership, and the Department of Permitting Services.   The Committee had an engaging meeting and conversation with the County Executive, where we discussed such topics such as a possible new Economic Development authority, Real Estate Ombudsman, the Purple Line and implementation of the County Executive’s Six Point Economic Plan.  Additionally, the Leadership Committee meets monthly with Planning Director Gwen Wright and her senior staff on such issues as the Bethesda Sector Plan, Transfer of Development Rights and the upcoming amendments of the Subdivision Staging Policy.   As a result of our meetings with the Department of Permitting Service’s head Diane Schwartz Jones and her senior staff,  DPS and NAIOP will be holding a joint program this spring highlighting DPS’s  new electronic filing system.   Upcoming meetings include those with the Deputy Mayor of the District of Columbia, DPS, Park & Planning, WSSC and  PEPCO.

In the Leadership Committee’s efforts to expand its impact in the District of Columbia, we will be meeting with Mayor Muriel Bowser’s senior staff this winter.    

The Leadership Committee’s members are: Committee Chair:  Stacy Silber - Principal, Lerch, Early & Brewer
Jason Bockenek - Development Manager, Carr Properties
Dan Coffey – Vice President, Therrien Waddell Construction Inc.
Brian Downie – Senior Vice President Development - B.F. Saul Company
Anne DuMont – Vice President, Boston Properties
Stephen Elmendorf – Partner, Linowes and Blocher LLP
Evan Goldman – Vice President Development, Federal Realty Investment Trust
Rich Jordan – Senior Vice President, The JBG Companies
David Kitchens – Principal, Cooper Carry Inc.
Rod Lawrence – Partner, The JBG Companies
Bill Magruder - Senior Vice President, Clark Construction Group LLC
Sally Modjeska – Executive Director, NAIOP Maryland/DC
Mark Morelock - Principal, VIKA Inc.
Barry Perkins – Vice President, James G. Davis Construction
Greg Rooney – Vice President Development, The Bernstein Companies
Bob Schofield – Vice President Development, Akridge
Michael Smith – Past President, NAIOP Maryland/DC
Holly Sears Sullivan – President, Montgomery Business Development Corporation
John Tschiderer – Vice President Development, Federal Realty Investment Trust
Sri Velmati – Vice President Development, The Tower Companies

If you would like more information about the Leadership Committee and its ongoing efforts, please contact Committee Chair Stacy Silber at
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Montgomery County DPS... on the move!  

DPS is now offering services that will expedite commercial review time of permits through their eservices program.  NAIOP’s Leadership Committee will be partnering with DPS in coordinating a training session on Eservices early next year; invitation to follow.

Two key take-aways from DPS’s new services are:  
(1) All permit drawings may be submitted electronically; and
(2) Agencies are now doing concurrent reviews, which is resulting in expedited reviews and quicker turn arounds on permit issuance.   

You can learn more about Montgomery County’s program through the following links:  
  1. About eServices:
  2. Information on how to use eServices and training modules:
  3. Press Release on Recipes for Success (a program targeted to restaurants in the County):
  4. Constructive Comments:
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Legislative Committee Update  

2015 is already shaping up as a busy one for the Legislative Committee.  The Committee is addressing two major pieces of new legislation.  In Montgomery County, County Executive Leggett has proposed, via
Expedited Bill 58-14, the creation of a Development Ombudsman to “more efficiently facilitate the approval process…of development projects and to help resolve conflict …related to the entitlement process.”  The PHED Committee will consider this Bill on February 23rd.  The Legislative Committee will be reviewing the Bill and submitting written comments for the PHED Committee’s consideration.

In Annapolis, the Montgomery County Delegation, at the request of the County Executive, has withdrawn House Bill 104.  This Bill would have enabled Montgomery County to establish and empower a Countywide Transit Authority to undertake a wide range of County transit functions, the most important of which was to create new revenue sources for County transit.  The County Executive asked for the withdraw following significant opposition to this specific proposal.  The Legislative Committee will continue to monitor this issue, and will work with the County Executive to explore other transit funding proposals for the County.

The Committee is also in the process of scheduling another “Seat at the Table” event with the new Montgomery County Council members, Sidney Katz and Tom Hucker, for later in February.  Details to follow.

The Committee meets at noon on the last Friday of every month at the office of Linowes and Blocher, LLP, 7200 Wisconsin Ave, Suite 800, Bethesda.  If you have any questions about the Committee or its work, please contact the Chair, Steve Elmendorf, at 301-961-5110.
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2015 Capital Challenge in full swing!

The 2015 Capital Challenge kicked off on February 6th pitting teams from; Georgetown University’s Master of Professional Studies in Real Estate Program, The Colvin Institute of Real Estate Development at The University of Maryland, The Kogod School of Business at American University, Johns Hopkins Carey Business School and George Mason University’s M.S. Program in Real Estate Development  in a real estate case study competition. Teams were assigned a Bethesda CBD re-development case study sponsored by The Midland Companies and provided essential information and assumptions about the property.  Utilizing the expertise of their assigned consultant sponsors  students will formulate an investment strategy and develop a comprehensive analysis and recommendations to maximize returns to the partnership.  

The Capital Challenge uniquely examines a “real life” case study and assigns each school a team of consultant sponsor firms from supporting disciplines to help them develop their solution.  We thank all of the consultant sponsors listed below for their support of the Capital Challenge and NAIOP Maryland/DC.

We are excited to explore our first Maryland based property for the 2015 case study.  Previous Challenges have examined Federal Realty's Pike 7 Plaza, W.C. Smith’s Riverfront Portfolio, First Potomac Realty Trust’s Greyhound site, Akridge’s Buzzards Point and a JBG’s sponsored site in NOMA.  This event has proven to be of great value to the case and consultant sponsors and a wonderful way to showcase the bright minds of future real estate professionals to NAIOP members .  Join us on April 15th for final presentations, the award of The Challenge Cup and Grand Prize Scholarship of $10,000!

Thank you to all our sponsors!
  Cooper Carry
  DVA Architects
  HKS Architects
  KGD Architecture
  WDG Architecture
  Avison Young
  Cushman & Wakefield
  EDGE Commercial Real Estate
  Boston Properties
  The JBG Companies
  Trammell Crow
  Washington Property Company
  Clark Construction Group
  Coakley & Williams Construction
  James G. Davis Construction
  SIGAL Construction
  Structure Tone
  Bank of America
  PNC Real Estate
  United Bank
  US Bank
Civil Engineers:
  Bohler Engineering
  Macris Hendricks & Glascock
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Gold Sponsors

Atus Group
Balfour Beatty Construction
The Bernstein Companies
Bohler Engineering
Boston Properties
Chevy Chase Land Company
Chicago Title Insurance Company
Costello Construction
DAVIS Construction
Grunley Construction
The JBG Companies
National Building Museum
Powers Brown Architecture
SIGAL Construction
US Bank
Washington Property Company

Silver Sponsors

B.F. Saul Company
City of Bowie
Cooper Carry Inc.
EDGE Commercial Real Estate
Guardian Realty Management
HITT Contracting Inc.
Macris, Hendricks & Glascock, PA
PNC Real Estate
Rodgers Consulting
Therrien Waddell
VIKA Companies, LLC

Bronze Sponsors

Bond Beebe
ECS Mid-Atlantic, LLC
Federal Realty Investment Trust
Fidelity National Title - National Commercial Services
Harvey-Cleary Builders
Hubert Construction, LLC
KGD Architecture
Lerch Early & Brewer
Ruppert Landscape
University of Maryland/Colvin Institute
WFT Engineering
Wilkes Artis, Chartered

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Our mailing address is:
NAIOP Maryland/DC
P.O. Box 2064
Kensington, MD 20891