P      I      N      D      Ʌ      R




































 Role:  Development Manager(2) 

 Outcome:  Investment Realization above Plan, ahead of Schedule.

ThereTM

   2004

Type:  Mid-Rise Infill Condominium

           New Construction


Cost:  $48,000,000(1) 


Status:  Completed 2006


Of Note:

  • Former Pitts Motor Hotel & Red Carpet Lounge site; a premier venue for entertainers on U Street - the "Black Broadway".  After falling on hard times it  deteriorated into a "welfare hotel" before closing.
  • D.C. Police Officers hugged the developers at demolition for removing the nuisance.














Recognition:

  • Monument Award:      Innovative Infill Land Plan

 

    "BEST ROOFTOP IN D.C."

                                                                                Washington Post


  Details

  • 103 traditional condominium homes
  •  Expansive rooftop terrace and rare urban courtyard 
  •  Two levels of below grade parking


     Investment Overview

  • Sponsor GP Investment
  • Land Owner Joint Venture
  • Family Office LP Investment
  • Commercial Debt (Money Center Bank)


     Neighborhood:  U Street  

  • Entry:  Boarded up former "Welfare Hotel" owned by speculative investor contributed into Project JV.    
  • Impact:  "Point of Light" in early stages of U Street renaissance.
  • Legacy:  Stage II >> Stage IV neighborhood transformation. 
  • Nine other projects within two block radius occurred duringsame period.  

 fedora condominium

   Washington, D.C. (U Street)

 Solea condominium

    Washington, D.C. (U Street)

"The clothes that I design and everything I've done is

  about life and how people live and how they want to live

  and how they dream they'll live. That's what I do."

                                                                          - Ralph Lauren 

ThereTM

   2009

All Information at time of completion/opening/repositioning or realization of Asset/Investment. (1)  All Cost/Value references are in year completed adjusted to 2014 by CPI index.  (2)  Projects/Investments referenced are PINDAR or involved PINDAR key personnel as Principal/Project Executive or Project Manager at a previous company.   

 Role:  Sponsor/Development Manager(2) 

 Outcome:  Sold out within six months of completion.

Type:  Mid-Rise, Mixed-Use,

            Mixed-Income, Condominium


Cost:  $23,000,000(1) 


Status:  Completed 2009


Of Note:

  • Public/Private Partnership       with District of Columbia awarded via RFP Process.
  • LEED ND Pilot Project
  • 20% of space designed as Live/Work for microbusinesses  & start-ups. 
  • 35% of condos reserved for moderate income households.
  • Moderate Income condos awarded by lottery.
  • Down payment assistance         for moderate income condos provided by D.C. Housing Production Trust Fund. 
  • Greater Washington Sports Alliance HQ is 'marquee' ground floor business.  


Recognition:

  • BUILDER Magazine,              Builder's Choice Awards,    Award of Merit:                           Live/Work Project

Type:

Details

  • 59 "Urban Modern" style Condominiums
  • Three Live/Work Condominiums on ground floor
  • Two level below grade parking


Investment Overview

  • Sponsor GP Investment
  • Pension Fund GP Investment
  • Public-Private Partnership with District of Columbia                                          (Property Tax Foreclosure Land Sale Contribution)
  • Commercial Debt (Money Center Bank)


Neighborhood:  U Street

  • Entry: Fenced off site owned by District of Columbia; acquired through property tax foreclosure sale. 
  • Impact:  "Point of Light" in early stages of U Street renaissance.  
  • Legacy:  Stage II >> Stage IV neighborhood transformation.  Three other projects on same street, four other projects within one block radius also developed near same time.


"SOLEA MAY NOT HAVE EVERYTHING IT TAKES TO CREATE A SELF-SUSTAINING URBAN ECOSYSTEM, BUT IT COMES CLOSE " 

                                                                                                                                                                                           BUILDER Magazine

The Bank Lofts

Denver, CO