Financial
A striking new ‘View’ on 14th Street
David Franco, a longtime local entrepreneur who co-owns Level 2 Development, opened View 14, a 185-unit apartment building in the bustling 14th and U corridor. (DC Agenda photo by Michael Key)
David Franco laughs as he recalls his foray into the entrepreneurial arena. It was 1989 and his good friend, John Guggenmos, was pulling together a group of investors to buy the nightclub Tracks. Franco, a fresh-faced 24-year-old, could not have known that Tracks would shortly experience its heyday and become the focal point of D.C.’s gay nightlife scene, making it a hugely profitable venture, but he smelled opportunity. Or at the very least a really good time. He was ready to jump at the chance.
There was just one snag: “I was not out at the time.”
Franco wasn’t among the legions of gay men and lesbians who came to D.C. to explore and embrace life outside the closet. The recent University of Maryland graduate was a native Washingtonian who had never lived anywhere else. He and his four brothers worked for the family business, a chain of discount department stores run by their father, and they all lived within a mile of each other in the Maryland suburbs. How would his family, especially his Orthodox Jewish father, react to having a family member who was not only gay but owned a gay nightclub?
“I went to my father and said, ‘Dad, I have this opportunity and the opportunity requires me to leave the family business.’” When his father asked what the opportunity was, Franco forced the words out. “I said, ‘I have the opportunity to go in with a group of guys to buy a [gay] nightclub.’ I thought my father was going to hit the roof. But instead he said, ‘If this is going to make you happy, you have my blessing.’”
The Tracks venture was the first step along a career path that would see Franco launch with his Tracks associates a new gay establishment in D.C., Trumpets restaurant, and with business partner Keith Clark start Universal Gear, a chain of clothing stores popular with gay men. Those accomplishments, however, were dwarfed with the opening last month of View 14, a $90 million 185-unit apartment building that he and business partner Jeff Blum developed and built through their real estate firm, Level 2 Development.
The building’s interior was designed in collaboration with local furniture store owners Jason Claire and Eric Kole of Vastu and has the feel of a boutique hotel: funky but modern, stylish with some flashes of whimsy. It boasts the usual upscale finishes like granite countertops and stainless steel appliances and an enviable array of amenities, some the kind you would expect in a new luxury building – roof decks with Weber grills, a party room, 24-hour concierge service, fitness center, underground parking – but some you might not have seen elsewhere, including a sculpture garden, yoga studio, fully loaded theater, and a screen in the cavernous lobby that tells you when the next green and yellow line trains will be arriving at the U Street Metro Station.
Franco likens View 14 itself to a “giant ship coming down 14th Street.” It’s a very fitting image, with the sleek and majestic glass, steel and stone structure seeming to glide down the hill from Columbia Heights to the U Street area. How View 14 came to be is a harrowing voyage in itself, fraught with the squalls and swells of a tanking real estate market and the ensuing lending crisis.
It was 2005, and Franco and Blum were finishing their first venture together, the development of a 12-unit apartment building on the 1400 block of Chapin Street, N.W., called the Mercury at Meridian Hill Park. The real estate market was moving from high gear into overdrive, Franco said, and the building sold out very quickly. Flush with excitement, the two decided that for their second project together they would go big in order to capitalize on the red hot market.
After losing a bid on a property in the NoMa neighborhood, they set their sights on the Petrovich Auto Repair garage at the corner of 14th Street and Florida Avenue, around the corner from the Mercury. The property was perfectly situated on a hill that would afford stunning views of the city, and was within a stone’s throw of the popular U Street corridor.
Unfortunately, owners Paolo and Pedro Petrovich weren’t exactly jumping at the opportunity.
“They weren’t prepared [to sell] at that time,” said Franco. “They wanted to reinvest [whatever profit they would make from the sale] but didn’t know what to do.”
Undeterred, Franco and Blum made themselves a fixture at the Petroviches’ garage. “One of us would be in there at least once a week, seeing how things were,” often over lunch. “We really cultivated a relationship.” Franco, meanwhile, diligently researched opportunities for the Petroviches to reinvest their money. When the brothers took him up on a suggestion to tour some CVS stores in the Baltimore area, Franco began to feel guardedly optimistic.
Several months later, after a delicate dance with the Petroviches that could only be described as a wooing, complete with the appearance of a rival suitor, Franco and Blum won the sale.
Once that first major hurdle was cleared other challenges followed – finding a suitable architect and investment partner, navigating city bureaucracy to get the requisite permits to build a large scale condo building where an auto repair shop used to be, making expensive arrangements for the grounds to be cleansed of several decades worth of oil and gasoline seepage – but those were overcome with hard work and perseverance.
Franco and Blum quickly found strong support for their project among D.C. politicians, with Mayor Adrian Fenty attending the groundbreaking and Ward 1 Council member Jim Graham stepping in to facilitate communication with Comcast, which had been unresponsive to Franco and Blum’s appeals to discuss with them the relocation of Comcast-owned satellite dish equipment and a signal receiver tower from the View 14 site. Graham would later champion legislation that gave the View 14 project $5.7 million in tax abatement.
The View 14 developers also won kudos from local community leaders and the city government by donating $1 million to the residents of Cresthill Apartments toward the purchase of their building and the formation of a cooperative. This was done as part of their deal with the city, which requires developers to provide affordable housing if they are building a high-density project. Rather than set aside units in the new building for that purpose, as is normally done, the View 14 developers, seeing need in their community, chose instead to donate needed funds to the Cresthill residents, whose building was less than a block away and was soon to be sold on the open market.
“I never will forget the first day I met David,” said Sankofa Cooperative president Sheila Royster, who has lived in the Cresthill Apartments building for 40 years. “He came to my unit and he brought me a plant. I thought that was wonderful. It was a genuine gesture and to me it just demonstrated his respect for us and what we were doing.”
Dark clouds began to loom though as speculation that the housing market was cresting gave way to fears of a housing bubble that could burst at any moment and send property values tumbling. Still, Franco and Blum were confident. More than 1,000 people attended the lavish launch party in September of 2006. Rival developers nervously dubbed View 14 “The Death Star” because it was expected to “suck up all the other condo purchasers in the market,” Franco said. “We were excited.”
Contracts trickled in, a dozen and a half in the first two months, and the cold reality set in: they weren’t selling enough units to finance the start of construction on time. It might be months, or even a year, before they reached that point. If they were able to reach that point.
The two men sat down with their project partners and made the difficult decision to re-engineer View 14 as a rental project. “It was literally the million dollar decision for us,” said Franco. “We had spent a million dollars in marketing and building a sales center.”
Franco said that he and Blum have accepted a letter of intent from a “well-known retail and services establishment in the area” that will use 8,000 square feet of space to expand their facilities.
“The neighborhood is going to be ecstatic when they learn who’s going to be there,” he promises. A signed lease and announcement is expected soon.
Franco is just as ebullient when he talks about the 14th and U Street neighborhood and its future. He points out that the Solea, a condo building directly across 14th Street from View 14, has nearly sold out. And there is just one unit left for sale at Union Row, the massive, 216-unit condo building that also houses Yes! Market, a CVS, and the restaurant Eatonville.
“That speaks volumes to the desirability of this neighborhood,” said Franco.
About 25 leases have been signed so far and the first View 14 residents moved in over Thanksgiving weekend, among them Galan Panger, a 24-year-old gay man who is leasing a studio. Panger, who works in Google’s downtown D.C. office, said he was impressed by the quality of the building’s construction and with the finishes. The amenities solidified the decision to trade in his digs at nearby Union Row for View 14.
“It was nice of them to create these community spaces,” Panger said. “My boyfriend and I have been grilling even though it’s been cold.” They have been sticking to the east roof deck after Franco joked during a tour of the building that it was the gayer of the two rooftop spaces since it has “the more fabulous view.”
Franco himself is one of View 14’s newest tenants, along with his dog; last week he sold his home near Meridian Hill Park and they moved into one of the penthouse units.
Franco sees a wide mix of people coming to View 14, from single young professionals to retired couples. There is also a fair bit of traffic from gay and lesbian renters like Panger, which Franco attributes to a variety of factors, including the fact that the building bears the strong imprint of two openly gay men, he and Blum, as well as the influence of other gay men they know like Claire and Kole of Vastu and Chris Cahill, a good friend of Franco’s who works for Botanical Decorators and came up with the idea for using the courtyard space as a sculpture garden and helped select the sculptures and interior plants.
People, gay and straight alike, Franco observed, appreciate quality and, “not to rely too heavily on stereotypes, but gay men have a natural attention to detail. We as gay men are [attuned] to high style, high design and convenience. This building delivers that.”
Real Estate
Tips for buying a house in Rehoboth Beach
And why it’s a great fit for the LGBTQ community
If you’ve ever dreamed of owning a charming beach house where flip-flops are considered formalwear and sunsets are your daily entertainment, Rehoboth Beach, Del., might just be your dream come true. It’s not just a beautiful coastal town—it’s also a long celebrated safe haven and vibrant hub for the LGBTQ community. Let’s dive into why Rehoboth Beach is a fabulous choice and how to make a savvy beach house purchase.
Why Rehoboth Is a Vibe (especially for the LGBTQ community)
1. A Welcoming, Inclusive Community
Rehoboth Beach has been lovingly nicknamed the “Nation’s Summer Capital,” and it’s not just because of its proximity to D.C. For decades, Rehoboth has built a reputation as a warm, inclusive, and LGBTQ-friendly destination. From gay-owned businesses to LGBTQ events and nightlife, this is a town where you can truly be yourself.
2. Packed Social Calendar
Poodle Beach, the LGBTQ beach hangout just south of the boardwalk, is always buzzing in the summer. Events like Rehoboth Beach Bear Weekend, Women’s FEST, and CAMP Rehoboth’s myriad of social and wellness events bring people together all year round. That’s right—you’ll never be bored here unless you want to be.
3. Small Town Charm Meets Big City Culture
You get art galleries, drag brunches, live theater, eclectic cuisine, and adorable boutiques—basically everything your soul craves—without the chaos and crowds of major cities. It’s quaint but never boring. Think: Key West vibes with a Delaware zip code.
Tips for Buying Your Dream Beach House
1. Know Your Budget and Think Long Term. Beachfront and near-beach properties come at a premium. Expect to pay a bit more for proximity to the sand and ocean views.
2. Choose Your Neighborhood Wisely. Do you want to be walking distance from the action on the boardwalk? Or do you prefer something more secluded in areas like North Shores or Henlopen Acres?
3. Rental Potential. If you’re not living there full time, your beach house could work overtime as a vacation rental. Rehoboth Beach has a healthy short-term rental market, especially in peak summer. Often times LGBTQ travelers actively seek inclusive, affirming places to stay.
4. Weather the Weather. Like all coastal areas, Rehoboth comes with a side of salt air and occasional storms. Invest in a good home inspection, especially for older homes, and be prepared for the maintenance that comes with beachfront living (yes, that includes sand everywhere).
5. Work With a Local Real Estate Agent. Look for an agent who knows Rehoboth inside and out and understands the unique needs of LGBTQ buyers. This isn’t just a house — it’s your happy place. You want someone who sees that and says, “Let’s find your sanctuary.”
Buying a beach house in Rehoboth Beach isn’t just about real estate — it’s about finding a space that reflects your lifestyle, values, and need for both community and calm. Whether it becomes your full-time home, your weekend escape, or your Airbnb side hustle, Rehoboth welcomes you with open arms (and maybe a mimosa).
Want personalized tips on navigating the Rehoboth Beach real estate market? Let’s chat! I’ll bring the listings if you bring the sunscreen.
Justin Noble is a Realtor with The Burns & Noble Group with Sotheby’s International Realty, licensed in D.C., Maryland, and Delaware. Reach him at [email protected] or 202-234-3344.
Real Estate
Impact of federal gov’t RIF on D.C.’s rental market
A seismic economic change for local property owners
In a move that could redefine the federal government workforce and reshape the economic fabric of Washington, D.C., President Donald Trump has announced his intentions to significantly reduce federal government spending as well as the number of people the federal government employs.
Calling the federal bureaucracy “bloated” and “out of control,” Trump has repeatedly expressed his desire to cut thousands of federal jobs. While these cuts align with his long-standing push to “drain the swamp,” they come with potential and real collateral damage, especially for landlords in the D.C. area who have relied on government employees as some of their most reliable and long-term tenants.
The potential reduction of thousands of jobs in a city built around government work is not just a political shift—it’s a seismic economic change for the city government as well as for local property owners who have invested in the predictability of a near-constant demand for workers in the federal government agencies, government contractors and the economic ecosystem they sustain.
For landlords, government workers have represented ideal tenants: strong income, long-term leases, and responsible rental histories. Now, that foundation is being shaken in a battle by the Administration against a workforce which is the backbone of the Washington area’s overall economy, and especially its rental market.
With uncertainty looming, landlords are left in a difficult position. If widespread layoffs come to fruition, rental vacancies could spike, rental prices would drop, and previously secure investment properties might become financial liabilities. The sudden shift forces landlords to consider their next moves: how to support tenants facing job losses, how to adapt to a changing market, and how to ensure their own financial stability amid the uncertainty.
For D.C. landlords, this isn’t just about policy shifts or budget cuts, it’s about economic livelihood. The challenge ahead isn’t about just reacting to change, but proactively preparing for it, ensuring they can weather the storm of political maneuvering.
Potential Consequences for D.C. Landlords
- 1. Increased Risk of Non-Payment of Rent
- Job losses may lead to late or missed rent payments
- As affected tenants struggle financially, they may ask to break their lease to live elsewhere or even move out of the region
- Eviction lawsuits may rise, leading to a long and expensive process for landlords, all while not being able to rent their property to paying tenants.
- 2. Higher Vacancy Rates
- If many government employees leave the D.C. region in search of work elsewhere, the rental demand could decline significantly
- Rental properties may sit empty longer, requiring landlords to lower rents to attract new tenants and creating even more financial loss
3. More Competition from Other Landlords
- As many more units are vacant on the market, all competing for the same pool of potential tenants, older and smaller rentals, and those located further out from the core of the city will all struggle to find quality renters.
- Landlords will need to offer other ways to attract and retain tenants, such as incentives, which could quickly overwhelm the finances of smaller landlords who cannot keep up.
Proactive Strategies for Landlords
To mitigate risks and ensure future rental success, landlords should consider these defensive measures:
1. Strengthen Tenant Relationships and Communication
- Encourage tenants to communicate if they anticipate financial hardship due to job loss.
- Work out temporary payment plans or partial payments to prevent full non-payment or eviction.
- Provide guidance on rental assistance programs available in D.C.
2. Offer Flexible Lease Terms
- Consider shorter-term leases than a full 12-month term to accommodate the needs of tenants who may be uncertain about their long-term employment status.
- Offer lease renewals at the same rent amount to keep stable tenants and avoid turnover
3. Diversify Tenant Base
- If a large portion of tenants are government workers, a landlord may want to market to a broader audience or professionals in private industries.
- Advertise on platforms that cater to diverse tenant pools, including students and international workers.
4. Adjust Screening Criteria Thoughtfully
- While it’s important to ensure financial stability, consider creditworthiness, assets, and rental history rather than just employment status.
- Consider alternative income sources, like family members assisting, part-time work or freelance gigs.
5. Protect Cash Flow with Rent Guarantee Options
- Explore rental insurance policies or rent guarantee services to cover losses in case of non-payment.
- Consider co-signers or guarantors on leases for new tenants in vulnerable industries, just in case.
6. Adjust Rental Pricing to Stay Competitive
- Monitor the D.C. rental market and adjust pricing accordingly to attract new tenants.
- Consider offering move-in incentives as a way to stand out. Be creative! Sometimes things you can offer are different and may catch someone’s eye
Long-Term Planning for Rental Success
- Build reserves to cover expenses during potential vacancies or rent shortfalls.
- Invest in property upgrades to make rentals more attractive to a broader audience, such as young professionals or remote workers.
- Consider diversifying property holdings to include areas that are less reliant on government employment.
By taking proactive steps, landlords can safeguard their investments while supporting tenants through economic uncertainty, ultimately leading to a more stable and resilient rental business.
Scott Bloom is owner and senior property manager at Columbia Property Management. For more information, visit ColumbiaPM.com.
As the spring market hits its stride, we are beginning to see more inventory and an increase in days on the market in parts of the DMV. This may result in professional home inspections becoming routine parts of contract offers again. A thorough home inspection can help catch safety issues early and is an opportunity to learn about the operation and maintenance of items in your home.
Pay attention to flickering lights, frequently tripped breakers, and discolored outlets—these are signs of potential electrical hazards. Outdated wiring, overloaded outlets, and faulty appliances can lead to electrical fires.
Structural issues are often overlooked until it’s too late. Crumbling foundations, weak or damaged stairs, loose railings, and uneven flooring can cause trips and falls. Water damage from leaks or flooding can weaken the integrity of floors and walls, creating a risk of collapse.
Toxic chemicals can pose serious threats to health and safety, often without obvious warning signs. Understanding and addressing these risks is crucial for maintaining a safe living environment for you and your loved ones.
Household products such as cleaners, pesticides, air fresheners, and even cosmetics can emit volatile organic compounds (VOCs). These compounds, when inhaled regularly, can cause a range of health issues including headaches, respiratory problems, hormonal disruptions, and in some cases, even cancer. To minimize these risks, homeowners should opt for low-VOC or VOC-free products, ventilate regularly, and consider investing in an air purifier.
Formaldehyde is another common toxin found in pressed wood products, insulation, and certain paints. Long-term exposure can lead to chronic respiratory problems and has been linked to cancer.
Radon gas, another possible carcinogen, is prevalent in the DMV. Your home inspector can do a radon test or there are DIY kits available at many hardware stores. If levels are above EPA standards, a professional remediation firm can install a system that extracts the radon and vents it safely outdoors.
Carbon monoxide (CO), a colorless, odorless gas, is produced by gas stoves, heaters, and fireplaces. Exposure can lead to headaches, dizziness, nausea, and even death. Install CO detectors near bedrooms and ensure that all fuel-burning appliances are properly maintained and ventilated.
Additionally, older homes may still contain asbestos in insulation, floor tiles, or roofing materials. If disturbed, asbestos fibers can become airborne and are highly dangerous when inhaled, leading to serious diseases such as mesothelioma, so when renovating an older home, it’s critical to have materials tested for asbestos before beginning work.
Mold and mildew thrive in damp, poorly ventilated areas such as bathrooms, basements, and around leaky pipes. While some molds are harmless, others can cause allergic reactions or respiratory problems and aggravate conditions such as asthma. Black mold (Stachybotrys chartarum) is notorious for producing mycotoxins that may lead to severe health issues.
Signs of mold include musty odors, visible growth on walls or ceilings, and excessive humidity. Preventing mold growth requires controlling moisture levels—using dehumidifiers and vapor barriers, fixing leaks promptly, and ensuring adequate ventilation. Professional mold remediation may be necessary for severe infestations.
Though banned in residential paints in 1978, lead-based paint still exists in millions of older homes. Lead exposure is especially dangerous for children, causing developmental delays, learning difficulties, and behavioral issues. Adults are not immune – lead can lead to high blood pressure, kidney damage, and reproductive problems.
Even dust from deteriorating lead-based paint can be hazardous. The EPA recommends professional lead testing for any home built before 1978, especially if renovations are planned. Certified abatement professionals can safely remove or encapsulate lead paint.
Improper use of heating equipment, fireplaces, unattended candles, and cooking accidents are common sources of home fires. Smoke alarms and fire extinguishers are essential for early detection and response. Test smoke detectors monthly and change batteries at least once a year.
Homes that are safe for adults may not be safe for children or pets. Small objects, unsecured cabinets, toxic plants, and open staircases can pose significant risks. Childproofing measures such as outlet covers, safety gates, and cabinet locks, along with safe storage of chemicals and medications, are essential precautions.
The good news is that many of these risks can be mitigated with awareness and action. Here are a few simple steps to enhance home safety:
• Conduct a thorough safety audit using checklists available online.
• Ensure proper ventilation to reduce indoor air pollutants.
• Regularly check for leaks and signs of water damage.
• Keep cleaning and chemical products out of reach of children.
• Educate all household members about emergency procedures, including fire escapes and first aid.
Our homes should protect us, not pose threats to our well-being. By identifying and addressing these toxic and unsafe issues, we can transform our living spaces into truly safe havens.
Valerie M. Blake is a licensed Associate Broker in D.C., Maryland, and Virginia with RLAH @properties. Call or text her at 202-246-8602, email her via DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.
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