DC North | August 2007 | Urban Land Company

Urban Land Company

Catering to Developers

by: Jessica White

Gerard DiRuggiero, Broker and Managing Member of Urban Land Company, created a unique business model when he opened his business almost five years ago. “We are often confused with the developer but we are not a developer…We like to be described as the developers’ agents,” said DiRuggiero. “Our firm has only salaried, employee-based agents, which is unique to the real estate brokerage community, but the traditional model for the real estate brokerage community does not work when it comes to representing developers. Most real estate brokers are geared for a 60-90 day turn around. For larger projects, the developers’ timeline is 18-24 months and the traditional agent does not have the marketing capacity to position themselves for those types of projects,” said DiRuggiero. Many of the projects DiRuggiero represents are in the heart of the city, in areas that have become trendy and have experienced a boom in residential housing development. The website (www.urbanlandcompany.com) shows listings on the U Street corridor, Eckington, Shaw, Petworth, Logan, Capitol Hill, and Deanwood.

DiRuggiero prefers to become involved with the developer at the very beginning, when the developer first purchases the land. “We want to get hired right away to help them with the layout and other things right from the start,” he stated. “Architects welcome our involvement because they do not meet with the customers, we do… and although no one has a crystal ball, you have to know what will be stylish 18 months from now and after decades in real estate, we have a good idea of what will make properties sell,” said DiRuggiero.

The Floridian, one of the projects he currently represents, is an example of how to predict what will be hot in the market 24 months down the line. Designed by Eric Colbert and Associates, this 118-unit project has two distinct towers with two separate entrances and two lobbies, plus distinctive features such as thick concrete countertops, and exposed concrete ceilings that can be painted for a more finished look. And the view from the Floridian, at the intersection of 9th, Vermont and Florida Avenues, NW, cannot be beat – it looks directly down Vermont Avenue to the White House.

“A couple of years ago, everyone was doing loft, loft, loft – warehouse or Victorian – and we knew that young buyers like a modern, contemporary look on the exterior of the building. The need for a modern exterior was not being met. The developer, Kady Development, went out on a limb with the design of the Floridian. It is different from a warehouse loft. There is not one brick in this building. It is a very modern, European style of architecture that is starting to catch on here in America. In Washington, DC, it is really the only contemporary building, other than the Solo Piazza in Logan Circle. It has lots of glass, lots of color, and steel,” said DiRuggiero. “And since the market has softened, the developer has a unique building that sets him apart from his competition, that has allowed him to put his stamp on the neighborhood,” he continued.

The Monique, another building Urban Land Company represents, is located in Shaw. “It is Victorian on the outside and contemporary on the inside,” explained DiRuggiero. Located at 5th and R Street, NW, this 12-unit building is walking distance to the convention center and the historic O Street market. The model unit was bathed in sunlight, even with the curtains drawn, and was beautifully staged by a professional designer. “Part of our service is to provide this level of staging… Today’s young buyer likes this contemporary look, and we will even furnish the unit for people as a concession to close deals,” said DiRuggiero. Inside, the well appointed unit boasted Traventine marble tiles in the bathroom, contemporary faucets, big closets, and vertical cut bamboo floors.

Greg Zahn, the architect for phase one of Capitol Overlook, a townhome condominium project in Eckington, created a stunning two level open loft floor plan with floor-to-ceiling windows. “You definitely get more space for your dollar the further you get away from U Street, but people do walk to U Street from here,” said DiRuggiero of the $525,000, 1500 square foot unit. The units, within walking distance to two metros, boast a cobalt blue European style kitchen, with horizontal glass cabinets and a dramatic – and large – kitchen island. “Anything different and stylish is an advantage,” said DiRuggiero. Some units offer a den – an interior room with no exterior windows that has three large floor-to-ceiling wood framed panels overlooking the loft. All of the units have fireplaces, numerous upgrades, outdoor space and a parking space included in the purchase price. “It is so sexy, and it would be unaffordable on U Street,” said DiRuggiero. The upper units even have a view of the Washington Monument.

“It can be hard to get the developer to go out on a limb when it comes to design. There is a risk, and sometimes you have to go to the mat with the developer to get them to take risks. It is easier in this market because the market is soft, and they are looking for an answer, for a way to differentiate their projects. Pricing is important but some of it is just a matter of when your project hits the market… The most important thing is to have a product that is sellable,” explained DiRuggiero.

And all of these units are.

Jessica White, also known as “Ms. Mortgage Maven,” is a mortgage consultant with Tenacity Mortgage, a division of Tenacity Group, the Capital Region’s leading financing, real estate advisory and tenant condominium-conversion company. You can reach her at (202) 607-4449 or email her at Jessica@msmortgagemaven.com. You can also apply online at www.msmortgagemaven.com.


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Urban Land Company
Catering to Developers
by: Jessica White
Gerard DiRuggiero, Broker and Managing Member of Urban Land Company, created a unique business model when he opened his business almost five years ago. “We are often confused with the developer but we are not a developer…We like to be described as the developers’ agents,” said DiRuggiero. “Our firm has only salaried, employee-based agents, which is unique to the real estate brokerage community, but the traditional model for the real estate brokerage community does not work when it comes to representing developers. Most real estate brokers are geared for a 60-90 day turn around. For larger projects, the developers’ timeline is 18-24 months and the traditional agent does not have the marketing capacity to position themselves for those types of projects,” said DiRuggiero. Many of the projects DiRuggiero represents are in the heart of the city, in areas that have become trendy and have experienced a boom in residential housing development. The website (www.urbanlandcompany.com) shows listings on the U Street corridor, Eckington, Shaw, Petworth, Logan, Capitol Hill, and Deanwood. DiRuggiero prefers to become involved with the developer at the very beginning, when the developer first purchases the land. “We want to get hired right away to help them with the layout and other things right from the start,” he stated. “Architects welcome our involvement because they do not meet with the customers, we do… and although no one has a crystal ball, you have to know what will be stylish 18 months from now and after decades in real estate, we have a good idea of what will make properties sell,” said DiRuggiero. The Floridian, one of the projects he currently represents, is an example of how to predict what will be hot in the market 24 months down the line. Designed by Eric Colbert and Associates, this 118-unit project has two distinct towers with two separate entrances and two lobbies, plus distinctive features such as thick concrete countertops, and exposed concrete ceilings that can be painted for a more finished look. And the view from the Floridian, at the intersection of 9th, Vermont and Florida Avenues, NW, cannot be beat – it looks directly down Vermont Avenue to the White House. “A couple of years ago, everyone was doing loft, loft, loft – warehouse or Victorian – and we knew that young buyers like a modern, contemporary look on the exterior of the building. The need for a modern exterior was not being met. The developer, Kady Development, went out on a limb with the design of the Floridian. It is different from a warehouse loft. There is not one brick in this building. It is a very modern, European style of architecture that is starting to catch on here in America. In Washington, DC, it is really the only contemporary building, other than the Solo Piazza in Logan Circle. It has lots of glass, lots of color, and steel,” said DiRuggiero. “And since the market has softened, the developer has a unique building that sets him apart from his competition, that has allowed him to put his stamp on the neighborhood,” he continued. The Monique, another building Urban Land Company represents, is located in Shaw. “It is Victorian on the outside and contemporary on the inside,” explained DiRuggiero. Located at 5th and R Street, NW, this 12-unit building is walking distance to the convention center and the historic O Street market. The model unit was bathed in sunlight, even with the curtains drawn, and was beautifully staged by a professional designer. “Part of our service is to provide this level of staging… Today’s young buyer likes this contemporary look, and we will even furnish the unit for people as a concession to close deals,” said DiRuggiero. Inside, the well appointed unit boasted Traventine marble tiles in the bathroom, contemporary faucets, big closets, and vertical cut bamboo floors. Greg Zahn, the architect for phase one of Capitol Overlook, a townhome condominium project in Eckington, created a stunning two level open loft floor plan with floor-to-ceiling windows. “You definitely get more space for your dollar the further you get away from U Street, but people do walk to U Street from here,” said DiRuggiero of the $525,000, 1500 square foot unit. The units, within walking distance to two metros, boast a cobalt blue European style kitchen, with horizontal glass cabinets and a dramatic – and large – kitchen island. “Anything different and stylish is an advantage,” said DiRuggiero. Some units offer a den – an interior room with no exterior windows that has three large floor-to-ceiling wood framed panels overlooking the loft. All of the units have fireplaces, numerous upgrades, outdoor space and a parking space included in the purchase price. “It is so sexy, and it would be unaffordable on U Street,” said DiRuggiero. The upper units even have a view of the Washington Monument. “It can be hard to get the developer to go out on a limb when it comes to design. There is a risk, and sometimes you have to go to the mat with the developer to get them to take risks. It is easier in this market because the market is soft, and they are looking for an answer, for a way to differentiate their projects. Pricing is important but some of it is just a matter of when your project hits the market… The most important thing is to have a product that is sellable,” explained DiRuggiero. And all of these units are. Jessica White, also known as “Ms. Mortgage Maven,” is a mortgage consultant with Tenacity Mortgage, a division of Tenacity Group, the Capital Region’s leading financing, real estate advisory and tenant condominium-conversion company. You can reach her at (202) 607-4449 or email her at Jessica@msmortgagemaven.com. You can also apply online at www.msmortgagemaven.com.