Overview

Location Overview

The property is located in the Columbia Heights neighborhood of Washington, D.C. Generally, the
boundaries of the immediate area are Spring Road to the north, Florida Avenue to the south, 16th Street to
the west, and Georgia Avenue to the east. The Central Business District is approximately 2 miles
southeast of the subject property.

Neighborhood Analysis

The Columbia Heights neighborhood is an older, established neighborhood with primarily lower density
residential uses with a mix of single-family attached and detached housing and multi-family properties.
Commercial uses are typically concentrated along the major roadways including 14th Street, 11th Street,
and Sherman Avenue. The major retail developments in the neighborhood are DC USA and Tivoli
Square.

DC USA is a 540,000 square foot retail and entertainment complex located on a five-acre site near the
Columbia Heights Metrorail station at 14th and Irving Streets, NW. The project is anchored by Target, and
also includes Best Buy, Bed Bath & Beyond, and Marshall’s. Small businesses also occupy space in the
facility, with 15,000 square feet set-aside at a discount for local and neighborhood businesses.
The Tivoli Square project, developed by DCCH, Horning Brothers and Tivoli Partners, opened in 2005.
The entire historic exterior of the former 2,500-seat, Tivoli Theatre was preserved along with important
interior elements. The mixed-use development project includes a state-of-the-art 55,000 square foot Giant
Food grocery store, a sit-down restaurant, ground floor retail, office space and condominium housing.

The property is situated directly across the street from Howard University, which is the primary land user
in the area. The school has recently announced plans to sell of some of the older buildings it owns to
developers which should spur further redevelopment in the immediate area. Development along Georgia
Avenue primarily consists of freestanding and strip retail uses interspersed with apartments, residential
condominiums and professional offices. The surrounding roadways provide residential back-up.

Access

Local area accessibility is very good, relying on the following transportation arteries:
Primary access to the subject neighborhood is provided by Georgia Avenue, NW (US-29) and 16th Street,
NW. Both roadways provide connectivity with the Washington D.C. Central Business District to the south,
and the Washington Beltway (I-495) to the north. East-west connectivity is provided by Missouri Avenue NW, which travels west through Rock Creek Park and into the Friendship Heights neighborhood, and east to New Hampshire Avenue and the Fort Totten neighborhood.

The property is located approximately ½ mile southeast of the Columbia Heights Metrorail station and ¾
mile south of the Georgia Avenue/Petworth Metrorail station, both of which are on the Green and Yellow
Lines. Both are considered within walking distance of the property.