Old Convention Center Redevelopment Financing Announced

I can’t find any information on an anchor store. Do they even have one? I can’t imagine them announcing this as a done deal until they get one. And I’m sure that 134 units of “affordable” housing will be whittled down to nothing very quickly so the developer can “make the numbers work.”

I really hope they stay on top of this and don’t let it drift and get watered down. Could really be such a great addition, but if not done right could be a mess.

There is an extensive article on the development in today’s Post.

thanks anonymous !

here’s the Washington Post link for our readers…

Building D.C.’s New ‘Heart and Soul’ [WaPo]

no anchor has been announced that I know of and therein lies the challenge or opportunity depending on how you view the project. personally, I really like the design that has been put on the table by the developer. it’s been thought through and it’ll bring more 24 by 7 life downtown. it’s now mostly execution as the land use (except the one parcel) is out of the way.

I read somewhere that (am looking for source, will fwd if I find ) Bloomingdales is considering the MLK library site after passing up Georgetown Park.

that’s prime downtown real estate and should not be used for a library or low income housing, both magnets for delinquents and crime.

The library will not be moved to the new site — fiscally does not add up. The last I heard, there were other plans floating around for MLK.

#6: there is a difference between ‘low income housing’ and ‘affordable housing’. there is a GREAT need for affordable housing in DC. it’s not fair that regular folks making a decent living can never hope to afford a condo in a decent neighborhood.

this city would be even better if the downtown area had a true mix of residents and not just the 2% of society who make enough to afford condos which are over $500,000. with a larger number permanent residents, more businesses would flourish and we could begin to really build a neighborhood.

and, although i can’t argue the statistics of crime that takes place in ‘low income housing’ projects, i still must protest your generalization….i like to hope that there is a way to provide safe places to live for people who make a meager living.

I live in an “affordable housing” unit in a luxury building in PQ. I am not poor (not rich, either), I do not commit petty crimes, I bathe, I can walk down the street without yelling obscenities or catcalls, and I give back MUCH more to the community than I take.

Affordable housing is not free housing. It is a chance for someone to move into a neighborhood and add to the value of the community.

Wanna meet 12 success stories of affordable housing? I’ll have you over for drinks. Or contact the Cultural Development Corp (culturaldc.org) for info on ours and other projects.

Libraries are magnets for delinquents and crime? I guess we should tear down all the libraries and replace them with Panera bread and BORDERS and the world will be a better place.

I hope that was tongue and cheek.

tongue in cheek that is

Yeah…”libraries are magnets for crime” is just an asinine thing to say. Filter people, filter!

I agree 100% with Jon on affordable housing. This city NEEDS more of it, and soon. This is not to be confused with low-income housing. We’re just talking affordable to the average joe. When I graduate, I’ll have a meager urban planner’s salary to look forward to, and god knows I won’t be able to afford to buy a house in DC. Something is wrong when even going for higher education does not ensure you a piece of the pie.

In regards to low-income housing, well we need a lot more of that too. From the sound of the comments, people have a pretty rotten view of low-income housing projects, as they should. The crap we built in the 1960’s is horrible…consolidating the poor in one place is madness. I take no responsibility for the urban planners that of the previous generation Anyway, the new stuff is much better…its all about mixed income. Hope VI projects are a good example. Don’t be afraid of low-income…planners are doing it right these days.

I agree with #9. We have lived all over the country (including California) and have always been able to afford housing on much less income than earned here.

There only seems to be two kinds of housing in DC…substandard and tiny overpriced condos.

A few months ago I was in San Diego and discovered that we could purchase a townhouse or condo in the downtown area for much less than in DC. (and more square footage). San Diego has created a wonderful public transit system, walking distance to restaurants, the waterfront, and Petco Park. It is also a great town to bicycle…many of these things are missing in DC. So why is DC so expensive? It certainly isn’t the weather.

Not everyone wants to pay 400,000 to 500,000 to live in a tiny 700 sf condo. There isn’t THAT much in this area to warrant these prices.
The prices were created by the housing frenzy. That being said, everything that goes up must come down. I have been around long enough to see it happen more than once.

Hang tight everyone, our turn will come.

Preaching to the choir, #13 and others. DC’s a great area and I’ve greatly enjoyed living here, but I can only roll my eyes when I read someone trying to justify an $800k price tag on an 850 sf 2 BR condo because, well, it *is* really nice inside…

i heart jon…. ok ok..i heart jon’s comment
xoxo

#13 and #14, don’t worry, the prices will come down (and this is coming from someone who bought and lives in one of those condos). Maybe not as much as you would like, but there are too many vacant / rental / for sale condos for the prices not to keep coming down.

The only thing holding them somewhat up is that a lot of the sellers are still trying to hold out for 2005/2006 prices.

#13, I think you are not being fair. The price for living downtown, where there is limited space and located close to our work and cultural offerings, could be compared to ocean-front property in your beloved San Diego. Both are limited and expensive. But worth it to many of us.

#17…San Diego is on a bay, not an ocean. The city is very similar to ours…it has a small town feel…beautiful zoo and museums, lots of architecture and close to work.
San Diego is very limited on space, probably even more so then DC. In addition, there is alot less old and ugly ..and no rats in the city.

If you were truly compairng the two cities, you wouldn’t cite me as being unfair. I love DC and love living here, but there is NO comparison between the two. Therefore, I do not understand why the prices here are so ridiculous.

Again, I have lived in San Diego, Los Angeles, San Francisco, Chicago, St Louis, and Cincinnati as well as most of Florida, and I just don’t get the prices here.

I think that the buyers of the last few years were very inexperienced in the real estate market, and just jumped at anything.

#13, there’s only one nation’s capital… so when you try to compare all those other cities you’ve lived in to DC, you’re failing to recognize that there’s a historical element to this city that goes unmatched by any other city you mentioned. We may not have the “bay” or an ocean, but there’s only one city in this country that is the center of leadership for the free world and you happen to live in it. I’m pretty sure that these “ugly” areas you speak of in your post (“rats” included) come at a premium for anyone who has a desire to live here so I would suggest that your argument is quite flawed. No one is forcing you to live in PQ nor are they forcing you to pay the high prices to live downtown in the center of action. If you would like a discount on a home, move to Falls Church… I hear they have lovely homes with twice the space at half the cost. It boils down to a supply/demand principle that is the basis for all home prices… this isn’t rocket science. If you would like to live in an area where the space is limited, you’re going to have to pay the price. Otherwise, there are other options that are in less demand (outside the center of the city) and therefore cost less.

Additionally, I don’t think it was fair or justified for you to state in your post that everyone who bought “in the last few years [was] very inexperienced.” I didn’t buy my condo to flip it in a year. I bought my condo to live in it. Your “inexperience” in recongnizing sound long-term investments is shining through, my friend.

I’m with #17… it’s worth it.

#13 et al. are just bitter because they still rent and missed the boat a few years back.

#19 I certainly don’t mean to ruffle any feathers, but one needs to be a bit more open minded.

This IS the nation’s capital, but so sad to have such a large homeless population and to have so many unable to live in decent homes.

I don’t disagree with the fact that a home can be purchased in outlying areas for less money, as that is true in many places. (as per my example…other cities, such as San Diego can be bought cheaper).

I just don’t understand why such a large portion of the population is priced out of this area. I also don’t understand how some very undesirable and high crime areas are priced at the same prices or very close to Penn Quarter.

Again, I am not knocking the area..I just don’t get it. I am far from being “inexperienced”. It is obvious that many people were sucked into the hype. Many developers took advantage of this. If what I am saying is not true, then why are so many people walking away from their deposits? Read Sunday’s Post…many of these complexes are not appraising out for the asking price and people cannot get loans. This is caused in an overinflated market….do the math. It happens and I have seen this more than once around the country.

YOu are very fortunate that you are going to live here for a very long time. Many people aren’t here for the long term. If you lost your job tomorrow or were transferred,or became very ill, would you be able to sell your place for the initial purchase price?

A middle income family should be able to buy a home in the district. It should not be available to a very small percentage.
If you want to be segregated from all parts of society…live on an island.

All income levels should be able to purchase a home in the Nation’s Captial, home of the free world.

For the record…do your homework…San Francisco, Chicago, St Louis and even San Diego and LA all of a history (St Augustine, Florida is the oldest city in the country).

I don’t think that we are paying more money because this is a historic place….my friend.

Why should all income levels be able to purchase a home in the Nation’s Captial, home of the free world? I’d like to live in Manhattan too but that ain’t going to happen. The cost is high because the demand is high. It is a free country and anyone can sell their home for whatever they want.

As to the supply side, developers make more on $700,000 “luxury” shoeboxes. And our city leaders seem to prefer it that way. Few developements get done without some kind of tax break (TIF) from the city. Try getting TIF for building a single family row house. Only large developers with deep pockets for “fund raising” get breaks. Better yet, try to buy and renovate a vacant property. The bastards, sorry owners, will hold out for outrageous sums that only “developers” will pay. The “developers” then can only make money if they subdivide the home into several tiny “luxury” condos. But mostly, several thousand buildings remain vacant in DC including hundreds owned by the city.

Thirdly, housing in DC has costs that surrounding areas to not. The recording fee is a total rip off (not sure what it is now, about 1.5%). Permits are a total hassle and many times bribes are required (hopefully, that is changing). Rent control drives up costs.

The homeless issue has nothing to do with the cost of housing. But that’s another story.

#18,

San Diego is 372 sq miles. Probably no restrictions on the height of buildings.

DC is 69 sq miles with a totally outdated restriction on how high the buildings can go.

How is this a total shock that living here is expensive? There is less land available here.

Furthermore, you’re complaining about home prices? And you lived in SF?

Doesn’t SF have some of the most overpriced real estate in the country?

You seem to be saying that San Diego is a nicer city than DC and so therefore DC should have cheaper housing.

Thats a very simplistic viewpoint.

Look at Baltimore, none of their new housing is particularly cheap.

Real estate is not an exact science.

#13, a middle income family can buy a home in the district… there are 4 whole quadrants to decide between and one 5-10 block radius (PQ) does not need to have accommodations for every type of individual seeking to buy a home… have you been to georgetown lately? And do you really think that living in PQ “segregates” one “from all parts of society?” That’s a pretty broad statement and I would think that it’s a bit misguided. Come on… seriously? Again, if you feel like the prices are exorbitant, then there are other places to live in the District. Do you have the same criticisms about La Jolla, CA just north of San Diego? How about Malibu, CA? The Bay area of San Fran? I was in CA last week and surely those spots don’t have accommodations for everyone.

Also, I did do my history homework and the last book I read said that Washington, D.C. was currently the nation’s capital… Not the others. Those other cities are beautiful — no doubt about it. But each is unique for various reasons, including Washington, D.C. It does no one any favors to call our great capital city “ugly” or “rat” infested.

The fact that the people who are now finding themselves in a situation they can’t afford is as a result of bad planning and bad financial decisions. People across the entire country are “walking away from their deposits.” This is not a local problem. The folks who got greedy and wanted to quickly flip their condos in PQ (a local issue) got burned. That’s a mistake we hope people only make once. People have such a fascination with buying things they can’t afford in this country and then the people who are left to bail them out are fiscally responsible people like me and you through our tax dollars. That’s the latest Bush plan (accepted by both Ds and Rs) to resolve the sub-prime crisis… love it or hate it… the tax-payer has been left with the bill. Nothing new.

Buying a home is a long term decision and if you don’t think you will stay in your home for at least a few years, perhaps the renting option is a better one.

PQ happens to be an expensive area to live in… there are many other great places in DC to choose from.

I want to throw out an idea for discussion about the size of apartments in our neighborhood. Personally, I like the idea of having smaller, more modest living spaces. I find I buy a lot less “stuff” and am more efficient with my resources. In the end, I think my environmental footprint is smaller than if I had a bigger home or apartment in the suburbs. Having more smaller apartments in urban cores might even help preserve more open spaces. If it important to eat locally grown foods, shouldn’t we spare farms from being sold to real estate developers? How do others feel about this?

The discussion of affordable housing began with #6’s comment…reread it..the rest of the comments may make more sense.

No one is attacking PQ…a statement is merely being made that there should be room for all income levels here. #6 felt that middle of the road housing would draw undesirables.

Just because someone doesn’t want to throw away $800,000 on 700 sq ft, doesn’t mean they are poor. They may want to use their money for other things, such as travel, retirement and other investments.

As the nation’s capital, this city needs to be diservisfied…all races and all income levels..not just for a select few.

“#13 et al. are just bitter because they still rent and missed the boat a few years back.”

LOL…not at all, quite the contrary. I’m thrilled that I didn’t get sucked into to vastly overpaying for a shoebox. But, hey, if YOU’RE happy about that, more power to ya’.

“Why should all income levels be able to purchase a home in the Nation’s Captial, home of the free world?”

You know, there’s an awful lot of irony in this statement.

“#13, a middle income family can buy a home in the district… there are 4 whole quadrants to decide between and one 5-10 block radius (PQ) does not need to have accommodations for every type of individual seeking to buy a home.”

If the exhorbitant housing costs were limited solely to PQ, I might be inclined to agree. Unfortunately, that’s not the case. The majority of areas in NW, for example, are out of reach for middle income earners. And there aren’t four whole quadrants; SW barely exists, and NW is significantly larger than either SE or NE. It’s a problem facing the entire District, not simply PQ.

The cities some of you are trying to compare to DC (i.e., San Diego , LA, etc…) are better described as sprawling suburbs than urban cores. People in Manhattan and major European cities have been paying astronomical prices for small square footage housing for decades. These people all sacrifice size for location just like we do in Penn Quarter.

Yes DC’s market was overinflated in the last 1 to 2 years but things are starting to level out, and prices in Penn Quarter are still far above what they were 3 years ago. Personally, I think the high price of living in our area says alot; namely, that Mayor Fenty and the PQ Commission before him realized the potential of the neighborhood and turned that opportunity into a reality.

These arguments on this board reinforce that a large reader base spent too much time reading The Communist Manifesto. It’s nonsensical in a market society to demand a reasonably priced home in one of the hottest areas of the city. As others of said, if you want to live in the middle of the action, you’re going to have to sacrifice that extra bedroom you’ll probably never use anyway.

If you really need that extra space with a DC zip code, start looking for row house in Anacostia or somewhere else deep in the NE or SE quadrant. If that doesn’t work for you, head out to Indianopolis, Kansas City, Omaha or Birmingham.

#27: as you laugh every month while paying your rent check, receive zero tax benefits and fund someone else’s equity, those of us who did buy 2.5 – 3 years ago are laughing our way to the bank when we cash in on the significant equity we made by purchasing 1-bedrooms in great PQ locations for less than $300,000.

“#27: as you laugh every month while paying your rent check, receive zero tax benefits and fund someone else’s equity, those of us who did buy 2.5 – 3 years ago are laughing our way to the bank when we cash in on the significant equity we made by purchasing 1-bedrooms in great PQ locations for less than $300,000.”

I never said I rented. I only said I didn’t pay an inflated price for my home. A 1 BR for less than $300k in PQ would be a bargain. A 1 BR for $600k in PQ is anything but. Tax benefits or no, I have no interest in pursuing something like that.

Y’all have pushed me out of my silence. PEOPLE, why don’t we compare apples to apples. We live in one of the MOST powerful, MOST influential, and MOST name-recognized cities in the world. Our fair city is not unlike Manhattan, Paris, London or Hong Kong. So, . . . what would one pay to own a 700-square-foot apartment in the central business district of THOSE cities?? MUCH, much more. ‘Nuff said.

Sorry, LA, but as much as I love DC (and I agree that it’s one of those “special” cities), comparing it to the CBD of Manhattan, London, Hong Kong et al. is not an appropriate analogy. DC is not New York, London, Paris, etc.–developmentally, it’s got miles to go before it attains that status. There are a lot of reasons as to why people would be drawn here (as I was), but the cities you listed are simply completely different cities than DC.

Ben, whether or not DC compares to those cities is not really the issue here.

Some people continue to push some ideal notion that there MUST be “affordable” housing. The question is, why???

Other cities like Manhattan, Tokyo, etc are simply too expensive for lower income people who, unfortunately, must look elsewhere.

In DC, like all other places, let the market decide.

There is no logical reason, besides idealism, that says all parts of DC must have affordable housing.