In case you missed it: Monument Realty exploring massive Logan Circle redevelopment

While we've been away on a bit of a blogging hiatus (much like the city itself, the 14thandyous slow down a bit during the summer months), there has been a steady stream of news coming into the neighborhood. The most intersting, in our opinion, was the story broken last week by Lydia DePillis at the City Paper regarding Monument Realty's potential acquisition and redevelopment of two massive sites in the Logan Circle area.



You probably know the Frontiers developments (one located at 14th and Riggs, the other at 11th and N): the series of bland brick townhouses built in that oh-so-lovely 1970s style, each featuring an almost comically massive (by urban neighborhood standards) parking lot. Originally built as public rental housing by the city, the units were eventually sold to private owners in the late 1990s. Today, the units that were originally purchased for around $125,000 are now appraised at upwards of half a million.

But in Logan Circle, where new developments are going up practically every day, developments such as the Frontiers aren't exactly aligned with the rest of the neighborhood. So in steps Monument Realty to address that issue.

DePillis takes readers through a recent meeting Monument representatives held with members of the Frontier condominium associations about a potential acquisition of the properties. In short, it would look something like this: 80% of the 54 unit owners in the east and west Frontiers associations would have to vote to dissolve the master condo association, and then the east and west associations would have to vote unanimously to dissolve themselves. If that unlikely series of events occurs, Monument is prepared to pay each unit owner over $800,000 for their respective units, along with an assurance to make units available in the new development(s) available to owners who wish to remain in the neighborhood.

In all, Monument could end up with one, both, or neither parcel, and end up paying upwards of $40 million to acquire both. (Which tells you how profitable the condo market is these days.)

Initially, it's easy to take a cursory look at this situation and proclaim it the clearest example in an ever-lengthening list of perceived attempts to purge Logan and the 14th Street corridor of low- and moderate-income residents. Undoubtedly, if this sale goes through, there will be those pining for the redevelopment of the buidlings along the 1400 block of R street as well.

But as with most such issues, the situation is a bit more nuanced than that. After all, receiving an amount equal to 175% of the value of your home is a deal that many people would take. $800,000 would grant you pretty wide latitude to purchase a new property in many areas throughout the city. And, since all units are privately held, and with the complexity of the condominium association governing documents, each individual owner literally has final say as to whether the deal moves forward. And based upon comments made by Monument representatives, they appear prepared for the very real possibility that it won't.

Owners also seem to be aware that they're in an advantageous position: the developers came to them, and they basically hold all of the cards. But Monument is unlikely to have endless patience (or pockets) for pursuing the acquisition of the properties. In the meantime, there are 54 condominium owners in Logan Circle who have a lot of thinking (and meeting) to do.