More housing?

Friday, June 01, 2007

CJUF/Lowe Acquire Dupont Hilton for $290M

The company is also set to announce another DC deal in the coming weeks, CJUF managing partner Bobby Turner reveals: a $70-million mixed-use project in the Columbia Heights neighborhood. The residential component will have a significant affordable housing component and there will be retail on the ground floor.

Unfortunately, that’s all the information the article has about what’s going on in Columbia Heights. The rest of it is about the Dupont Hilton, which is of less interest to me.

Anyway, just what Columbia Heights needs - more housing! I like that they’re including affordable housing, although they probably had to, so it’s unlikely that we should give them credit for caring about the community. But as far as I know, the unfinished projects at the Metro - Kenyon Square and whatever the other one is called - are having trouble selling all the units, and it’s the same with Allegro further north. And I know some of the row-house-to-condo conversions that we looked at before we bought back in January are still on the market.

All of this suggests that a new housing development is not in anyone’s best interests. Now, CJUF undoubtedly knows something that I don’t, because they didn’t get to be a large investment fund by making dumb decisions. But I can’t imagine what they could know that goes against the indications that housing in Columbia Heights either is outpacing demand, or is stubbornly overpriced. Neither of these options make for a really profitable new housing development.

Posted in: dc , uninformed ramblings