Friday, July 28, 2006
Despite the gloomy forecasts of various media declaring an oversaturated condo market, apartments still aren’t safe from conversions. The latest downtown DC conversions include a pair of historic buildings undergoing renovations by local developers for impending sales as condominium units. The newest converts are The Grant, a historic 40-unit building at 1314 Massachusetts Ave., NW, and the Chastleton, an 86 year-old building at 1701 16th St., NW, with developer Keener-Squire converting its remaining apartments. Despite the supposed malaise of the market, condos in Metro-centered neighborhoods have been the least affected in the region; and with financing costs rising and construction costs, well, going through the roof, conversions offer developers relatively speedy, low-cost alternatives to developing increasingly scarce land. Condo conversions are dead; long live the condo conversion!