Metro Properties Inc. has just announced that the Allegro Condominiums, their 297 unit project at 3460 14th Street, NW, in Columbia Heights, has joined the tide of reverse condo conversions and is now destined to become an apartment building.
According to Jeremy Rubenstein, CEO of Metro Properties, the firm had finished their sales for the initial phase back in July, "right before the worst part of the instability of the housing market hit." MP had planned to resume condo sales this spring. "It actually has been an enormously successful condo sales program," Rubenstein said, adding "we reasonably suspected it would continue to be successful, but we looked at the risk in the financial environment and the uncertainty that many of our purchasers faced if sales did not meet our hopes and expectations. The rental market is tremendous in that location, and we decided it was the best choice for the area...we had been mulling it over for the past couple months. We're tremendously excited about this. We decided that our purchasers and our firm would be far better off."
Rubenstein expects that the entire building will be converted to apartments, and that Metro Properties will not keep any of the original purchasers as condo owners. Rubenstein predicts that its unlikely that leasing agents will have any trouble unloading the metal panel and brick apartment building with its nine foot ceilings, large balconies, hardwood floors, and underground parking. For the truly discerning, Allegro will have 62 two-level penthouse units with gigantic private outdoor roof decks, and interior apartments that face a courtyard with a reflecting pool. If all of that isn't enough, the largest retail project in DC history will be opening its doors in March, just 1000 feet from Allegro, offering tenants an assortment of shopping choices...and a Target.
The Allegro site is on the location of the old Giant Supermarket and surrounding parking lot, which was bulldozed in 2006 to make way for the new building. Metro Properties purchased the whole site in three phases, buying the Giant lot in June of 2006, and acquiring the two supplementary sites the next month. Marriottsville Construction, LLC, an affiliate of Harkins Builders, expects to complete construction by the fall of this year (construction photo at bottom).
Washington DC real estate development news