Monument Backs out of Condo Development

Monument Realty has announced it is cancelling its planned conversion of the 571 unit Park Center condos in Alexandria's West End. The three apartment towers, dating from the mid-1970's, were purchased by Monument for the purpose of conversion into condominiums and were undergoing renovation. No settlements have occurred on the individual condos, which a spokesman said is currently about 50% occupied by tenants. Only about 60 contracts were written on the property since sales began in June of last year. Monument will retain the property for now and rent the remaining units; purchasers are being offered their security deposits back, with interest. Monument is currently in the processing of converting the famed Watergate Hotel into 96 coops, and owns approximately 12 acres of non-contiguous land in the vicinity of the soon-to-be stadium, including 3.5 acres adjacent to the stadium on Half St. Monument is currently selling condos at the Chase, a condo conversion in downtown Bethesda, the Palatine and the Prime, both highrises in Arlington, and at Potomac Place in Southwest DC.