Horrendous Proposal Pulled From Review

GM has heard that the horrendous proposal for the Marvelous Market property has been pulled from review. It was going to get its first vetting by the ANC this week, and the Old Georgetown Board next week.

Perhaps sensing that it was walking into a meat grinder, the developer pulled the project and has not notified the CFA staff when it will resubmit altered plans. From what GM understands, it is a case where a prospective buyer is seeking approval of the plans prior to closing the deal. So ultimately this might just be a question of money, i.e. the smaller the approved plans, the lower the purchase price.

Ultimately it’s probably in the interest of everyone that some residential get added to the property. More housing (even expensive housing) is good for a market that is short on it. And having a residential component will make it more likely that the retail portion would be resident-focused. The model here is the redevelopment of Frager’s Hardware on Capitol Hill. The family sold the property to Roadside Development, which is using the money it will make building condos onsite to off-set the lower rent that a hardware store will pay. Hopefully here we could get a small grocery store in the market space. Roadside has been involved with the Marvelous Market space, but GM is not aware if they have a role in this proposal.

Either way, it’ll be a long time before anything happens with this space.

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