
Last week, the DC Council held a hearing on the proposed surplussing of the Hurt Home, a large District-owned building at 3050 R St. Neighbors saw flaws in the substance and process of that decision, and several went to the hearing to have their voices heard. The Council did not act on the surplus request last week, but will vote on it this WednesdayCORRECTION: No Council Vote is planned right now.
What was revealed last week are the terms of the proposed disposition of the property to the Argos Group. The most salient provision is the proposed purchase price: $1.3 million.
As GM discussed a little while back, that purchase price was likely going to have to thread a couple of tight needles. Make it too high and the only way the developer can afford to recoup its costs to rehab the building is for it to build either too many apartments (as far as the neighbors are concerned, at least) or build the apartments too expensive to sell. Make it too low and you risk giving away a valuable publicly owned property for peanuts. Plus the developer may just go ahead and build too many apartments regardless. Continue reading →
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