Trouble for Northwest One?
30 10 2008Apparently there is some growing concern over the $700 million Northwest One project because of the current market downturn. The combination of the 1,000 market rate condos and the recent drop in value of federal low-income housing tax credits is creating a bad situation that jeopardizes the massive development.
The WBJ is reporting that in order to make up the shortfalls and keep the momentum of the project going, the city may increase the funding from the D.C. Council or add more market-rate units at other sites that have a better potential to sell quickly. We just hope the District doesn’t take any unnecessary risks.
1000 condos? Really? That’s a huge number.
Just increase the number of market rate units (and accordingly decrease the section 8’s). I will save about 200k per unit and also make the whole thing less of a gamble.
*it, not “I”
I agree with SG 110%. I would like to see the DC government get out of the business of artificially controlling the price of housing and let the market determine. It’s a great location — North Capitol and it’s awesome view on one side … and a few blocks to the west you have Chinatown, the new Safeway and Results gym.
I never felt like this project was ever going to get off the ground…there’s been a lot of talk for years but no action. As they say in the software industry: vaporware.
We need a new term for these kinds of projects…vapor-estate?
Out of curiousity what happen to JB Johnson Nursing Home and the church at North Capitol & K Street they both seem to be replaced with blank highrises where they should be in the drawing.
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With this project I don’t think you can simply say “decrease the affordable housing”. Northwest One isn’t redeveloping a parking lot or vacant property owned by the District. It’s primarily redevelopment of the Sursum Corda housing projects.
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