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Friday, January 25, 2008

Buy Me: 1547 7th Street

Last February I reported about a planned redevelopment of 1547 7th Street, NW (the building at the corner of 7th and Q Streets) about which I became aware. The cool looking, Bonstra Haresign-designed mixed use rehab and addition to the existing structure was to be known as Warrenton Plaza. Since that time, I have seen no signs of progress at the site, and the Warrenton Group's webpage for the development has been taken down.

Upon perusing Long and Foster's listings today, I found that 1547 7th Street is officially on the market. The current asking price is $1.5 million. I'm hopeful a new owner will scoop it up and make a reality of the awesome plans for its overhaul. Situated between several noteworthy projects planned for the area--the redevelopment of Kelsey Gardens across the street, the O Street Market a block away, and Broadcast Center One et al. just a few blocks north--it would be a shame for this property to see its potential unmet.


ML said...

Me thinks they are asking a tad bit much. That building, while on the corner and cool, has been vacant for quite awhile and is definitely in need of a lot of $$$ rehab $$$ before it could be ready for anything. The cost seems high too, when you consider the current skid row like vibe on that stretch of 7th street, and the ever-lovely Kelsey Gardens projects right across the way. As you point out that spot sure has potential - just like the rest of the slum historique.

Anonymous said...

Just checked the long & foster website and don't see it listed...could they have taken it off already???

Hopefully this listing isn't a way to avoid higher tax rates ala Michael Sendar...but given the owners lack of concern for the 'hood I wouldn't be surprised...

Shaw Rez said...

I still see it at the Long and Foster website, fwiw. Agreed, though, hopefully holding it out for sale is sincere and not to avoid vacant property taxes.

I don't know what fair market value is/would be for this property. I agree that the area's current conditions differ from what they're likely to be in the (hopefully near) future. It is a pretty visible corner along an important and improving commercial strip, though, so it inherently has value. Whether that value is 1.5 or not, that's for the market to determine.