Petworth Gets Its Grand Opening

October 13, 2009
4 Comments

by Will Smith

Photo courtesy Sean Robertson.

Last week, we attended the grand opening of the Park Place apartment building in Petworth. While we tend to focus on for-sale projects rather than apartments, we can’t resist a good opening. Park Place, which was originally planned as a condominium but converted to rental due to the market, sits literally on top of the entrance to the Petworth Metro station at Georgia and New Hampshire Avenues, NW (map). With 161 units, it has been an eagerly-anticipated addition to the neighborhood since breaking ground over a year and a half ago.

Attendance was strong at the opening, which included spotlights, velvet ropes and a red carpet at the building entrance plus DJs and three bars on the expansive rooftop. There has been a fair amount of coverage of the event in local blogs. DC Metrocentric posted photos and you can see even more here.

Escalator to the Metro in the base of the building. Photo courtesy Sean Robertson.

Because it was initially planned as condos, the units at Park Place are quite nice. That quality plus its doorstep proximity to Metro are certain to be a big draw. But there is some question as to whether the monthly prices are in line with its location. Petworth, while starting to see meaningful new development and retail, is still a ways from having the critical mass of Columbia Heights or U Street to the south. One-bedrooms start at around $1,700 per month. The developer is offering a handful of incentives, including 2 months free rent, 3 months free parking, and waived security deposit, amenity, and application fees.

Many consider Park Place and Allegro in Columbia Heights head-to-head competitors. Both were originally planned as condos, and both are positioned as hip buildings in dynamic neighborhoods targeted at young people with a little more money to spend than the English basement crowd. Allegro held its own grand opening earlier this spring (see our coverage).

If you’ve checked out Park Place, let us know what you think in the comments.

Update: As noted by the commenters, starting rents are about $2,000. The $1,700 rent is after accounting for the incentives. View the most recent price sheet here.

This article originally published at http://dc.urbanturf.com/articles/blog/petworth_gets_its_grand_opening/1408

4 Comments

Lauren said at 3:13 pm on Tuesday October 13, 2009:
There was a lot of chatter about the high rents on the Prince of Petworth blog a while ago. Back then I think they were talking about charging $1700/month *after* the 2 months free - it sounds like maybe they’ve come down from those prices now? $1700 * 10/12 = $1416 / month isn’t bad for a 1br right above the Metro. Of course that rate’s only for the first year…

monkeybizness said at 3:39 pm on Wednesday October 14, 2009:
@Lauren - no, you’re right on. 1700/month is after amortizing the 2 months free. i just went there recently looking for a short term lease (no go), and the “market rate” is something closer to 2100-2300, depending on the unit.

when we asked about what would happen at the end of the first year, they said “uuhhh, you can negotiate for something after that, like tell them you want another free month or whatever.” hmm.

that said, the units are very nice, modern/industrial style, with polished & painted concrete floors, high end appliances. if i were willing to sign a one year lease, i’d probably do it, mostly because of the new stuff coming to the neighborhood and the incredibly close metro proximity.

Lauren said at 8:54 am on Friday October 16, 2009:
Oh wow, that’s crazy then if they consider 2100-2300 for a 1br to be true market rent. You can get a nice 2br in Columbia Heights or Petworth for that, or a 1br pretty much anywhere in the city.

Will Smith said at 8:44 am on Monday October 19, 2009:
Thanks all for weighing in.

You are correct: starting rents are about $2,000. The $1,700 rent is after accounting for the incentives. View the most recent price sheet here.