Possible Condo Conversion: Charter School Property For Sale

August 30, 2011
2 Comments

by UrbanTurf Staff

Photo courtesy of Google Maps.

The building that housed the Capital City Public Charter School in Columbia Heights has hit the market. While it always interests UrbanTurf to learn the fate of architecturally interesting old buildings, 3047 15th Street NW (map) is particularly intriguing because it is zoned as R-5-B. Such zoning means the building could be used for residential purposes and that a developer could convert the building into a condo project.

There is precedent for such a project; school buildings in the District have been converted to multifamily residences with great effect. Examples include Bryan School Lofts and Pierce School in Capitol Hill and Parker Flats in LeDroit Park. Indeed, because the city is so light on old industrial buildings that are converted to residential lofts in other major cities like New York and Chicago, schools are one of the few conversion opportunities in DC to develop loft-like units (old body shops and churches have also been used).

Situated at the intersection of 15th and Irving Streets one block from the Columbia Heights Metro station, 3047 15th Street’s location is highly desirable, particularly for the condo-buying set. The building underwent a renovation and expansion in 2004, and it has a roof deck with 360-degree views.

It is listed at $8,950,000, and evidently the seller is motivated. “Time is of the essence,” reads the sale brochure. “Call for offers by Friday, September 2, 2011.”

This article originally published at http://dc.urbanturf.com/articles/blog/possible_condo_conversion_charter_school_property_for_sale/4071

2 Comments

gina a. said at 4:40 pm on Tuesday August 30, 2011:
Will the city be repaid for the money residents invested for the purchase and renovation of these buildings via tax exempt revenue bonds and the use of the per pupil facilities funding? There’s a bunch more charters right now that could become loft condos with the flip of a switch, their locations never well suited for a school, but very well-sited for condos. I’d also be interested to learn just why they’re selling-all of their campuses have wait lists I thought.

SWDC said at 7:00 pm on Thursday September 1, 2011:
No more condos in Washington D.C. There is a glut of unsold condos old, new, and conversions and even more condos are being built even though condos are dirt poor real estate investments. Condo fees increase steadily and one will be also hit by surprise extra special assessment condo fees and unlike a mortgage on a single family home condo fees never ever end. Condo buildings that have not sold well have been converted into home less shelters in NY and in Md into low income housing and rentals in general. Never mind the taxes… Urban environments do not have to be high density “pack em in like rats” especially the nation’s Capitol Washington DC. “Friends do not let friends buy a condo.” Today and perhaps for the next decade it is better — and cheaper — to rent premium real estate than it is to buy.