Southwest’s Potomac Place Tower Returns to the Market

• August 31, 2009
• 14 Comments

by Stephanie Kanowitz

After almost a year of stalled work, renovations on a 396-unit condominium in Southwest D.C. can begin again, Monument Realty announced August 24th.

Plans for Potomac Place Tower, located at 800 4th Street SW, came to a halt last September when the senior lender, Lehman Brothers Holdings, filed for bankruptcy. After conveying the trust to Swedbank AB, Monument is ready to move ahead with the revamping.

Potomac Place Tower

“The renovation began in the third quarter of 2006 and was approximately 95 percent complete prior to Lehman’s bankruptcy filing,” said Kirk Salpini, senior vice president at Monument and the development manager for the project. “The renovation should wrap up with completion of the final units by first quarter 2010.”

The condo’s overhaul includes new electrical safety devices such as smoke alarms and sprinkler coverage; plumbing services; cosmetic changes to carpet, tile and paint; and updates to counters, cabinets, appliances, drywall, and kitchen and bath fixtures, Salpini added. Made up of three buildings with two eight-story towers, the condo also has an on-site fitness center, outdoor pool and a business center.

Potomac Place Tower, acquired by Monument in 2001, sits two blocks from the Waterfront-SEU Metro station and is within walking distance of the National Mall, Southwest Waterfront and baseball’s Nationals Park.

About 15 units in the North Tower and 100 units in the South Tower will be available for occupancy within the next 30 to 45 days, Salpini said, but all units will be ready in the first quarter of next year.

Floor plans include studios, one-bedrooms, one-bedrooms with a den and two-bedrooms. Prices range from $180,000 for a studio to about $330,000 for a two-bedroom space. The average cost is $228,000 per unit, Salpini said.

“For less than $200,000, a price you’d expect to pay in an outer suburb, a purchaser can acquire a stake in an established market that is undergoing a significant makeover,” including the Arena Stage and the redevelopment of the Waterside Mall, he said.

Buyers will also be living in a slice of D.C. history. The original structure – known as Capitol Park Apartments when it was built in 1959 – included 400 units in two towers and was designed by the famous Washington architect Clothiel Woodard Smith, Salpini said. The District designated the building as a historic landmark in 2003.

“It was one of the first buildings constructed in Southwest D.C. as part of the urban revitalization movement and is thought to be an excellent example of the period,” he added.

This article originally published at http://dc.urbanturf.com/articles/blog/southwests_potomac_place_tower_returns_to_the_market/1263

14 Comments

1. Jess said at 2:14 pm on Wednesday August 26, 2009:

   Condo Fees = $626/month

1. Georgetowner said at 3:44 pm on Wednesday August 26, 2009:

   hmm the website says that
   1BR’s with den start at $340K
   and 2BRs start at $390K

1. Brandon Green said at 5:13 pm on Wednesday August 26, 2009:

   Those condo fees look a bit high.

1. jag said at 12:40 pm on Monday August 31, 2009:

   haha, as soon as I saw the price and location my mind shot to “condo fees must be insane.” Thanks for the info, Jess.

1. Yovi said at 12:17 pm on Tuesday September 1, 2009:

   I’m not sure where Jess got her information but it is incorrect.  Condo fees are currently:
   Studio’s $294/month
   Jr. 1 Bedroom $320/month
   One Bedroom $360/month
   One Bedroom & Den $478/month
   Two Bedroom $509/month
   These fees include, amongst the usual, all utilities.  “Georgetowner” is right about the advertised pricing ranges on our web site as the NEW pricing qouted by Mr. Salpini in the article have not been advertised yet.  Selection is great at this time and we welcome one and all to come see the property for yourself.  We’re here 10-5 weekdays and 12-4 weekends and will be glad to show our models to any of you.  If you have specific questions please feel free to call us at 202-488-4153.

   Yovi Sever
   Sales Manager
   Potomac Place Tower

1. Josh Dubois said at 12:53 pm on Tuesday September 1, 2009:

   So Yovi,

   For those of us who already live in the building and purchased 2 years ago, how are these new prices going to affect how much our homes are worth? 

   Very Concerned Owner of a Condo At PPT

1. Lauren said at 2:21 pm on Tuesday September 1, 2009:

   @ Josh Dubois

   I don’t think the new sales prices would really affect the value of your condo at all. I doubt the developers would sell for a lower price than what they could get, so the fact that the prices are lower just reflects that the market has fallen, but it’s not the cause of the market falling.

1. Yovi said at 2:25 pm on Tuesday September 1, 2009:

   Thank you for posting your question Josh.  I am absolutely available to answer that or any other question related to our property at 202-488-4153.

   Yovi

1. Christine said at 2:54 pm on Tuesday September 1, 2009:

   Thanks for clarifying that, Lauren.

   Josh, if the price went up over the last 2 years and the previous owner stuck their hand out and said, “give me the profit”, what would you say? You probably wouldn’t like that very much, would you?

   Welcome to the world of investing in real estate. Prices fluctuate, and that is a very well known risk. Maybe you shoud stick to renting if you can’t handle the ups and downs.

   There is so much development going on in that area.. you should be less concerned and more excitied.

1. A concerned citizen said at 9:07 pm on Monday November 16, 2009:

   If you’d like to know our experience went buying from Capital Residence, Yovi Sever’s company, contact me.  .(JavaScript must be enabled to view this email address)

1. HD said at 12:02 am on Friday February 19, 2010:

   No polite way to say this…so I lived on the 4th floor in college. 1996. Significant amount of cockroaches. Tell the truth have you seen 1?
   Thanks, BTW I am seriously interested but the area after all these years is still lacking a bit. The bugs would be my final straw.

1. Steve Coker said at 11:01 pm on Friday April 2, 2010:

   A lot has changed here since the 1990’s. I’ve lived on the 3rd floor in the new North building since 2007. Haven’t seen a cockroach anywhere in any of the three buildings, or around grounds.  The homeowner’s association and building management do a great job keeping things clean here.  It is a great place to live.

1. Former PPT investor said at 2:50 pm on Tuesday April 6, 2010:

   I am a former investor with PPT and Monument Realty. Just a word of caution: Monument Realty is one of the most unreliable companies out there. My experience with them was absolutely disastrous! I would highly recommend NOT buying from them.

   In addition, PPT has had numerous problems and Monument Realty has NOT been responsive on time (or at all). Just to mention a few and ones you would want to check out when you visit the property:

   - EXTREMELY thin walls and ceilings (you can
   even hear neighbors turning in their beds at night)
   - The AC and heating units in the apartments are so extremely loud, you can barely sleep at night. They kept the OLD structure and it is not good at all!
   - The common areas have been completely deplorable since people started
   moving in, in 2007! I believe some updates are being done now… but definitely not enough!
   - Gas leaks AND water leaks have been reported throughout the building.
   - There have also been complaints about hot and cold water… sometimes people have one OR the other, but not both.
   - HD, You are worried about bugs, well.. there have been a lot of reports about RATS! The gym smells like dead rats all the time.
   - And before you move in, make sure they have changed the elevators. On several occasions the doors would open and the elevator would be on another floor! Talk about dangerous!

   I wouldn’t say Yovi is the crook… but Monument Realty leaves A LOT to hope for. The building is NOT in excellent condition and the developers are not very honest.

   It is a big investment to have to deal with so many issues. Do your research before you think about investing!

1. Sigh said at 4:01 pm on Saturday May 22, 2010:

   Apparently, Potomac Place Tower is subject to more construction liens. They are backed up trying to close properties before the June 30th deadline for the tax credit!! What does this mean for people currently in the process of buying or even existing residents?

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