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The Metropole:
And the Award for Most Anticipated Condo Goes To...
The Metropole
It has been a long time coming, but The Metropole finally had its grand opening last night, complete with spotlights, security guards, life-size Oscar statues and hundreds of guests. As luxury condos in DC go, you would be hard-pressed to find a more anticipated project than this seven-story development.The question is: Was it worth the wait?
Location
The Metropole is located on the corner of 15th and P Streets in Logan Circle directly across the street from the area’s Whole Foods Market (see map here). The block is lined with coffee shops (Starbucks), restaurants (Logan Tavern, Stoney’s) as well as a CVS, bank and dry cleaners.
Living Space
The Metropole is the creation of developer Scott Pannick and his Metropolis Development Company. It is Pannick’s fifth and largest condo project in DC (he also developed Langston Lofts and Lofts 14 in the same neighborhood). The development was designed by RTKL Architects, a renowned international firm that has designed a number of condo projects in the area, including Lofts 14.
Sales started at The Metropole back in 2005, and the developers set a completion date of September 2007. However, when the construction company that was in charge of the project went bankrupt, things were put on hold until a suitable replacement could be found. While things eventually got back on track, many of the original buyers were not amused by the delays.
“We had people that were pretty upset,” Metropole representative Andrew Riguzzi told UrbanTurf. “But honestly, there was nothing we could do and we were always straight with our buyers. While we were sorry that many of them had to live month-to-month at an apartment, we never gave them the false idea that they would be moving in when they wouldn’t.”
Of the 90 units in The Metropole, 30 are still available for purchase. The remaining condos range in size from 630 square feet to 2,000 square feet.
In an interview with the real estate blog DCmud, Scott Pannick said that he chose RTKL Architects because he wanted “all of the units to have some kind of ‘wow’ factor.” UrbanTurf was at the opening party last night, and believes that “wow” translates to “narrow and tall,“ the dimensions of many of the units. The units are also designed in a very modern and minimalist way that give them an urban and hip feel.
Every unit at The Metropole is on two floors, so a number have high (18 feet) concrete ceilings where the piping and ductwork remains exposed. Along with high ceilings, some units are outfitted with enormous windows that either look out on P Street or 15th Street.
Last night, a one-bedroom model on the second and third floor was on display. When you enter the long, narrow unit, the kitchen is on the left wall with space on the right for a dinner table. The kitchen leads into a small living area that is large enough for a couple couches with floor-to-ceiling windows that look out onto the corner of 15th and Church Streets.
A stairwell near the entrance leads up to a lofted bed area that overlooks the living room. The bed area is large enough for a Queen bed and side table and maybe a small desk. There is a bathroom (UrbanTurf overheard a number of guests praising the style of the bathrooms last night) connected to the bed area which you must walk through in order to get to a large walk-in closet. The floor plan of the unit can be viewed here.
Anyone who buys in the Metropole receives a free one-year membership to Vida Fitness, a gym and day spa that will open at the retail level of the building. The development also has two on-site guest suites which can be reserved when relatives come to town. There are storage units in the basement that condo owners can buy for between $2,600 and $26,000.
Price Range for Available Units
| One Bedrooms | Starting at $449,900 |
|---|---|
| One Bedrooms w/Den | Starting at $559,900 |
| Two Bedrooms | Starting at $795,900 |
| Two Bedrooms w/Den | Starting at $988,900 |
Kitchen
Parking & Transportation
The listing price for every unit at The Metropole includes a reserved parking space in the development’s garage. There are also 70 additional spaces in the garage that are pay parking spots for guests and the general public.
The Metropole’s central location puts it in good proximity to two Metro stations. It is about a 10-minute walk to the Dupont Circle red line or a 15-miunte walk to the U Street/Cardoza green and yellow line.
Bottom Line
The average listing price of the four Metropole condos that were on display at the grand opening last night was about $888,000. The average price per square foot approached $715. These are very high prices compared to other high-end condos in DC. And while the units were impressive, we’re not sure that cutting edge design and very close proximity to the area’s Whole Foods market justifies these price tags.
That said, if the 500+ attendees at last night’s opening is any indication, there is a buzz about The Metropole that likely adds a premium to the cost. As one attendee told UrbanTurf last night, of all the projects coming online in DC right now, only The Metropole is truly exciting.
Update—9/29: A representative for The Metropole told UrbanTurf that over 1,100 people came to the opening and that the development was booked with appointments all day Saturday and Sunday.
Bathroom
Example Apartment
Price: $824,900
Condo Fee: Approximately $578/month
This 1,205 square-foot, one-bedroom unit is on the second floor of the development and features 18-foot ceilings, recessed lighting, all Bosch stainless steel appliances and a walk-in closet.
Quick Answers
Building Gym? Yes (free one-year membership for buyers).
Individual Storage Areas? Available for purchase.
Communal Outdoor Space? There is a small outdoor courtyard in the back of the building.
Photos & Resources
- Floorplans for Available Units
- Building and Residence Amenities
11 Comments
I saw the units. Way overpriced for the current market and location. Maybe you can get those prices in Georgetown or West End, but not Logan.
They are smoking something (and I don’t mean tobacco) to charge those prices in this market! Buyer beware… you’ll lose alot of money in the next few years.
Wish I could afford a place there on my gov’t salary!
Hey John and Mark, and anyone else out there—
I bought in the Metropole about a year ago. Like most people, I’m concerned about the economy even if DC is said to be insulated from declines. Even a year later, there’s still no other building in DC with the Metropole’s assets (Vida in the building, high ceilings, big windows, balconies, really nice kitchens/bathrooms, and with my job the concierge will be really convenient) except maybe the residences at the Ritz, and they’re really not my style.
So while the Metropole is definitely expensive, I think that overpriced means that it’s more expensive than comparable properties—and I haven’t found a comparable building in DC. I’m here to learn, though, and am wondering why you guys think that it’s overpriced versus just expensive. Are there comps that you guys know of that are priced lower? Any feedback is welcome!
Thanks!
Will be interesting to see how it does. The prices are steep, especially since at that price you are getting a long narrow unit. It does have the wow factor, but how will much of that do over the long term of actually living there. Its hard to get true comps, as the property is a bit unique. It offers the concierge, and health club etc that most buildings in the area don’t offer, but that is something that will be covered by the condo fee, not the purchase price. The prices are comparable to what others in the area sold for last year, but prices are down, even in DC.
“...overpriced means that it’s more expensive than comparable properties”. Exactly. What DC doesn’t lack is modern condos built of brick, steel, and glass. TenTen Mass anyone? Union Row?
Do you realize that given today’s financial market, _if_ you can get a loan, you need an income of about $275K to get a loan on $825K?
Keith—
Hopefully most people didn’t stretch when they signed the contract and can still get financing—I worry about that, too. It doesn’t help that I think the units have decreased in value about 10-15% during construction.
As for comps, I’ve been looking but I can’t find another building with the Metropole’s combination of location (that block of P is one of the best in DC), real gym, Whole Foods steps away, good personal outdoor space, and quality finishes/details. I just don’t think TenTen Mass or anywhere in Union Row compare on several of those dimensions. 22 West might be a good comp, and arguably they’ve executed better—I’m going to check out a unit there pretty soon.
Overpriced means you could buy a house in the neighborhood for what they are charging for most of the units.
Not interested in a house—maintenance, no way to receive packages, gym possibly blocks away…
To follow up, I toured 22 West and prefer the Metropole overall, though of course I haven’t done a final walkthrough of my unit yet. 22 West seemed like an office building in comparison despite really well-done closets and bathrooms. The gym was awful but then again most people will go across the street to Sports Club LA. The rooftop pool is small but a great amenity that I wish we had at the Metropole. The two most disappointing features of 22 West were lack of sunlight (many of the units seem to get little direct light) and the kitchens, which seemed more for design than for cooking (I love the stove being on the island in my Metropole unit). I’m sure 22 West will do well, it’s just not my style.
Anyway, I can’t wait to move in at the Metropole and hope the developer does what’s necessary to sell out the building soon.
Absurdly overpriced. Obviously, the developer still thinks it’s 2005. Maybe in The West End or Georgetown, but not in Logan. At least not for the next few years.