More Condos on the Way for DC?

  • May 25th 2010

by Mark Wellborn

More Condos on the Way for DC?: Figure 1
The Floridian under construction

In a recent conversation with GlobeSt.com, Al Cissel, a managing director at Jones Lang LaSalle, said that a number of developers are looking for sites in the DC area to redevelop existing apartment buildings into condominium projects.

“We are hearing from clients that, believe it or not, are looking for condo conversions,” Cissel said on GlobeSt. TV. “Of course, it has to be the right number at the right time.” Cissel noted that the timeline on these projects is unclear as it could be months down the road before developers “pull the trigger.”

It doesn’t come as a surprise that developers are now looking for sites. Given the condo shortage in the DC area, a surge in condo conversions has been predicted since last year. It is expected that these conversions will offer a stop-gap supply of condos while entirely new projects are being built, a process that typically takes about two years. Condo conversions take much less time.

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This article originally published at https://dc.urbanturf.com/articles/blog/more_condos_on_the_way_for_dc/2104.

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