Rumors About a Sale of The Dumont

• September 24, 2009

by Will Smith

There are murmurs that The Dumont, perhaps the highest-profile failure of the over-heated condo market, may have found a buyer. The two-building, 559-unit development located at 4th and Massachusetts Avenue NW (map) in DC’s Mount Vernon Triangle ran into trouble when its sales pace did not meet the threshold mandated by the developer’s lenders. Earlier this year deposits were returned to would-be buyers and the bank took possession of the property. It has been sitting empty since, and local real estate watchers have wondered about its future. In January the property was the subject of a scathing article from The Washington Post entitled A Towering Disappointment.

Rendering of The Dumont at 4th & Mass

Neighborhood blog The Triangle reported on Tuesday that The Dumont is listed as “Under Agreement” on Ideal Realty Group’s website. Ideal Realty Group is a broker of multifamily properties like The Dumont. UrbanTurf spoke with IRG vice president Craig London, who would not comment on the property or its status. But given that The Dumont is the most recent entry on IRG’s deals page and is indeed described as being under agreement, it would certainly seem that something is amiss.

Aside from the question of whether a sale occurred at all, other big questions would remain about the project. Was just one of the two buildings sold, or both? Will the units be reintroduced as condos, as originally conceived, or will they be leased as luxury apartments instead? How will it be priced? It is considered a high-quality product, but the blow to its image will need to be overcome with savvy marketing — or slightly lower pricing.

Residents and retailers in Mount Vernon Triangle are eager for the project to restart selling or leasing units, which will provide a nice population boost to the nascent neighborhood. “The Dumont represents a lot of bodies that would add significantly to street activity and retail business,” Bill McLeod, executive director of the Mount Vernon Triangle Community Improvement District, told UrbanTurf. “So we’re very interested in having those 550 units fill up.”

Even if the rumblings about a sale are true, it would still take some months for the building to become move-in ready. At the earliest, it probably wouldn’t be until the first of the year before units are available.

We will keep you updated on any developments.

This article originally published at http://dc.urbanturf.com/articles/blog/rumors_about_a_sale_of_the_dumont/1345