Southwest's Potomac Place Tower Returns to the Market

• August 31st 2009

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.

“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 https://dc.urbanturf.com/articles/blog/southwests_potomac_place_tower_returns_to_the_market/1263.