Logan Circle Residents "Sitting On a Gold Mine"

• June 17th 2011

by UrbanTurf Staff

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TOPA doesn’t have anything on a deal being offered to a group of Logan Circle residents.

Housing Complex has the fascinating story this morning about a very lucrative offer outlined last night to 54 residents of the brick townhouse development that lies just south of S Street NW between 14th and 11th Street in Logan Circle. In short, Monument Realty is offering each owner up to $810,000 for the home they purchased 10 years ago for between $100,000 and $150,000.

Lydia DePillis does a very good job of outlining the complicated ins and outs of the deal, but in essence, its moving forward is dependent on zoning approval that would allow the developer to build up to four stories and, more importantly, the consent of every owner in the project:

“According to how the condo associations were set up, 80 percent of all 54 homeowners would have to vote to dissolve the “master” condo association. And then, each of the two separate condo associations would have to vote unanimously to dissolve themselves. So one homeowner in each of the associations could throw the whole opportunity off for everybody.”

As for what Monument has planned for the plot if the deal goes through, no details were released.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/logan_circle_residents_sitting_on_a_gold_mine/3672.