Finally, a Win for Monument Realty
You may recall the name "Monument Realty" from such high-profile projects as:
- "That hole in the ground by Nationals Park." (Yup, that's it above.) One day, that hole will hopefully become the completed "Half Street" mixed-use development, serving as the vibrant gateway to the Nats' stadium. But thanks to the collapse of Lehman Bros., the project lost momentum.
- The Watergate Hotel, which was recently auctioned off, with no bidders, and returned to Monument's primary lender.
But finally Monument has some good news to report: It will be moving forward on the renovation of Potomac Place Tower, a 396-unit condominium by the Southwest Waterfront.
One structure within the complex was built in 1959, while another was constructed in the last decade. According to the developer's press release: "The condominium project was stalled when the senior lender, Lehman Brothers Holdings Inc., filed for bankruptcy in September 2008." DCMud reports that some units are completed and ready for settlement, while others, obviously, need more work. In the South tower, "half of the 200 units there should be ready for settlement in the next 30 days, with the remaining 100 ready before the end of the year."