Housing Complex

Being a Down-and-Out Developer Surprisingly Fun and Liberating!

This morning's Washington Post features a front page article on District developers that have lost their "swagger." They meet in conference rooms, instead of pricey downtown restaurants. They drink cups of ice water, instead of scarfing down steaks at the Capitol Grille. Or they've dropped their businesses all together! Fired their staffs! Closed up their offices. It's too bad, it's kind of sad—except, well, that it's not.  The Post article notes that nearly all these developers saved enough money to do whatever they want now. A few examples:

  • What happened: Developer Scott Pannick built Logan Circle's Metropole, which has since been seized by his lender. Moving on: Pannick plays with his three-year-old daughter (Ugh, how pitiable!), and plans a six month move to Argentina "to contemplate his future, the options of which include writing a novel."

  • What happened: Trained architect Dominque Kostelac "amassed up to $5 million, buying, selling and rehabilitating properties in Mount Pleasant, Adams Morgan and Shaw" before beginning a more substantial 21-unit condo in Adams Morgan in 2000. But construction  delays caused him to eventually foreclose on nearly all his properties. Moving on: His new business Arganica Farm Club is freshening up palates across the D.C. region with a produce delivery service, based in Charlottesville, plus he produced sorbets and syrups.
  • Adrian Bent-Me

    I think down and out for richies equates to up and up for the middies. I would love to have any one of these options if I was laid off. 6 months in South America to reflect and write; producing a reality show gig; starting another potentially lucrative gardening venture. My options will be hitting up moms for bus money to get to the unemployment office.

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