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Washington, D.C. Commercial Real Estate

Peterson Hopes to Revitalize Adams Morgan

The north side of Adams Morgan is ripe for residential development, Peterson Cos SVP Stuart Prince (snapped yesterday) tells us. That's why his firm is going forward with an 80-unit condo building at the Ontario Theater site at the corner of 17th and Columbia. Stuart says buyers are willing to pay a premium to own rather than rent in the neighborhood. "Its a lean, efficient building and will represent good value for downtown DC living," he says. The Ontario Theater has to be razed to make way for the new property, he says, with ground-up construction expected to start this fall, shooting for an early 2015 delivery. There's also 9,000 SF of retail available in the new property, which Stuart says Peterson Cos will exhibit at ICSC in Las Vegas next week.

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