Judge Rules Against $250M Price Tag for Museum Square

DC Superior Court Judge Stuart Nash has ruled that the Bush Cos violated a DC law requiring a "bona fide offer of sale" when it gave its Museum Square tenants an ultimatum to buy the K Street property for $250M or face eviction. Bush informed its 302 low-income households of a plan to tear down the apartment and replace it with 825 apartments and condos last June. As part of the Tenant Opportunity to Purchase Act, it was required to give residents an opportunity to buy the property, so it set the price at $250M, based on a calculation of the property's value after development. Bush was relying on a precedent set in a 1999 case when the Phillips Collection gave its tenants the same ultimatum so it could build a Center for the Study and Appreciation of Modern Art for the adjacent museum, the Washington City Paper reports. Judge Nash ruled that the Phillips case was an exception to the rule, and that under normal circumstances a property owner should value its property at market rate. Next Wednesday the parties involved will return to court to discuss the relief that will be granted to the Museum Square residents. [WCP]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

Hudson Pacific's Historic San Francisco Conversion Project Gets Approval

FIRST DRAFT LIVE: Why Sun Belt Multifamily Giant Cortland Is Moving Its Money North

Coffee Shop Signs Lease At Downtown Trophy: The D.C. Deal Sheet

NYC's All-Electric Building Push Created A Heat-Billing Puzzle. The LFG Split Utility Panel Could Solve It

'Illegitimate' Or 'Leveling The Playing Field'?: Why Habitability Cases Are Surging In Eviction Court

Oliver Carr Jr.'s Firm Sells Alexandria Project To His Son's Company

COPA Passes City Council, Heads To Mamdani's Desk

Bill Barr's Law Firm Expands Footprint In Move To Pennsylvania Avenue

Development Constraints In Massachusetts Push More Investors To Southern New Hampshire

Developers Question Depth Of Miami's Branded Condo Craze

Conversions Ramp Up As New Report Calls For Resident-Led Downtown Denver Recovery

'We Don't Have To Worry About The Future': Chicago Geothermal Apartment Tower Takes Shape