Prime Mt. Pleasant Property Under Contract

3115 Mt. Pleasant St, NW

The listing said:

“Incredible, one-of-a-kind opportunity for developers! Large multi-unit building in popular Historic Mount Pleasant. Located just two blocks from the Columbia Heights Metro station and within steps of all the shops and restaurants that Mount Pleasant has to offer.”

It was listed at $4,800,000 and now has a contract pending.


7 Comment

  • Great. Reduces available housing for lower income people to live and be part of the community. The crisis grows.

  • Disagree with carpoolslug. There’s a large concentration of low-income housing in Mt. Pleasant and Columbia Heights. Mt. Pleasant Street in particular could use a nice, market-rate building to break up this concentration a bit. The building that burned down a few years ago is being reopened and preserved as affordable housing, so I think having ONE luxury building right on Mt. Pleasant Street is OK.

    • +1 Mt P could use some more upscale market-rate buildings directly on the main street, either condos or rentals.

  • Under city’s TOPA law, contract means nothing as tenants have right of first refusal. They will ultimately pick the developer. They’re not going anywhere.

    • Having the right of first refusal means nothing unless

      1. Residents are actually interested in buying the building
      2. Residents can find an entity to loan them the money to buy.
      It took the place down the street 2 years to line up outside financing, and that was after the city stepped in with a third of the money.

      Also, residents have to exercise their right first, so by the time it hits the open market, that hurdle has already been cleared and the residents didn’t want to, or couldn’t.

      • No, once there is a contract the tenants get to buy at that price and they can bring in their own developer. The TOPA process is just beginning on this.

  • People here seem to be confused about TOPA. The tenants have two chances, plus a third if buyer goes for condos. First, they get to make an offer before it’s put on the market. Second, when it is put on the market (after the tenants fail to make a first offer by the deadline), and the seller gets an offer, then the tenants get their second, and final chance, to match that offer. If they cannot or do not offer by the deadline, then the property goes under contract and the buyer gets it. There is no chance for the tenants after a ratified contract, provided the seller followed all the rules. Of course, the buyer must respect the leases and continue to rent to the tenants under rent control UNLESS the buyer wants to condo-ize. In which case there is ANOTHER chance for tenants to buy before it gets condo-ized…

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