525 Water topped out at The Wharf in SW Waterfront


From a press release:

“PN Hoffman, a developer of urban mixed-use properties and communities across the Washington Metropolitan Area and managing member of The Wharf, today “topped out” the structure of 525 Water, a condominium community and the first milestone for the Southwest Waterfront redevelopment.

Situated across from the iconic Arena Stage, 525 Water, a five-story, 105,000 square foot residential community, will have 108 condominium homes ranging from studios to three bedrooms, with homes starting at $400K. The building will feature Potomac River views, a residents’ clubroom and an interior courtyard. 525 Water will front a new 3.5-acre waterfront park. The building is set for delivery in Summer 2016. Pre-sales will begin in early Fall.

11 Comment

  • justinbc

    Ok, and that means what?

    • Studios will cost 400k-500k – that means 1Brs will be in the 500~600k range and 3br’s will be north of a million. Ouch.

      • Are there any other studios in that price range in the city? That seems absurdly high…

        • Accountering

          City Center is there as well.

        • What I don’t get is at this price this place will not appreciate in value for at least 5~10 years+ (If not longer)

          You’re essentially paying tomorrows price today. I guess if you plan on renting it out once you outgrow the space it could make sense. But agree – studios at that price to purchase seems insanely high. But I’m no real estate expert.

          • justinbc

            Not everyone buys a house / condo worrying about what the value will be 5 years from now. Some people just want to live there and enjoy it.

        • There are 1 bedroom condos down the street for low 300s. A 400k studio is a waste of money.

          • some of those 1brs have condo or coop fees of $800 a month. I don’t think these are a good deal, but to compare to other stuff in the neighborhood you do have to know what the fees are. In SW, they are generally quite high.

  • anonymouse_dianne

    It means they have reached their first milestone. I suspect it means there will be models available soon as they are planning sales for fall. I live at Union Row which is a PN Hoffman development. First buyers could select various flooring, kitchen amenities (including a kitchen island), etc. So they will probably allow for customized units as well.

  • I still don’t understand why it’s only 4-5 stories. Seems a much bigger development would go on such a valuable parcel adjacent to the waterfront. SMH.

  • Really disappointed, I thought these were going to be the more economically priced condos (there is another building at the Warf that has already begun pre-sale I believe) but that is crazy expensive. Also, the building is incredibly short (I live across the street now) and I had always thought it was going to be another tall building.

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