Condos sell for landmark prices

Some off-campus housing just got a lot more expensive.

A new apartment complex in the West End has some of the priciest real estate in Foggy Bottom, with units available for millions of dollars. The complex is slated for completion this summer and features an array of luxuries for the District’s elite.

Eastbanc Inc. is developing the $100 million site, called “22 West,” which is located at 22nd and M streets. They have been responsible for some of the biggest projects in the area, including the Ritz Carlton residences across the street from the new building.

The structure will accommodate 92 condominiums ranging in price from $800,000 one-bedroom apartments, to penthouses valued at about $4 million.

Mary Mottershead, executive vice president and partner in charge of development at EastBanc, said even with a rise in property value throughout the city, the pricing of the complex remains competitive and many potential buyers have expressed interest in the apartments.

“Our pricing is competitive with the new products in the area,” she wrote in an e-mail. “We are over 30 percent (apartments) sold, but while we have a lot of traffic, many people are waiting to see our finished product.”

Each condo will have nine-foot ceilings, wireless Internet and DirectTV as standard features. The building will have a rooftop pool, a garden terrace, a restaurant and retail stores on the ground floor.

Mottershead said the amenities in other local apartment complexes are “are not quite up to ours,” and she does not foresee any direct competition from other luxury projects in the area.

“(22nd and M streets) is a great location from a convenience and site perspective,” she said. “It is near many restaurants either in Dupont, Georgetown or the Golden Triangle and is an easy walk to the Georgetown shops.”

Joy Howell, president of the Foggy Bottom Association, said her organization met with Eastbanc about the project in 2005, and is in favor of the construction of more residential buildings.

“We favor residential properties, especially as opposed to GW’s expansion into the community,” she said. “Building more permanent residential property buildings is good for the community.”

Asher Corson, chairman of the Advisory Neighborhood Commission and a GW alumnus, also said there was not community opposition.

He said, “I haven’t had a single citizen come to a meeting and complain to the city for a structural or zoning problem.”

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