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Metropolitan DC Local Politics
Reply to "Wisconsin Ave Development Project"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I read yesterday that part of the new development at Upton Place will be used as a “temporary hotel” until more of the space is leased. That could be a long time given that City Ridge next door is still not leased after nearly two years. Why are we planning for thousands more expensive apartments in this part of town? The demand is not there. [/quote] Agree. And doubt there is much demand for a "pop up" hotel either. Many units in NoMA that were to be condos have been converted to rentals. Thousands more in the pipeline. Demand is flat. Prices are not yet dropping. Does Upton Place have any of the retail leased yet?[/quote] Prices never really drop unless a city faces complete disaster (e.g. Detroit), but price increases have been slowing down in DC and that is specifically because DC has actually produced a lot of housing in the past few years. https://www.bisnow.com/washington-dc/news/multifamily/with-record-number-of-projects-leasing-up-dc-apartments-post-slow-rent-growth-120044[/quote]
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