Sarah Krouse of the Washington Business Journal followed up with Douglas Jemal on the RFEI at 450 K Street this blog first identified. As it turns out Jemal is considering two sites for apartments in our area – the other being 6th and New York by the old A.V. Ristorante building annually used for Fringe Festival.
“We’ve been poking around, and the only thing that seems to be punching through is rental residential,” Jemal said. “We don’t know yet what we’re going to build, we’re just trying to get out of the log jam so we can build something. Right now, we’re not even selling pizza.”
Jemal said he’s “up against a stone wall” when it comes to financing, but pointed to apartment projects such as Senate Square and the Dumont, now known as the 425 Mass Apartments, as examples of projects with strong leasing. “It’s just an amazing disconnect between reality and actuality — business is going well, but financing stinks,” Jemal said.