The sales office for the newest 14
th Street corridor residential project, a condominium building at 1436 Chapin Street NW, opened two weeks ago and four of the seven units are already under contract. Matt Dewey, vice president of sales for Urban Pace, which is marketing the project, isn’t surprised at how quickly the project, called Banneker Hill, is selling.
“We were expecting a fast sales pace based on the neighborhood,” says Dewey. “Also, the prices were set to move units quickly. They’re market-rate for the area and for new construction.” Market-rate here means $390,000 for a one-bedroom and $570,000 for a two-bedroom. There are also two penthouse units on the top floor. Both of those and two one-bedrooms are under contract.
Dewey says the developer, Maryland-based PT Blooms, recognized a demand for condos in the 14th Street corridor, where much recent new construction has been rental.
Banneker Hill is PT Blooms’ first multi-family project and also its first project in D.C.
A single-family house was demolished to make way for the four-story, seven-unit building.
Construction began in summer of 2014, and is expected to be done by February of 2015.
Floor plans:
