The building pictured above (12th & K), which once stood on a site intended to hold the Negro League Legends Hall of Fame, was demolished this weekend. Also demolished were some nearby & surrounding structures. As previously mentioned, the Hall of fame is no longer to be built on this site. Instead, the site will hold...condos. They are reportedly planning to build 18 units of, what I can only assume will be, luxury condos.
8 comments:
I was surprised when I drove by this weekend to see them tearing it down. It looks like they are going to get those things put up fast. I wonder what will happen with the tire shop.
Jimmy's Tire is seperately owned. It doesn't appear to be going anywhere anytime soon. At the same time, I do wonder if there might come a time where the value of the land might make it worth the owner's while to sell. I have always liked Jimmy's main building. I think it would be a good industrial looking space for a restaurant. But I think we're looking at tires for the forseeable future.
Inked - "I do wonder if there might come a time where the value of the land might make it worth the owner's while to sell."
If that time hasn't already come, it's hard to imagine it ever will. Anyone who bought more than 2 or 3 years ago in "outer" cap hill or the SoFlo area is sitting on substantial capital appreciation. Go back much further and the capital appreciation is enormous. Why not sell? On a related note, I'm constantly amazed and perplexed by the fact that there are so many people who live in these very expensive areas who appear to have a low income. If they rent, then why haven't the owners cashed in on the home price bonanza? If they own their homes, why not sell, pocket the profit, and move one of the many nice areas locally that don't cost as much? I realize that people have loyalty to a neighborhood (history, friends, etc) but if I was cash poor and house rich, then love for the neighborhood would have to be awfully strong overcome the urge to cash out.
I'm cash poor and house rich (bought three years ago in the area you speak of) and can't imagine selling my house. It's the love of the neighborhood that keeps me here. I've suffered too because, let's face it, the neighborhood isn't "there" quite yet. I'm stickin' around for the good stuff!
In the case of Jimmy's Tire it could be that their business is very profitable on a major street like Florida Ave. The economics might work a little differently than those for a home on the same block. I don't thnk that you would currently have anyone looking to put in something like the restaurant that I mentioned, but you might have that interest at some time in the future (creatinf opportunities for the business owner to sell). If people cash out, where do they go? You can't afford to buy in most areas of the city. You might have to move to a far out suburb. That likely isn't just a change in neighborhood, but a major lifestyle adjustment. Maybe by remaing in a neighborhood where people with higher incomes are moving in the lower income residents are able to take advantage of the improved services that may accompany these socioeconomic changes.
There's also tax consequences. If you're not looking at a Starker Exchange, it's likely that the basis in Jimmy's Tire is way less than $100,000.
God it sucks about the building being demolished. Had I not gotten involved in HSMS, maybe by now we would have created a historic district around now (doubtful, but you can hope).
It would be crazy to sell if you are poor and want to live in the District since you could not afford to get in anywhere else. There are other ways to take advantage of equity without selling. In fact, it bothers me so many people expect poor people to sell and simply move out to PG County or other parts of the city. There are parts of the Hill where in the past, realtors and developers have gone door to door asking some of these folks to sell.
I think most of the homeowners themselves are probably elderly folks who aren't going to move now. If you live in the neighborhood, where would you go. That being said, I'm not entirely sorry that they tore down the old building. It would have cost a lot to renovate the structure, probably more than building a new structure will and the new condos will be a more efficient use of the land. ( I hope)
On a side note, has anyone ever bought tires from Jimmy's tires? Are they any good?
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