Logan Circle to Get More Gentrified?

Logan Circle is one of those almost completely gentrified neighborhoods. It’s also one of those hot areas where rents may increase by 10 percent. And residents of 54 townhouses in the neighborhood, who “give the neighborhood a modicum of income diversity” could be leaving, reports Housing Complex.

View Larger Map
Two big developers, one of which is Monument Reality, are interested in buying up the properties. In the 1980s residents began buying the townhouses, once city-owned rental units, for $100,000 to $150,000. Now, developers are willing to pay upwards of $800,000 per townhouse, clear the land and put as much housing or commercial density on it as possible. But before that can take place, the condominium associations have to dissolve. More from Housing Complex, who wrote about a meeting of residents that took place Thursday night:

Even though it might be in their economic self-interest to take the money and run, judging from last night’s meeting at the Washington Plaza Hotel, at least a few people seemed too emotionally attached to their homes to leave. Others seemed willing to listen—and hold out for a better price.

“We’re living on a gold mine!” one resident protested.

“You can live on the gold mine for the rest of your life!” said Monument’s Josh Olsen, whose patience started to erode after several minutes of audience chaos. “You’re not going to get gold out of the gold mine unless you sell!”

The residents were asked to fill out surveys indicating their interest in the offer, and Olsen said he wouldn’t pursue the project unless a majority came back positive. It’s an interesting case: Because of how their associations are set up, each person has the power to singlehandedly forestall a big lurch forward for gentrification. From an urbanist standpoint, that means a few acres of prime land stay underused. On the other hand, it’s difficult to get excited about replacing 54 mostly low-to-moderate-income households of color with yuppies who can afford pricey condos.

  • http://twitter.com/SeanGNet Sean Gallagher

    I had a friend that lived in that exact complex. People were scared to visit him about 8 years ago.  Gentrification is such a complex issue. In this case – it’s a nice windfall for these folks – they could sell their apartments and use the resources to uplift their family for generations to come.  Maybe they don’t care or are not attached to where they live. Maybe they don’t have to be nice urban fixtures for the white kids moving in. Maybe Wheaten is more attractive.

    The underlying principle is that it’s nice to have diverse neighborhoods – with various cultures, backgrounds and incomes. The last few hundred years have seen a lot of injustice and we are still in recovery mode from this. The questions emerges… how do you map up desirable principles while emerging from an injustice? The world is still upside down.

  • Guest

    Too bad that one person can scratch the whole deal for everyone else.  Kind of ironic too, since the point of a condo associattion is that it is more communal than simple single family homeownership.

    In any case, I hope these homeowners are able to cash in on this amazing windfall made possible by ”gentrification” - something virtually any other middle and upper class family in the country would do in a similar situation (remember - we’re talking 600-800% profit!). 

  • http://pulse.yahoo.com/_EACOYDHEDOZK4Y6IAHVL22BIAY Josef Vonsnapp

    One good thing about hard times is that is sets limits to the arrogance of the rich.

    The subhuman yuppie filth who currently pollute Logan Circle can be made to learn the meaning of fear.  It won’t take much. Their predecessors learned the same lesson.  

    To hell with them and to hell with their disgusting offspring.

  • Joe Vaughan

     Sean, your friends–if decent–are afraid of their own shadows. They need to get over it. And these yuppie parasties y’all think are so wonderful need to be good and consequenced, period. It doesn’t matter how.

    They’re all scum of the most despicable variety and no punishment is too bad for them.