WHO ARE THE FOOLS IN DC?

One of the largest residential buildings in Columbia Heights is planned for the site of the old Giant Food store at 3460 14th St. NW that was closed last year when the company opened a new supermarket.

The 315-unit Allegro, with underground parking for 246 vehicles, will feature one bedrooms from the mid-$200s, one bedrooms with a den from the mid-$300s, and two bedrooms from the $400s.


But if you believe what you read here and elsewhere, there is a housing bubble and prices are coming down. So why would Metro Properties, which is about to complete work on the Rhapsody off of U Street, develop such a massive building now? Won't they end up with unsold units down the road because their break even point will be too high?

If the market is so overvalued, why are such significant investment dollars still moving towrad new construction in DC?

pix by rllayman