May 28, 2007

DC Schools Should Be Reading from the YMCA's Grammer Book

In exchange for a portion of its land, Perseus Realty will rebuild the YMCA's Anthony Bowen facility at 1325 W St. NW and help the institution upgrade its facilities. "We are going to grow from a little tiny Y to a big facility with a huge swimming pool," said Pam Curran, vice president of operations of the YMCA of Metropolitan Washington in the WashExam.

Perseus will own the 200 apartments and retail portions of the development (12,000 sf) and the YMCA will own its 45,000-square-foot facility. The apartments will be market-rate housing for the most part, with a percentage set aside as affordable units under D.C.'s inclusionary zoning law.

Message to other institutions in the city: To stay relevant sometimes you must make a deal because there are no white knights out there to write you a check. Grow, change or die.

Along the same lines, the Tenleytown libray is looking to do a parntership revitalize itself, and and various public schools have been exporing thier options as well.

1 comment:

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Real Estate Investment