WASHINGTON, DC-Peterson Cos. plans to build a mixed-use condo project in Adams Morgan--its first such project in the District. The development costs for the project will pencil in roughly at $30 million, Stuart Prince, SVP – Residential at Peterson Cos., tells GlobeSt.com.

The project will be located at the Ontario Theater site at the corner of 17th St. and Columbia Rd., NW. The project will include 80 residential homes and 9,000-square feet of retail. Construction will start this Fall.

Why condos instead of multifamily? The timing is right for the for-sale product right now, Prince says—a sentiment that is growing in the District. While the multifamily still dominates the local landscape, interest is increasing for condos, as can be seen in Silverwood Cos.' recent purchase of The Avery in Arlington, VA, which it plans to convert into condos; Ditto Residential and CAS Reigler plans to convert the former Edmonds School on Capitol Hill into 20 condominium units; and The Murillo/Malnati Group's luxury nine-unit building it is redeveloping in the Kalorama neighborhood.

Prince says Peterson is eyeing prices of units starting in the high $200,000s to the high $600,000s to $700,000s.

The building is being designed by The Eisen Group. McWilliams Ballard will manage residential sales. Peterson Cos. will handle the retail leasing and management.

Instant Insights /

Peterson Builds $30M Condos in Adams Morgan

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