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Shaping the Future of the Watergate Hotel

Posted by: Erin Clark
Thanks to: Erin Clark
26 February 2004 - 2:00pm

Redevelopment plans may be stalled by resident action to have Watergate complex designated as a historical landmark.

Residents of the Washington, D.C. landmark are seeking historic designation of the complex. Meanwhile, plans are underway for a private developer to convert the Watergate Hotel into 155 luxury condominiums. Some current Watergate residents have expressed concern that conversion of the hotel would eliminate the complex's historic mixed-use status. As one resident states, "To change the functionality of the [hotel] would change the functionality of the complex."

Full Story: Watergate May Face Historic Holdup
Source: Washington Business Journal, February 20, 2004
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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