For those seeking to ascertain the investment risk/reward potential of our greater neighborhood, it appears that there is not a consensus among all the potential and current stakeholders. How else can one explain the unbridled enthusiasm of many residents during a period where the only actual and proposed service businesses has been a cafe and a video rental store (notwithstanding the mirage, EC-12)?
Therefore, in regards to the old question, “is the glass half full or half empty?”, let’s look at the answers from several perspectives:
“Half full” people will point to the impending development in the NoMa corridor, rising home prices, the community’s embracing of the Big Bear and Sunday farmers’ market, untapped potential of North Capitol St
“Half empty” individuals will talk about the blighted wall, that is, North Capitol St (a future post will address this disaster in city planning), continued crime in the more-developed LeDroit Park, constant break-ins of Windows Cafe
“Depends on whether you are pouring or drinking” folks will most likely say there are two answers to the question—that investors see our neighborhood as less-than-desirable for profit ventures while residents hold an overly-excited optimism about its potential
“Twice as large as it needs to be” answerers will most likely be longtime residents who view the success of declining crime over the years as sufficient in itself and have no use for cafes or sit-down restaurants; viewing rising home prices as simply a cause of higher property taxes
I am going to lean in the direction of the realists. In my previous ‘hood, East Nashville, the community experienced a wave of half-full sentiment among both investors and residents. During this period, a property such as the row of buildings along North Capitol St NE from Q to R would have been snatched up quickly by one of the developers who had previous experience in the area. They would not concern themselves with the issue of what businesses would succeed in the spaces; but instead, see the greater reward/less risk of converting the units into a contiguous stretch of rehabbed leasable properties for the small investors.
Residents of our community can visualize such development. Evidently, the investors do not see the same. Progress will move forward only when there is agreement of how the glass stands.
In other news, the LeDroit community—definitely full of “half-full” individuals—raised $4,500 to purchase a camera for the LeDroit Park Market’s exterior as well as $800 towards the glass repair costs.
A 17-year-old has been charged with the latest robbery of the market.
Washington Post article (”Casting a Wide Web for Robbers“) talks about the community’s successful efforts to capture the attention of the Mayor and Police Chief.