Developments in the neighborhood.

We hard about this a few months ago but I guess it’s going through. Donatelli has sold The Ellington. Bought by TIAA CREF that is a good secure investment for a pension fund.

At the Lincoln Theater, the death throes continue. Jim Graham got everyone in a tizzy with his press realeases and statements so they had an emergency meeting of the board to determine what to do. I have not heard a resolution yet. They are appealing to the Mayor for Operational funds as opposed to Capital expeditures that Arena and other stages applied for. It costs the theater $60k per month to stay open and pay the 6 full time employees. Currently they have $50k on hand. It doesn’t bod well for them or the new Howard theater when it opens…….

Forbes compliments DC on its re invigoration of industrial neighborhoods. It does not apply to U Street per say but we are on the leading edge of the new city. They make a good point about the area east of NY Ave. I especially like their super yuppy quote:

While urbanists surely pine for an “artisanal woodworker who makes specialty wine racks out of salvaged debris” (you can’t make this stuff up!) to set up shop, none of them seem to be taking advantage of the land.

I think that is a good way to make fun of ourselves.


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