Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-09-17
CAN MAKE BIG PROFIT
GOVERNMENT'S VALUABLE LOT
OPPOSITE THE TREASURY.
Most Costly Piece Of Unimproved
Property Inside the -
District. .4

1.-THE government should either sell or
improve the vacant lot at the corner Of
Pennsylvania avenue and Madison place,
being the corner directly opposite the
treasury building on the avenue side, and
the Lafayette statue on the little street
Of one block in length named in honor of
Dolly Madison, whose former residence
stands one block north on the corner of H
street." said a progressive citizen to Star
reporter.
This is one of the most historic corners
in the capital and it is regretted that it is
not adorned with fine building BETTING
its splendid location and surroundingsSfor
1t is diagonally opposite the White HOUSE.
rather than to remain a vacant lot pro
tected by a wooden, fence. Furthermore, 1t
is the only vacant lot on the main portion
of Pennsylvania avenue.
Site of Freedmen's Bank.
mot only are it's surroundings of par
ticular historic interest, but it is famous
for being the site of the old Freedmens
bank building, which occupied the eastern
most portion of the half square of which
uhe full lot is composed. The government
did not purchase the land until 1882, when
a bill was passed by Congress appropriat-
ing $2oO,COO for its purchase, though 1t took
possession Of the major part of the old
bank building in 1871, it being then leased
for the use Of the Attorney General and
portion Of his force.
This famous structure was occupied by
the Department OfNJustice until 1889, when
1t was condemned and pronounced unsafe
and RACED to the ground. An appropria-
ton OF 81 600 600 was made for the erection
of a new building upon the site. 1t was
found, however, that a suitable building
for the accommodation of the department
in question, which has expanded greatly
ri ho foI
for the sum appropriated, and Congress,
instead of appropriating further and ade-
quate sum to properly mark the famous
site with an imposing edifice, repealed the
original law. And thus the matter of an
appropriation for a building for the De-
partment Of Justice has stood for seven
years. while the lot, until a comparatively
recent date, when it was leveled and sod
ded, remained grown up in weeds and UNI
used, though 1t is probably the most valu-
able unimpreved vacant piece Of property
in the city Of Washington.
Could Sell at Big Profit.
1.-The lot is really too small for a suit
able department building under the new
scheme of buildings of this class, as II
would have to go up at least ten stories
to afford adequate accommodations, but
it is admirably suited for private use of
most any character. The government
could sell it to advantage and apply the
proceeds, which would be considerable, as
there would be spirited demand for it on
the part of many would-be purchasers to-
ward the erection of another building upon
more extensive grounds.
1.-The entire lot contains about $1,000
square feet Recent property sales in the
vicinity and on the same block on the 18th
and H Streets sides have averaged about
SO or 1923, believe, per square foot. TAX
Ing this valuation as a criterion. the lot
would sell as whole at easily $50 per
square foot. indeed, If subdivided, the cor
ner portion of the lot might bring as high
as $40 per square foot. At the first valua-
ton the lot as an entirety would be worth
$685. and 1t Is extremely probable that
1t would go for at least $75O.O00 as an en-
tfrety, or just three times. the sum the
government originally gave for the Site
which would be very profitable sale. In
fact, what this desirable corner would act
ually bring at auction could only be esti-
mated-it might exceed the rough estimate
have given you, but it certainly would
not go below it, as 1t would be bought
with a view to future valuations rather
than as to the present -
I'm any event, vacant lot in this vi
cintty standing SO long unimproved is visi-
bly, out of place, and either one disposition
or the other should be made of 1t to keep
apace with the general improvement in its
c1rr limo