The Washington times., 1906-12-23
Option of $50 Per Foot a
Record for New Busi-
ness Section of City.
CAUSES MUCH COMMENT
TranSactionin Neighborhood
in 1906, if Deal Goes, Will
Reach 81, 100000.

Deals in real estate involving less
than six figures have become so com
monplaoe that small interest attaches
TO them unless the conditions surround
Ing are of an unusual character. In
fact the real estate world gives scant
notice 10 deals that reach even up TO
100000 or $4,000 without some feature TO
arouse their curiosity. But the news
first male public IN The Times on We'd
nesday of an option secured on the
property Of the George Washington Uni
versity. at the southeast corner OF Fif-
teenth and II streets northwest, has
furnished ample disc" sslnn. It is the
largest single deal OF The year, and q
fitting close to a yea, that has been
without precedent IN the activity and
magnitude Of realty transactions.
Prices Reach Top Notch.
The price at which the option has been
secured. namely $50 per foot. is several
dollars higher than any price named in
this new business section, and repre-
sents IN aggregate amount OF 500 900 for
the entire property. The ground Is i'm
proved by the university building prop
er on the corner and the school OF law
and diplomacy on Il street It has a
frontage of l31 feet on Fifteenth street
and 154 feet on II street
Directly opposite is the site OF the
nine-story office bulIdin. now being
erected for the use OF the Union Trust
Company, which was purchased by
them last spring at a cost OF S315. 90.
representing a valuation OF about $26
per foot, as the building then upon the
ground. the Colonial Hotel. was i'm
mediately demolished
St. Matthew's Church Property.
on the northeast corner stands old ST.
Matthews Church. which was offered
last spring at $4,000. and was al one
time generally believed to have been
sold. This property contains . 2l2
square feet. and at the price quoted was
held at SIS per foot
on the corner diagonally opposite. the
handsome Shoreham Hotel, built nearly
score OF years ago, IS quite in keeping
with the magnificent improvements
projected for the locality
The option TO buy the lropertv was
taken by the F. II. Smith COMPANY.
which but recently made the deal for
the Home Life building. at the corner
OF Fifteenth and O streets. and al
though the name Of the prospective
purchaser has not been dIvulged. il is
understood that a large out OF town
/ iirm has obtained the option, and that
the intention is 20 scar down the pres
ent buildings. which cos a couple OF
/ hundred thousand dollars, and erect q
new freproof structure on the site.
Good for University.
The proceeds from the sale would
swell the building fund Of the unIver-
sity, and would be devoted to the erec.
ton Of the magnificent group OF new
buildings to be placed on the Van Ness
Park property at the foot Of Seventeenth
street now owned by the institution
plans for which have been made and
approved
Should the sale be comsummated. #
would represent transactions during l9O'
/ In that immediate noighb0rhoOd. in
Guiding the George Washington Univer-
sity property. the Union trust Company
site. the ground on which the Hibbs
/ building is being erected the sale OF
the DOckon property Immediately op
posiJe and the Hitchcock plot adjoining
I aggregatins Sl,5O00o1. The improve
meuts in course OF construction and
under consideration, not including what
may be placed on the university site
amount u nearly a million dollars ad-
ditional This is not a bad showing
in one year in business property in one
. small locality for q CITY that is not
considered as a business center.