The Washington times., 1910-04-09
Business Encroaching on
Hitherto Residential
Section.
SOME SALES MADE
AT LARGE FIGURES
Demand Increases as Building
Operations IN Vicinity
Extend.

The continual encroa chment Of Wash
1nEton's business and financial district
upon streets hitherto recognized as
strictly residential In character. is strik-
ingly Illustrated in the transformation
now taking place in Il street. particular
y that portion lying between Four
teenth street and Vermont avenue
During the past eighteen months
States as widely separated as Vermont,
louisiana, and Missouri have furnished
buyers for important property within
the very limited area mentioned
These transfers together with others
20 local capitalists indicate that in II
street the staid old dwelling character
Sstic Of earlier Washington are about
10 give place 10 the structures made
necessary by modern business needs
To the student Of realty conditions
his development Is but the logical out
come of conditions For years past other
streets leading directly into this sec
ton have been teemIng with business
activity.
Demand Unprecedented
New enterprises continually seeking
quarters in this immediate neiShborhood
have served TO create demand Tor
business locations that is unprecedented
FOR several years past the SleA4E
freDd of business development north
ward on Fourteenth street mas been q
feature Of the local realty l lli5l-l5,..-
has Justly earned IN recent years. lne
title Of .'NVashingtOn's Wall street
Under these conditions Il Is snla IL
wonder that II street. lying directly IN
4he 0sth Of these Two avenues OF INDUS
try, should come into the business lime
light ..---
streets there are other elements that
I've a pronounced bearing on II street
and its development This thoToushLaI =
furnishes tre only direct. unODsJructen
ro--fe To the Union station This in it
self is sufficient to bring street INTO
prominence, and is a factor that IS
bound TO WELD tremendous influence
Offer for Shoreham Refused
OnA OF the first men to appreciate the
TACT that a street occupying the SJra-
1egic position, so TO speak, Of H street
must become one Of the CiJvs mos
prominent tuCrOuEn1areS vas JONI =
Mclean Ills holdings cove t-ie la-
area on the north side Of II street eA-
tending from the ShOreham Hotel west
ward 20 Vermont avenue
II is stated on the best authority ilat
IN offer was made for the reInalnine
property on the north side OF the same
bf0l-Iz of q $1,000 This property the
SHorehan1 I-otel. is owned By IorneI
80 lei l. Morton. OF New York
80 fa~+ tb.t 6e Is wen pleased with
the future outlook Of MS Investment II
Evidenced bv his refusal OF the oIIeF-
Coming down TO more recent acJlNi-
ties the magnificent building or the
Union Trust Company stands out most
p-nninentIy- Although strictly speak
iEE Fifteenth street building us
erection ma ras the first actual inva-
sion Of fnarciaI Washington into resi-
dental II street
New Building Helps Street
U5szonaUy across from the Union
Trust Company ground il icing cleared
fa~ the erection of Jhe future home Of
ARE Southern Commercial Congress, a
development that viii have the greatest
He1rin- uoi only on II street, but on
1f.e entire uCiEhhorHocd- This property,
CcC-rur-77z- % frontage of 15n feet on II
street. vas recently purchased AT d cost
@ approximately SIS Der square foot
The record price for z street property
Is TU all probability that paid Tor the
s e.. occupied CF the .HcnIrOSe Hotel
TEo purchaser. L LebrCt- Of New Or
leans, paid $50 per square foot for the
-rrrnd-uclUcmE the building On the
southwest corner Of the same streets.
TEe late Thomas F. Walsh recently add
ID t0 his already large local realty hold
Sings ny the purchase of frontage on
II street OF aEOUC siNJy-three feet, part
cf which vas formerly occupied BY the
OXFORD Hotel. and the remainder BY
yHe residence OF Dr- J Wesley Bovee.
Some Recent Sales.
Another recent sale which indicates
the favor IN which Fl street property Is
held. especially by out-of-town invest
ora. Is that to Warwick HouEh, of St
louis. The property involved is now
occupied by Madame Ash, as a milf
uery establishment The price paid was
81 ue~ square foot
Following upon this transfer George
H. I.l-bee. of Vermont. purchased forty
seven feet on the north side OF the
street between Fourteenth and Eff
1eeUIh streets Part OF this property Is
nov occupied by NicoIaideS' JsDa1eSe
emporium the balance being Jluira-
proved
Two other deals Of maenituts have
BEEN negotiated recently in the same
block one IS the sale of the property
known as the EiSmere Hotel to John o
9eloeIl. the other being the purchase
% secretary Of the Navy George Won
l. Meyer, Of The Maryland Building. In
ssch instance the ground value was
N~~sred at 81 per square foot.
Rise IN Prices Predicted.
These sales are IN all probability the
last that viii be made Al this figure
within the two blocks bounded By Four
Ieenth street and Vermont avenue. The
Development Of H street has reached
point where q steady and rapid up-
ward trend in values must be looked
Tor The street s. progress has reached
lttf point NEeEc improvements of a
character thar have a marked influence
ON values VIII soon make their ap-
pedraI5ce-
4 broker whose participation ID recent
deals lends weight TO his opinion, stated
mat IN ms Judgment valBes in this sec
ton were just starting on their upward
movement The pouring Of hundreds OF
thousands OF dollars into the very
limited area referred 10, can mean hut
one thinS-thar II street is destined to
play most prominent part in the bust
ness and financial history Of the Ma
1ional Capital