Evening star., 1923-01-16
HISTORY BUILDING
TOCOST &,5(O,Ol)
Work to Begin at Once on
Proposed Office Structure
at 18th and K Streets.
TO PARK CARS BELOW
Underground Feature an 1nnova-
tion in Operations Of Kind in
Washington.
TO PARK CARS BELOW

Announcement that construction will
be started at once on a $4,000. 900 eleven
story office building at 18th and X
streets northwest. a novel feature Of
which will be two underground stories
for automobile parking, was made for
the first time today by the r. H. Smith
Company of this city, who have under
written a s2,500.o00 first mortgage on
the project for the owners. the City In
vestment Corporation, composed Of local
and New York interests.
Razing of the old residence and other
buildings. comprising the former Warder
property. now on the site, will be begun
so that ground for the new building
may be broken without delay.
Plans for the structure. to be known
as the Investment building, indicate
, that the project is one of the largest
private enterprises of its kind ever
initiated here. The building will be
of fireproof. steel frame construction
and viii contain twenty-four stores
on the street floor, q series OF stores
on the second floor, facing both 18th
and x streets, and about 500 Office
rooms on the upper floors
Limestone 20 Third Floor.
Limestone will be used in the corr
struction up to and including the
third floor. Light face brick will
compose the exterior from the third
to the tenth floors and the eleventh
floor will be Of terra Gotta, with an
| imposing cornice around the entire
building.
The site, located diagonally oppo-
site Mcpherson square, comprises
32,5S2 square feet of land. having a.
frontage on K street of 204.5 feet and
on 18th street of 171.5 feet, with alleys
on the west and north.
The main entrance to the building
| will be on the K street side and this
| entrance will lead into a large lobby.
! The main lobby will be connected
| with the 18th street side by means Of
| an arcade. along each side OF which
will be the stores.
The two Easements will provide
| parking space for automobiles OF the
| tenants of the building. relieving the
| hood. This parking feature, said to
| exist in no other building in the
! country, will be a great asset and
may result in the incorporation OF
| similar facilities In large ONCE build
| ings of the future erected here and
| was adopted in this building in an
| ticipation of the police department
! prohibiting parking of automobiles
| in the downtown section. the pro-
| moters announced.
| Loan One OF Largest.
The Smith Company's loan on the
enterprise. consisting Of an issue OF
ek per cent tax free first mortgage
bonds. secured by the land and new
| building. is said to be one OF the
largest loans ever made by q local
| investment house.
The structure was designed By J.
H. de Sibour, Washington architect
The announcement today OF this
improvement contemplated by the
| City Investment Corporation bears
! out predictions made some time ago
| by local realtors and builders that
| the city's business section would find
relief from downtown congestion by
spreading along the streets just to
the northwest. This development al
ready has assumed appreciable pro-
! portions, especially along II. I and
K streets and along the numbered
streets Intersecting from 18th street
west to 18th street and Connecticut
! avenue.