The Washington times., 1935-01-12
DEVELOP MENT
MADE MONEY
At START

would probably be a subdivision
which would show constant up.
curve of values and demand for a
period of so years. That dream
Is realized in the unparalleled de.
velopment Of the Chevy Chase Sec
ton.
The original conception of the
upper Connecticut Avenue devel-
opment was purely along reSiden-
tial lines. The property was &C.
Quired in the early '90's by group
Of individuals headed by Senator
NeulandS, who saw in the rolling
country an opportunity to even
tually link an exclusive Washing
ton section with the town of Rock
vile.
Foolish Like Fox
A foolish idea, was the thought
of the natives thereabout-but
later developments showed them
to be "too close to the forest to
see the trees"
E. j. Stellwagen, president Of
the Union Trust Company, how.
ever, was not included among that
number. He became interested
in the project and the Chevy
Chase Land Company was formed
to further the development.
Early development was in the
neighborhood of Chevy Chase Cir
Gle and the property along what
is now Connecticut Avenue from
Cathedral Avenue to Klingle
Bridge was neglected. At this
stage the property was assessed at
slightly less than $1,000 an acre
for the approximately IL acres
which fronted on Connecticut Ave
nue. in this sector.
Residences grew up along this
section in desultory, haphazard
sort Of fashion, but the high hill
where Cathedral Mansions now
stands remained a favorite rende-
vous for all the children of North
west Washington on icy days.
There was no traffic to endanger
the Sledders and few neighbors to
complain of the noise.
$4,000 Per Acre
AS late as 1912 this property
could be purchased for $4,000 an
acre-about one-half of what resi-
dental property could be pur-
chased in nearby Virginia before
the depression.
Shortly before the World War,
0bSoleScence and natural demand
swallowed in the existing struc-
lures in that section, however, and
modern dwellings, neatly arranged
in impressive rows, supplanted the
fine old gingerbread houses which
reposed in expansive grounds on
the chests of the rolling terrain.
During the past IS years, the
same sector has become the site of
seven Of the city's largest and
finest apartment houses, including
Woodley Park Towers, Kennedy
Warren, the three cathedral man.
Sions, and the real estate today
is assessed at an aggregate of
$S45,030, while the physical i'm
provements are valued at nearly
$6,0O0,0O0.
More than 1000 families now
occupy the ground, one of the
most recent openings of that Sec
ton, facing the avenue, and the
other property near the avenue
has enjoyed proportionate in
creaSes in value.
Steady Not Rapid
Many things have contributed
TO this steady, rather rapid, rise
In values. Principally, the prop
erty was controlled and developed
entirely by the owning company.
Connecticut Avenue was dedi-
Gated, graded and paved by the
owners in this section and turned
over to the District of Columbia
without expense to the taxpayers.
Likewise, the company built the
first Klingle and Calvert bridges
Rt its expense.
It is significant from the time
OF its beginning, the Chevy Chase
Land Company has identified
itself with the Thomas j. Fisher
Company in the brokerage of its
developments.