Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-01-05
Leaders See Busy Year,
But Fear RISING Costs
Continued from Page F.

Continued from Page FL
president of Woodward q
Lothrop. who has been a
leader In both the Board Of
Trade and the NJ e. M and now
Is president Of the United
States Chamber Of Commerce.
is highly optimistic on both the
washington and national out
look.
washington and the Met
ropolitan Area viii enjoy good
business in 1853 and in all
probability II vii be an even
better year than 1887" Mr.
Talbot said.
"In addition to population
growth. which viii continue in
1888. more and more national
organizations are establishing
their headquarters in WASH
ington." he said. "A number
of research and distributing
organizations have been taking
Offices and building plants in
the area. This will contribute
substantially to a stable COM
munity.
Il wish TO re-emphasize my
firm belief that business houses
and business leaders must take
aggressive action to see that
plants, buildings and facilities
are kept alertly modern. II this
Is done. Washington and its
area certainly will attract and
get its share of what ] believe
will be very good business
throughout the Nation in 1858"
Like A Dark Cloud
Area real estate volume will
equal or exceed 1887 In the
coming year. but continued in
decision over proposed drastic
revisions in District zonlng
hangs like dark cloud over
the market in WASHINGTON
itself. reported Edward J. Kyle.
president of the Washington
Real Estate Board.
Referring TO the controversial
Lewis Rezoning Plan. Mr.. Kyle
declared:
I'VE have suggested to the
coming commission that an i'm
mediate announcement be made
stating that. irrespective of
what changes are made in zon-
ing. such revisions will not be
made effective for at least two
years hence.
In recent months. numerous
projects in the central business
district. as web as in the West
End. Foggy Bottom and other
areas. have been Shelved or
Cancelled by investors because
they did not know how their
plans might be affected by the
coming changes.
There was exceptional de-
mand for commercial sites west
of Fourteenth street NV. in
1857. This will continue as the
city maintains its current west
ward growth" said Mr.. Kyle.
Connecticut and Wisconsin
avenues. Foggy Bottom. K
street. Massachusetts avenue.
10th street and similar streets
and areas are experiencing the
impact of millions Of dollars
worth Of new construction.
This will continue undated
II the coming question can be
resolved without delay. II will
be retarded TO a very definite
degree If the coming situation
is not clarified. he warned.
Urban renewal also will be
an important force in the real
estate picture here in 1858
Now that financing for the
initial section of Southwest
Area B has been arranged. and
the r development Land
Agency and the Town Center
developer have agreed tt terms.
urban renewal has begun TO
move forward and will have a
decided impact here The
Planning Commissions unveil-
ing OF its preliminary plan for
the 9l4-acre Northwest Urban
Renewal Area already has
created unprecedented interest
in that section"
Forecasts Easier Credit
An upturn in mortgage loan
volume can be expected in 1858
as a result of the recent easing
Of credit controls by the Fed
eral Reserve Board. Mr.. Kyle
reported.
Lending institutions can look
more favorably upon FILA A.
nancing and availability OF
funds for conventional financ-
ing will remain about the same
or improve somewhat in so
far as home buying is con-
cerned. he said
Well located. sensibly
planned developments will find
long-term financing at a rate
Of around 6 per cent with about
a rs per cent loan on construc-
ton costs. but some centers,
two-fa.nily flats and GARDEN
type apartments will find lend
ers more selective, Mr.. Kyle
added.
II