Friday, November 14, 2008

Monument Realty Pulls Out of Randall School Project

From today's Washington Business Journal (available for subscribers only): "In other news, Monument has pulled out of an agreement with the Corcoran Gallery of Art to redevelop D.C.’s Randall School in Southwest into apartments and 80,000 square feet of studio, exhibition and classroom space. 'The financial backing no longer existed,' but 'the partnership dissolved in an amenable manner and only ended due to an unfortunate set of circumstances,' Jocelyn File Adamoli, the Corcoran’s director of special projects, said in a statement. The contract does expose Monument to some liability for pulling out, but Adamoli declined to release any details. The gallery did say, however, that it does not plan to sue Monument. With its city approvals already complete, the Corcoran is meeting with other prospective developers and hopes to have a new development partner named by the first quarter of next year, Adamoli said." Before the Corcoran purchased the Randall School, it served as the Millennium Arts Center and a homeless shelter. Currently, the building's windows are boarded up and a security guard patrols the school complex. Hopefully the Corcoran will be able to find another development partner, but since financing is hard to come by these days for most developers, this site may stay vacant for a while. Rendering is courtesy of Monument Realty.

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