Rental Boom Provides Life Preserver for Developers

October 13, 2010  |  

(Washington Post) — In 1904, brothers Guy and L.P. Steuart went into business together selling ice and coal from a mule-pulled cart. The two got into the real estate business in the 1920s and Steuart Investment has owned property between New York Avenue and L Street near Mount Vernon Square in Northwest D.C. ever since.  The company resisted developing the site when Metrorail came to Mount Vernon Square and when the city’s new convention center opened in 2003, but now, Guy Steuart II says it is finally time to develop the property, a generation after his grandfather and great uncle acquired it. He recently finalized a partnership with Arlington housing developer Paradigm Development, secured an insurance company as a lender and applied for excavation permits so work can begin this month.

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