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Another Offer of Millions For Poor D.C. Residents
A developer says Sursum Corda, a low-income housing complex north of the Capitol, is worth $40 million or $50 million.
(By Jahi Chikwendiu -- The Washington Post)
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Neither Manna nor Stewart has negotiated such a deal with city officials, however. The board's attorney, Aaron O'Toole, said that raises a lot of questions.
"How can they guarantee half of the things they're promising?" O'Toole asked. "How can they assure there's going to be free housing with no mortgage and no resale restrictions?"
KSI, by contrast, proposes to redevelop the property itself and give each Sursum family $50,000, which could be used to buy a new home on the site at a reduced price. Sursum residents also would be entitled to a small share of the profits on units built for sale to more affluent people, which KSI estimates would amount to an additional $50,000 per family. That second payment is not guaranteed, however.
At least two Sursum board members -- Newaldass, a recent Georgetown University graduate, and Beverly Estes, a longtime resident who until recently was board president -- say they are convinced that Stewart's offer is better if only because he would give them 120 days to shop around instead of the 45 days allowed by KSI. That's important, real estate brokers say, because as many as a dozen other developers are lining up to take a look at the property in hopes of besting KSI's offer.
"Like any real estate transaction, a lot of people will look. Not all will be there at the finish line. But we've just been doing this for a week or so," said broker Jayne Shister, a senior vice president at Cassidy and Pinkard, who is marketing the property to other developers at the request of Stewart, who says he wants to see Sursum residents get maximum value for their land.
On Monday, Estes wandered quietly among the crowd of residents and urged them to compare the two proposals. "Read 'em and see what you like better," she said.
To some, there seemed to be little question.
"One hundred thousand dollars," Rickie Gall said, leaning on a walker. "I could get a three-bedroom."








