By now, residents of the 14th Street Corridor know what happens to a vacant lot in their popular neighborhood. First it becomes a parking haven for Friday night partiers, then a developer scoops it up and voila! before you know it, something pretty, modern and expensive goes up in its place.

The corner of 14th and S Streets NW, which most recently was the site of the Garden District store, will be no different and STP Partnership, owners of the property which has an estimated 40,000 square feet of potential, currently have three offers from developers or retailers on the table.

STP Partnership sees the 14th Street corridor as the next Georgetown and have no intention of selling the property, but rather leasing and developing the land, said Ali Javad, from Marcus & Millichap, the real estate brokerage firm representing the owners.

Javad wouldn’t disclose exactly what the three proposals entail, except to say a mix of retail and condo.

The owners say they are in no rush to do anything with the property. However, Javad said, since they own it outright, having purchased it about 10 years ago, they are thinking about what would be best for the neighbors and the neighborhood — maybe a restaurant with a nice terrace, or possibly a couple smaller boutiques.

“What we are really looking for is an establishment which would add to the neighborhood and those living in the area,” said Javad. “Something like a nice bakery, organic juice shop, or any retailer that would serve the neighbors without bringing added car traffic.”

Developers are hungry to get in on the 14th Street action and Javad estimates that the area will see an additional 90,000 square feet of retail and 1,300 new residential units by the end of 2014. The property at 14th and S, which was a gas station in the 1960s and then a used car lot, has been a popular one with potential developers and Javad receives two to three calls a day about it.

Javad said he expects the owners to decide what to do with the property by the end of this year.