Wednesday, July 30, 2014

Rumor- 'Bout Jo Mamo Property-1600 N. Capitol

Jo Mamo lot 5Sometime this year I was at a gathering and happen to chat with a fellow who was in the construction/ development business for large buildings. We got on the topic of Joe Mamo's (yes, sounds like 'Yo Momma') lot at the corner of Florida Avenue NW and North Capitol. The gentleman I was speaking with asked about the immediate area trying to get a sense of the value and feasibility of retail. I was honest, because as much as I would love that stretch of North Capitol to get cool stuff, there are some challenges that around that location that needs to address. But talking to the fellow one challenge is Joe Mamo, he wants too much for the land. Mamo is willing to sell, if the price is right, for him.
Joe Mamo has also been reanimating a dead PUD. Earlier this year he had a 2009 PUD extended for two more years.
Tax-wise this is not a vacant property, and listed as commercial.  Even though it is a vacant lot, and has been a vacant lot for many years, I gather things are different for commercial properties. Understandably, it is not in Mr. Mamo's name but in the name of the Five Q LLC. The owners pay about $23K a year in property tax. Despite that, I think this will probably remain vacant for many more years.

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