Potomac Plaza is not a condominium. Rather, it is a cooperative corporation (co-op) managed by a Board of Directors elected annually by the members of the co-op, who own shares in the corporation and occupy individual apartments. Washington is second only to New York City in the concentration of this type of home ownership.
A great advantage of co-op ownership is that the corporation is able to negotiate lower rates for services such as utilities and insurance. Potomac Plaza is financially strong, and the building is carefully maintained and updated.
Unlike the practice in a condominium, the single monthly maintenance fee paid by members covers utility costs (heating, cooling, electricity, water, and sewer), trash collection, property taxes, and insurance on the building. Individual owners have to pay only for their own telephone, internet, cable TV, and insurance on the contents of their apartments.
Learn more by reading Co-ops 101: Cooperative Housing Ownership in Washington, DC, a publication of the DC Cooperative Housing Coalition.
The Foggy Bottom neighborhood is nestled between Lafayette Square and Georgetown, south of Washington Circle and is home to the U.S. State Department, the John F. Kennedy Center for the Performing Arts, George Washington University, the World Health Organization, and many other prominent international institutions.
Statue of the first President in Washington Circle.
This is one of the city’s oldest neighborhoods, tracing its origins back before the District of Columbia was established as the nation’s capital. Foggy Bottom was once an industrial area comprising Irish, German, and African American communities employed at the nearby breweries, glass plants, and city gas works.
The construction of Potomac Plaza was completed in 1956. It was part of what was conceived as an enormous complex called Potomac Plaza Center, modeled after Rockefeller Center in New York. Though the full vision of the project was never realized, our distinguished building became the anchor for the redevelopment of Foggy Bottom. In fact, it was one of the key D.C. residences featured in James M. Goode’s Best Addresses, A Century of Washington’s Distinguished Apartment Houses.
Foggy Bottom is a vibrant, dynamic neighborhood that has been undergoing another renaissance in the 21st century. Throughout time, Potomac Plaza will continue to shine as one of the best addresses in an exciting and historic neighborhood.
Foggy Bottom Facts:
- In the 18th century, much of the area now identified as Foggy Bottom was owned by Jacob Funk. He intended to develop the area into a town called Hamburg, but the development of the capital city took priority.
- The equestrian statue in Washington Circle was dedicated by President James Buchanan on February 22, 1860. Sculptor Clark Mills cast this, and other bronze statues, in a temporary foundry located south of the White House on what is currently known as the Ellipse.
- During the Civil War, Camp Fry was located south of Washington Circle. The 9th & 10th Veteran Reserve Corps were stationed at Camp Fry and were charged with protecting Federal buildings.