While the Pitts Hotel had enjoyed many years in the limelight after its development in 1950, its existence in the last two decades of the century paled in comparison. The property had fallen into grave disrepair after the 1968 riots all but obliterated the neighboring 14th Street Corridor, and it was frequently used as a less-than-hospitable shelter for the homeless in the 1990s. The property had been completely abandoned by 2002, when Belmont Partners purchased the hotel and three bordering lots for $3.4 million.

With the city's blessing, the joint venture began the process of giving new life to the Meridian Hill area parcel on Belmont Street. The Fedora is primed to create a new history at the site. In addition to its residences, the condominium property will feature an underground parking facility, clubroom, rooftop terrace and courtyard with waterfall. The task, Bozzuto Homes president Chuck Covell says, gives the partnership the opportunity to "play a role in the revitalization of this historic area." Belmont Partners expects to wrap up construction of the Fedora by next summer. Actual construction is set to begin in July.