With the housing market going absolutely bonkers in D.C., the longest-stalled projects are creeping closer to reality—-even the Ontario Theater on Columbia Road in Adams Morgan, which has been empty for years now, is likely slated for condos.

A few months ago, owner George Pedas told local ANC commissioner Steve Lanning that he wanted to move quickly on a five-story, 70-foot building with 75 residential units and 15,000 square feet of retail. Lanning hasn’t heard from him lately, and Pedas told the anti-internet Northwest Current last month that he was still just weighing his options.

That’s apparently still true today; architect Jeff Parana of Potomac Development Group emails to say that it was too early to comment. But it’s not too early to put the project on its website: Potomac mocked up the rendering at right for what it might look like.

Still, they can’t wait around forever. Without a tenant, Pedas has been paying through the nose in vacant property taxes—-more than $300,000 since 2008. At least the eyesore is making some kind of contribution to the city while its owner makes up his mind.