WASHINGTON, DC-One of the federal government’s surplus properties in the DC area is getting ready to go to auction: the Georgetown Heating Plant. Jones Lang LaSalle has been retained to assist in its marketing. The GSA plans to put it out to bid via online auction after it finalizes the paperwork for the process. Located at 1051 29th St., NW, the empty plant sits on 2.08 acres.
It could be redeveloped into many different uses, especially considering its Georgetown location, including residential, commercial and hospitality. “There's nothing comparable to this in the Georgetown market,” Marc Waddill, SVP with JLL, tells GlobeSt.com. “It's in its own class as far as development opportunities go.”
Waddill says he is not authorized to discuss valuation of the building or such questions as whether there will be a minimum starting bid for the property. The GSA is still working on the invitation for bids, he adds.
GSA is finalizing its National Historic Preservation Act and National Environmental Policy Act requirements and bidding will begin shortly after. An industry forum for the Georgetown Heating Plant sale is planned for late October.
The auction will take place through its GSA Property Auction website in which eligible bidders post bids in real time over a pre-determined auction period. GSA has sold more than 2,500 properties worth over $5.4 billion dollars in the past 10 years in this manner. Currently up for auction are several lighthouses, the Charleston Naval Hospital and a Forest Service office in Roosevelt, UT.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
