WASHINGTON, DC-The West Georgetown Heating Plant. An eight-story art deco building located on more than 90,000 square feet of land in the high-barrier Georgetown submarket. The property, located at 1051 29th Street NW, is potentially the only site left in the neighborhood where a hotel or office with views of the Potomac could be constructed. Not only that but it is adjacent to the Georgetown Four Seasons Hotel with waterways on both sides and a five-minute walk of Georgetown Waterfront Park. So valuable was this property that Congress took the General Services Administration to task for letting it sit empty, off the market, for so long.
Yet no one seems to want it.
The auction has a soft close date of February 19, and according to the GSA auction site, as of Wednesday, February 13, no one has put it a bid for the property. Hat tip to Urban Turf for following the story.
There is still hope an offer could come in. Urban Turf speculates the delay could be a negotiating strategy.
Either that or developers are too leery of the plant's accompanying baggage: to list just a few problems, there are environment and zoning problems.
"Perhaps the biggest complexity is the local neighborhood wants to preserve green space and limit the amount of new development at the site," writes Fundrise, which seems to have its own ideas for the site.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
