WASHINGTON, DC-The local commercial real estate community watched raptly as two bidders tried to nab the Georgetown West Heating plant in a government auction earlier this month. The winner eventually grabbed the facility for $19.5 million but its identity was unknown.
Now, the Washington Business Journal is reporting the winning bidder as a team consisting of The Four Seasons Residences, local developer Richard Levy and The Georgetown Co. WBJ says the team will invest $100 million to convert the plant into high-end condominiums that will complement the Four Seasons Hotel next door.
This investment is the latest sign that the condo market is indeed in recovery here. Another example is The Residences at CityCenter's recent milestone of more than 51% of homes under contract. Pre-sales of the luxury condominium residences began in late fall 2012.
In its recent Trendlines report, Delta Associates notes that condo sales volume in 2012 improved markedly from 2011. Average sales pace at newer projects was more than triple the rate of average sales pace at projects that have sold out during the past two years, "which suggests meaningful pent up demand for newer product," Delta said.
© 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.
