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The Area’s Top Commercial Developers Showed Up for West Heating Plant Meeting
The online auction of the massive Georgetown property will happen soon.
A who’s who of Washington commercial development companies showed up Thursday morning when the General Services Administration held a planned “industry” meeting to focus on the upcoming auction of the ten-story West Heating Plant in Georgetown. It was decommissioned more than a decade ago and is considered “surplus” federal property. Anyone who plans to bid on the two-acre site, the last parcel of real estate of its size in Georgetown, has to make an initial $500,000 deposit. The winning bidder will also have to comply with myriad historic preservation, city zoning, and environmental regulations, as well as pass muster with groups that represent Georgetown residents.
Here’s a list of the Washington-area development and architectural companies that reportedly had a representative at the meeting at GSA headquarters, which was also open to the public: EastBanc, Hines, Akridge, Property Group Partners, MRP Realty, Toll Brothers, Clark Realty, Level 2 Development, Metropolitan Partnership, Carr Hospitality, Gables Residential and Roadside Development, Shalom Baranes Associates, AECOM and Hickok Cole Architects.
One of the interested developers said he feels the property is worth in the $20 million range, but that the overall development project will cost approximately $100 million. The GSA is in the process of completing an appraisal of the property.
GSA says the online auction will happen in the first week of November.