Valor Bails on Former C&K Hotel
In February of last year, Valor Development bought the former C&K Hotel at 14th and Quincy Street NW—a boarded-up, cotton-candy blue house sitting on a giant lot—for $1.25 million, planning to redevelop it into condos. The corner sure needs it: the Office of Planning's recent study of the corridor identified the C&K as a key anchor for revitalization.
Nevermind that plan. Valor, which has a bunch of other stuff going on around the city, sold the property at the end of January for a paltry $955,000 (Valor's Joe Bous says they don't discuss financial details, but that tax records "do not reflect the details of the JV that we were pursuing with the previous owner of the property.") The new owner is a mysterious LLC that I've been unable to contact.
It's not the only developer to dump a project in order to focus on less risky markets; Akridge made a similar move by letting go of its 5220 Wisconsin Avenue site. And there's no reason the new ownership couldn't move quickly—it's zoned for moderate density commercial, and isn't historically protected. So we'll see.