Flip It, Florida Avenue Edition
If you've walked by the massive ice warehouse on Florida Avenue just east of North Capitol Street recently, and saw the "for sale" sign on it, you might've thought again? B&B Realty Investments just bought it a year ago, after all, promising a new residential building. Did they decide it just wasn't worth the trouble?
Well, this is just how the business works sometimes. B&B never planned to develop it themselves at all. They're just taking it through the entitlements process, shooting to submit an application to the Zoning Commission that will likely include around 175 condos by June 1. But somewhere along the line, they expect a real developer to come along and buy the whole thing, hopefully for much more than the $8.97 million they paid for it. That's how you make money in real estate, folks.
As an aside, B&B has retained Devrouax + Purnell to design the building. It's a safe choice—the firm has done D.C. projects from the Reeves Center to the Convention Center to the new Progression Place and the Pepco headquarters downtown. Here's how they explain their approach:
Context is Key in any city, neighborhood, or project. The Devrouax & Purnell team understands Washington architecture:
- how to integrate a project into the city's street grid
- how to mitigate its size and scale
- and what makes a building unique to Washington
Sigh. With the exception of some distinctive rowhouse patterns, I don't know that there's anything "unique to Washington" except bland monumentality. While I find most of D&P's work to be inoffensive, designing in keeping with that leads to nothing great.
UPDATE: 5:45 p.m. - Oh look, DCMud got its hands on the zoning application already. So there you have it.