Georgetown Heating Plant Officially Sold to Developers
The General Services Administration is trying to shed some unwanted weight. The agency, which serves as the landlord for federal government buildings, is suffering from tight finances, and so it's taking steps to rid itself of properties it doesn't need. In April, a congressional committee held a hearing in a vacant GSA-owned warehouse on L Street SE, at which the federal lawmakers shamed the agency for taking so long to unload unused property. But today, GSA has something to show for its efforts.
The agency closed its $19.5 million sale of the West Heating Plant in Georgetown today, selling it to Georgetown 29K LLC, the cryptic name for a team consisting of developer Richard Levy, New York-based The Georgetown Co., and the Four Seasons Residences. The team plans to convert the old plant into about 80 high-end condos.
The sale "moves this excess federal property off of the government’s books, puts it to new use in the community, and creates savings for taxpayers," says GSA spokesmen Dan Cruz in an email. According to Cruz, GSA has sold or transferred 44 facilities across the country so far this year for a total of $40 million. The West Heating Plant sale, then, is a substantial portion of the agency's total sales for the year.
GSA sold the plant through an online auction in March, but didn't finalize the sale until today.
Levy couldn't immediately be reached for comment.
Photo by Mr. T in DC via Flickr/CC BY-ND 2.0