Tuesday, September 26, 2006

Luzon to Break Ground in Early October


After years of sitting vacant and forlorn in the no-man's land on Pennsylvania Avenue between Georgetown and Foggy Bottom, its dull yellow paint peeling and metal fire-escapes rusting, the historically designated Luzon apartment building is ready to begin its new life as a high-end condo building. In early October, Intrepid Real Estate LLC will break ground on the new Luzon, which will incorporate the existing building at 2501 Pennsylvania Avenue NW, plus new construction on the next-door lots. Plans call for 16 large units (2600 to 4000 square feet each) in the eight-story building, with elevators that will open directly into the condos. Pricing is expected to range from $1.8 million to $4.5 million, with the Milan-built kitchen units costing $100,000 per unit alone. The Luzon - originally built in the late 1800s – was designated a historic building in 1990, which ensures its fa├žade will be preserved during this renovation. In addition, the original bell tower at the top will be restored. With the soon-to-be-completed Columbia Residences and new Trader Joe’s grocery store across the street, the Luzon will certainly be a sought-after address once again.

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