The CityVista mixed-use project will go to settlement on the sale of its first condominium unit today now that the development team, lead by Lowe Enterprises, has received its final authorization from the city to transfer title. When complete, the Mt. Vernon project will have a large impact on the neighborhood, delivering 441 condominiums, a 9-story apartment building, and Mt. Vernon's first retail sector with an "urban Safeway", Results gym, and a second helping of U Street's popular Busboys and Poets.
Today's sale is in the "L," the first of two condo towers, where the developer reports 90% of the units are already under contract. The "K" is currently 40% sold and will begin settlements next spring. The last building to finish will be the "V", the apartment building now under construction, on which the developers have entertained offers to sell outright.
The first occupancy at CityVista follows a long wait for the city's approval; the development team received a Certificate of Occupancy for the property back in August, but had been stymied in its attempts to convey the properties for lack of tax identification numbers, a problem an individual involved with the project said resulted from DC's failure to officially recognize Lowe as the owner of record on the property. The city - a partner on the project - has now issued the credentials, allowing the project to begin occupancy.
Washington DC real estate development news