Wednesday, March 11, 2009

Georgia Avenue Parcel and Plans Up for Sale

Dying to buy land on Georgia Avenue, but just can't find a vacant lot? Now's your chance. Georgia watchers know that late last year a sign was erected at the intersection of Georgia Avenue and Kenyon Street, NW (3205 Georgia Avenue) proclaiming the imminent construction of a new mixed-use development, courtesy of a team known as the “Carthage Group.” Like many promising parcels, development did not materialize. The developers were unreachable, their displayed web address led nowhere, and shortly thereafter, both the sign and chain-link fence surrounding the site disappeared overnight.

Now, with the Carthage Group out of the picture, the land is now in hands of one Mike Noorishad – perhaps best known to area residents as the one-time owner of Mike’s Chicken at 1110 U Street. Not only has Noorishad put the parcel up for sale along with the previously approved plans – designed by Ajalli Architects of Maclean - for a residential, office and retail complex at the site.

According to Nasir Bajwa of Sperry Van Ness Commercial Real Estate Services, the plans on hand call for a 21,424 square foot, 5-story building with 4,500 s.f. of ground floor retail and 4,137 square feet of office space, topped off by 9,789 square feet of residential (or 18 units) – all of which was previously approved and permitted by District authorities in early 2008.

If there are any takers for Sperry Van Ness’ $3 million list price, the untitled project – formerly the Capital Building by Carthage - would be the southernmost entry in ongoing redevelopment of Georgia Avenue with a beachhead by other projects such as Park Place, 4136 Georgia, Lamont Lofts and the Heights. Hurry, act now, time is running out.


Jay'O said...

This maybe the southern beachhead for now, but another parcel has recently come to light even further south. Howard University is selling property in the 2900 block of Georgia Ave (just off Columbia road). The for sale sign poped up litte more than 30 days ago.

It seems as cheap properties on 14th and U st. disappear, lower Georgia ave is well positioned to boom after the economy picks up in 2010 or 2011.

Anonymous said...

No one is going to pay $3 million for this parcel. Maybe $1.5-2.0 million, but even then only when things pick up. Otherwise they'll be holding this lot for a long, long time.

Here's a question- if they have financing in place and plans approved, as suggested in the link, then why wouldn't they develop it themselves? Answer: because it wasn't a profitable project.

Facet on Mar 12, 2009, 1:54:00 PM said...

I love how blog sites turn EVERYONE into experts in real estate development. Anonymous, you're brilliant. I'd suggest getting your resume and this analysis out to distressed debt advisory service groups pronto. You're missing your calling working in that call center.

Anonymous said...

Nearly impossible to get construction financing at this point, so even 2M is a stretch. There are so many vacant units all over the place that no traditional lender can predict good enough asset stabilization such that it can make the loan. Even one-off types will have trouble with this one, even at a fire sale price. It's not the developer's fault.

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