Tuesday, March 03, 2009

SE Development Parcel Up for Grabs


Like so many properties on a Monopoly board, parcels in the Capitol Riverfront neighborhood (aka SE near the stadium) have changed hands frequently over the last 5 years. What used to be one of Washington, DC's least desirable neighborhoods has transformed into some of the metro area's more interesting commodities; and now there’s another up for grabs.


The ICP Group is currently seeking inquiries for a sealed bid sale of their parcels at 810, 816 and 820 Potomac Avenue, SE. IPC had initially purchased the pair of Barrack's Row office/retail buildings and adjoining 20,000 square foot lot in 2005 for $9 million with the intention of transforming it into a multi-phase, mixed-use development. Now they've teamed with Lincoln Commercial Services Inc. and Hollywood Real Estate Services, LLC to hand it off to the highest bidder and, according to the developer, they’ve already received a number of inquiries, including “a Navy Yard-focused hotel and apartments, University Campus, retail and offices, and a childcare center for Navy Yard employees.”

Back in 2005, ICP announced three different projects within the Capitol Riverfront: 810 Potomac Avenue, the Admiral at Barrack’s Row, and the redevelopment of four historic townhomes on L Street SE. Despite receiving approval from the city for the Admiral – a 17-unit, $6 million condo project – and projecting a 2008 completion, ICP dodged a bullet when the plan was delayed, and the condo idea shelved altogether. The townhouse project has also not materialized. But despite ICP's non-development, other interested parties in IPC’s circle seem to think they’ll have no problem disposing of a property in one of DC’s hottest development districts.
“This is perhaps one of the most active sub-markets in the country for redevelopment… and also one of the few areas where development financing is still readily available, aided by federal programs along with market conditions,” said James Connelly, Vice President of Government Relations for LPC Commercial Services, a co-advisor to the bid.

The former development team will be accepting bids on the Potomac Avenue parcel until March 15th.

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