Thursday, February 01, 2007

Centex Sells Pavilions at Takoma to New Developer – Project Back On, But As Rentals

Centex homes, Takoma Park, commercial real estateJust when you think you’re out, they pull you back in. Yes, real estate and the Godfather have plenty in common, none more so than the more things change, the more they stay the same. Just weeks ago, Cityhomes by Centex Homes announced that it was canceling its Pavilions at Takoma project and not moving forward with this development. But now arrives word that the company actually is in the process of selling the project to another developer, which plans to build it more or less as originally rendered, but then offer the units as mostly rentals rather than condos. The new owner has not yet been identified, though Centex has confirmed the sale. The Pavilions at Takoma originally began condo sales in November, with prices starting in the low $200,000 range for studios in a LEED-registered, four-story building at 7023 Blair Road NW, just one block from the Takoma metro station. Expected rental prices are not yet known at this time for the revived project.

Washington DC commercial real estate news

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