DCmud: Bad News for Buyers at The Floridian

• June 9, 2009
• 1 Comment

by Mark Wellborn

Current owners and prospective buyers at The Floridian received some bad news recently. DCmud is reporting that tenants were told that they would not be able to settle on their units until a lawsuit and lien involving one of the lenders were resolved.

The 118-unit development consists of two eight-story towers at 919 and 929 Florida Avenue NW in the U Street Corridor (see map here). Sales began back in October 2005, and although the sales team is touting a 50 percent occupancy rate, DCmud notes that city records show that only 29 sales have been recorded.

Here is a quote from a representative of Urban Land Company, the sales and marketing team for the project:

“The situation is that the seller, about three weeks ago, disclosed to all of our potential purchasers and [current] owners that he is having an issue with the lender and hopes to get it resolved within – what he said at the time – a month, but that he couldn’t be certain. So, we’ve been working with anyone who is under contract and new potential buyers and telling them that information,” said Gerard DiRuggiero of Urban Land Company.

This article originally published at http://dc.urbanturf.com/articles/blog/dcmud_bad_news_for_buyers_at_the_floridian/1007

1 Comment

1. Tom A. said at 8:36 am on Wednesday June 10, 2009:

   eek.  another reason not to buy there.  Of course the dirty lobby, shabby carpets and overpriced units were enough to keep me away.

   I wanted to like the place, but back in 2006, I guess the builders thought they could get away with anything and people would come running.

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