The Georgetown Heating Plant. Courtesy of GSA.
With four days to go in the online auction for Georgetown’s West Heating Plant, the bids have started rolling in. Slowly.
Ever since UrbanTurf heard the news that the former plant located on a prime piece of real estate at 29th and K Street NW would hit the auction block, we’ve been eager to see who would buy it and what they would turn it into.
However, not one bid came in during the first few weeks of the auction. And then on Thursday, the first two were submitted. The high bid now stands at $700,001.
The General Services Administration, which owns the plant, decided to find a buyer through an online auction process, giving the highest bidder the rights to develop the property, most likely through a Planned Unit Development (PUD) process involving community meetings and approvals from various agencies.
We’ll continue to keep tabs on the auction during its final days as we’d be surprised if $700,001 is the winning offer. The auction activity can be found here.
Update: Another bid for the heating plant was received on Friday for just over $1 million.
- Will Fundrise Buy the Georgetown Heating Plant?
- Future of Georgetown Heating Plant Site Unclear as Auction Approaches
This article originally published at http://dc.urbanturf.com/articles/blog/700001_the_high_bid_for_georgetown_heating_plant/6665
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