What's Hot: 800 Acres, 4 Miles of Shoreline, A $10 Million Price Tag | A Shipping Container ADU One-Stop Shop Launches in DC
Ain’t Over ‘Til It’s Over: Georgetown Heating Plant Auction To Go For Another Day

The Georgetown Heating Plant. Courtesy of GSA.
The bidding activity for the Georgetown Heating Plant has heated up between three anonymous bidders over the last 24 hours, which means that the auction will go on beyond its “soft close” of Tuesday at 5pm.
Currently, the high bidder is willing to pay $5.2 million for the GSA-owned property, a bid entered at 12:52pm EST on Tuesday. According to the rules of the auction, after the soft close, the highest bid must maintain its status for 24 hours. So, in short, the bidders that are beat out have 24 hours to think over whether or not they want to enter a higher bid. If no further bids are entered today, the auction will end at 12:52pm on Wednesday, February 20th.
The first bid of $500,001 (just one dollar over the minimum deposit) showed up on February 14th. Within a couple hours, a second bidder jumped in, bidding $700,001. A third bidder entered the game the next day, bidding $905,000.
Since then, bidders #2 and #3 have been in fierce competition. Today, the two have engaged in a steady back and forth, driving up the price in increments of $200,000. A fourth bidder entered the fold shortly before this article was published, bidding $4,907,000 around 1pm EST.
However, bidder #2 has spent the most time in the top spot: every time another bidder enters an amount, a bid from #2 shows up almost instantaneously, $200,000 above the previous bid. Bidder #2 seems to have an Ebay-like escalation clause in place, up to an as-yet-unknown upper limit. Sources familiar with the property posit that the final price may be close to $8 million.
The winning bidder will get the building as-is, and will likely have to go through a Planned Unit Development (PUD) process as they determine the future use.
Similar Posts:
- Will Fundrise Buy the Georgetown Heating Plant?
- Future of Georgetown Heating Plant Site Unclear as Auction Approaches
See other articles related to: west heating plant, gsa, georgetown heating plant, georgetown
This article originally published at http://dc.urbanturf.com/articles/blog/bidding_heats_up_georgetown_heating_plant_auction_to_go_for_another_day/6674
Most Popular... This Week • Last 30 Days • Ever

UrbanTurf Listings is a premium property listings service that showcases some of the ... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »

The hyper-competitive, ever-shifting conditions of the DC-area housing market are cha... read »

Backyard Container aims to simplify the costs and process of getting a functional shi... read »

Since the last time UrbanTurf took a look at the South Capitol Street corridor, over ... read »
- UrbanTurf Listings: New This Week
- A Virtual Tour of More Than 35 DC-Area Developments
- The Price is Right? How Home Pricing and Buying Strategies Are Changing in DC's Competitive Market
- A Shipping Container ADU One-Stop Shop Launches in DC
- 1,900 Units Down, 1,900 to Go: The Status of the South Capitol Street Pipeline
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro