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Capital Business
Posted at 10:53 AM ET, 12/17/2012

Auction date set for West Heating Plant in Georgetown

The General Services Administration plans to sell the West Heating Plant, in Georgetown, using an online auction set to begin Jan. 18.

The six-story plant on two acres at 1051 29th St. NW offers clear views of the Potomac River from its top floor and is considered one of the most valuable undeveloped sites in Georgetown. It has been almost completely vacant since 2000.

Starting bids are $500,000, according to details released by the GSA Monday, with bid increments of at least $200,000.

How much will the building go for? That remains anyone’s guess. Despite its location and views, there is disagreement whether the building’s new owner will be allowed to add windows to its exterior, which could scare off some potential buyers.

Neighbors and D.C. Council member Jack Evans (D-Ward 2) also say they want a park to be built on part of the property, which would further drive down its value to investors.

You can follow the auction — or bid! — here.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  10:53 AM ET, 12/17/2012

Tags:  West Heating Plant, Georgetown, GSA, commercial real estate

 
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