The Colonies, a total 459-unit complex of three-story, elevator residential buildings in McLean, is in the process of being reconverted to total condominium ownership by Development Management Corp.
Consisting of 12 brick buildings on a 29-acre tract off Old Meadow Road, the complex was started in 1972 by the Don Scholz Co. and then sold to the L.B. Nelson Co., Palo Alto, Calif., and marketed as a condominium project. However, because only 172 units were sold, the remainder of the project became the owner last September.
George J. McGaffigan, DMC vice president on the site at 7681 Provincial Dr., McLean, said that reservations for condominium sales now are being taken at special prices for 118 current tenants. Public sales are scheduled to begin April 15, when furnished models will be shown.
Pries will range from about $31,000 to $75,800 for units with one, two and three bedrooms, generally at prices of $43 a square foot for liveable space, McGaffigan said. Spaces range to 1,678 square feet. Thirty-year financing is being offered at rates of 81/4 percent. He added that there are already 57 pre-sale reservations to buy units.
There are three entrances to the Colonies at McLean and all have electrical security gates. The main entrance has a gatehouse.