Joined: 05 Jul 2008
Location: Columbia Heights
|Posted: Mon Dec 21, 2009 4:16 pm Post subject: Floridian condo project in D.C. put up for auction
|Floridian condo project in D.C. put up for auction
The Floridian, a 118-unit condominium building that helped jump-start development around Howard University, is scheduled to be sold in a foreclosure auction next month.
Although more than 30 condos are occupied by unit owners — and at least 50 potential buyers had expressed interest in units this year — the sales pace was not brisk enough to persuade the project’s lender to extend the loan’s due date, according to a representative for the developer, Lanham-based Kady Development.
Kady bought the land at 919 and 929 Florida Ave. NW in 2006 for $8 million. It then borrowed $44.8 million in two loans from LaSalle Bank to build the stainless steel, colored glass and limestone loft-style condos. The loans were due Oct. 1, 2008.
The Floridian stands as a beacon of glitzy potential in the midst of several gritty sites intended for redevelopment.
A 750-unit residential and retail complex, dubbed Atlantic Towers, was planned for the nearby Atlantic Plumbing Supply site, but that project never got off the ground. The weed-and trash-strewn Atlantic Plumbing property is itself scheduled for a foreclosure auction.
Kady had sold and settled 32 Floridian units before the lender halted settlements in late spring. Three other would-be buyers moved in as tenants, hoping to close on their contracts once the lender gave its permission to proceed with settlements.