Levy, Four Seasons Group's $19.5 Million Bid Accepted for West Heating Plant
The winning bidder in the West Heating Plant Auction is a development team that includes developer Richard Levy, New York-based The Georgetown Co. and the Four Seasons Residences, the Washington Business Journal reports.
Updated 3:48 p.m.
The General Services Administration (GSA) announced Tuesday that it has accepted a $19.5 million bid for the Georgetown West Heating Plant from Georgetown 29K, LLC. The Washington Business Journal had an exclusive interview with the development team, which includes developer Richard Levy, New York-based The Georgetown Co. and the Four Seasons Residences.
The West Heating Plant auction closed last Wednesday. GSA is now working to close the sale.
Georgetown 29K, LLC "will now have ten days to provide an additional deposit to move the sale process forward. After the deposit is received, the transfer of title to the new owner should happen within approximately 100 days," according to a press release from GSA.
The Levy team's $100 million plans for the property, which is adjacent to the Four Seasons hotel, include 80 luxury Four Seasons condos, according to The Washington Business Journal.
“The Georgetown Heating Plant sale is the latest action in our efforts to get excess federal properties off our books while creating savings for taxpayers,” Dan Tangherlini, GSA acting administrator, said in a press release.
Read more on the West Heating Plant auction: