The plant is a 93,000-square-foot building with eight floors, six above ground and two below, and sits on more than two acres of land. The former General Services Administration (GSA) plant previously served as a heating source for government facilities, but was decommissioned in 2000 and vacated in 2012.
The Georgetown Heating Plant fetched $19.5 million in an online auction with a starting bid of $500,0001 and weeks of bidding by five groups. The winning development team includes Richard Levy, The Georgetown Co. (based in New York), and the Four Seasons Residences. They plan to spend $100 million to redevelop the property.
Since the heating plant is historic, there are restrictions on modification of the facade. The architect has some ideas, but has not released renderings yet. Although he says that the 29th Street facade will remain intact.
The developer plans a LEED-certified building for the new condos in Georgetown. In addition, the land that currently houses industrial tanks on a large part of the south end of the lot will create a new link between Rock Creek Park and the Georgetown waterfront.
The developer of the new condos in Georgetown is bound by several restrictions on redevelopment including the Planned Unit Development process, the comprehensive plan for the area which mandates green space, lack of zoning for the site, historic preservation measures, and approval from the Commission of Fine Arts. Levy expects at least nine months to obtain building permits. The next step will be to remove industrial elements inside like asbestos and oil tanks. So it make take some time before construction begins on the new condos in Georgetown.