Broken-down government property at around $15 million needing even more millions to fix up or an established superplex on the Potomac for millions in three digits?
As the price on the West Heating Plant, now actively getting bids on the auction website of the General Services Administration, keeps going up, ponder the potential price for Washington Harbour, less than a block away from the 29th Street property, set to go on sale.
MRP Realty and investment partner, Rockpoint Group LLC, will put the Georgetown retail, office and residential landmark on K Street and the Potomac River up for sale in March or April, as first reported by Washington Business Journal.
“The Potomac River property could fetch well in excess of $250 million,” according to the Business Journal. “MRP and Rockpoint teamed up in June 2010 to buy the two-building center for $244.5 million, or about $459 per square foot. One real estate expert familiar with the property estimated it could go for as much as $400 million.”
“When we purchased the asset three years ago we saw some phenomenal opportunity at the Harbour. It is an irreplaceable landmark asset,” Bob Murphy, managing principal of MRP Realty, told the Journal. “We really love the project. We really have put our heart and soul into it, and we’re excited when we see value created.”
Along with $50 million in renovation and getting past the April 2011 flood, Washington Harbour premiered the ice skating rink at its center fountain last November. The ice rink and renovated restaurants made the riverside complex a year-round destination.
As for the West Heating Plant, the two-acre government property continues to get bids between two or three bidders. As of Feb. 25, the winning stood at a little more than $15.5 million, with another day of bidding extended yet again. Advised the GSA: “We are now with the soft-close period. Bidders are encouraged to check back frequently to the remaining auction time.” If no one bids on the plant for more than 24 hours, the GSA will then decide if the auction is to be concluded.