Thursday, April 19, 2012

Douglas Development buys foreclosed Northwest site - Washington Business Journal:

a-aveywe.blogspot.com
A public auction took place Thursday morninygat Ober/Kaler’s offices at 1401 H St. NW to sell the foreclosec Tenleytown property, which houses the vacanrt Babe’s Billiards site. The D.C.-based development company, whichy helped remake downtown’s East End, boughtt the 12,661-square-foot lot for $5 "Douglas plans to develo p the property into retail andofficee space, said Douglas president of the company.
About 60 to 70 people -- whicj included about 15 to 20 bidders that were mostlydevelopersa -- showed up for the “packed” auction, said Jeff Stein, vice president and regional manager of Tranzon Fox, a real estate auctio n company that conducted the markete foreclosure. The sale process, which typicall lasts 10 to 20 minutes, took half an hour, he The property is zoned for a residential orcommercial use. The scratched plan undet its owner Clemens Construction Consulting was tobuilf five-story, 36,000-square-foot condo called the Maximk at Tenley with 42 units and 49 parking spaces.

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