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We Hear: The Floridian Could Be Sold Soon

  • November 20th 2009

by Mark Wellborn

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We Hear: The Floridian Could Be Sold Soon: Figure 1
The Floridian

It is not UrbanTurf’s style to spread rumors, but we have it on good authority that The Floridian might be sold in the coming weeks. According to a source, a number of prospective buyers recently toured the troubled 118-unit development at 919 and 929 Florida Avenue NW, sizing the building up for a good bidding price.

In early June, we reported via DCmud that tenants in The Floridian were told that they would not be able to settle on their units until a lawsuit and lien involving one of the lenders were resolved. The seller had told potential purchasers and current owners that they were hoping to resolve the issue within the month. It doesn’t sound like that happened.

Sales began at the two eight-story towers in October 2005, and although the sales team was touting a 50 percent occupancy rate in June, DCmud noted that city records show that only 29 sales have been recorded.

See other articles related to: dclofts, distressed buildings, the floridian, u street corridor

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/we_hear_the_floridian_could_be_sold_soon/1538.

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