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The Grace

SOLD OUT
The Grace

3220 Grace Street NW | Georgetown

SOLD OUT
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Portfolio Title
The Grace
Portfolio Desc

3220 Grace Street NW | Georgetown

Description Title
CASE STUDY
Description Content

We purchased 3220 Grace St, NW in July of 2012. At the time, the site was being used as a parking lot. This property is located in historic Georgetown and with that came numerous building plan restrictions, reviews and required approvals. Several developers had the property under contract previously and proposed plans without success. Even though full approvals had not yet been obtained, we were able to meet the due diligence timeframe. From there, we successfully closed on the property and were able to obtain all necessary approvals from the Old Georgetown Board, Commission of Fine Arts and DC Historic Preservation Office while working within the zoning requirements for the property. We identified shallow bedrock during our due diligence and were prepared to effectively deal with this imminent issue during construction, so as not to affect the overall project.

PROJECT INFO
  • Year Purchased: 2012
  • Year Delivered: 2015
  • Product Type: 7 Condominium Units
  • Inclusionary Zoning: N/A
PROJECT CHALLENGES
  • Site had legacy of failed development attempts
  • Short due diligence period required
  • Required approvals from OGB, CFA and HPRB
  • Site work required hand removal of large bedrock due to tight site constraints