Connecticut Ave development halted amid insolvency
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Anonymous
| The developer Kang had no prior experience in the business. It’s not a surprise that the project has gone BK. |
Anonymous
The market will sort this out. No lender wants this on their books. It will stall for a few months and then resume. |
Anonymous
| Not only did the fly-by-night Macklin developer, stiff his contractors, it turns out that it hasn’t paid DC taxes for several years. Now the half-built development is up for a tax sale. What a joke Velocity-Kang turned out to be. |
Anonymous
| Get BF Saul to build a dozen Kennedy Warrens on Conn Ave please. Especially on top of Sam’s park and shop and the strip with the Bank of America just to the south. Just plain blight without anything on top |
Anonymous
| It’s a newcomer to DC real estate. Not surprised. |
Anonymous
And I has tried to construct a new apartment building on a narrow site that requires digging (blasting understandably was out of the question) through solid granite. This is very costly and well beyond the competency of a novice developer. If D.C. vetted projects and applicants more closely snafus like this (a half built shell) might have been avoided. |