Despite the potential for a double-dip recession, condo construction in Georgetown is moving ahead full steam. On top of the planned projects at the Ket Bridge Exxon site, the Post Office, and the Verizon building parking lot (all EastBanc projects) a new project has popped up. It’s for a brand new building at the corner of Cecil Pl. and Grace St.
Right now the location is a parking lot:
The lot is owned by G.M. Steinbraker & Sons, a third generation Georgetown-based general contractor firm based out of a workshop just down the block on Grace St.
The property is going to be developed by Wilco Residential. They call the project the “Grace Street Loft”. It is planned to have seven units ranging from a tiny 446 sqf. to a spacious 1,280 sqf.
The design concept right now is somewhat modern in the style of the East Banc projects, which is to say a mix of brick with industrial-style windows.
The plans call for no on-site parking, but the developer plans to secure parking in one of the lots on K St.
Unsurprisingly, the neighbors had an initially negative reaction to the proposed plans. Primarily they are objecting to the massing of the building and its contemporary style.
Units are expected to be sold in the range of $900,000 to $1,000,000.