Wednesday, September 11, 2013

1438 U SOLD to Indian Embassy for Cultural Center

After several years of lying dormant, 1438 U Street has been sold to the Indian Embassy for development as a cultural center.  Rock Creek Property Group, which acquired the building for $2 million in late 2010 through a bankruptcy auction, sold the 12,300-square-foot-property to the Indian Embassy on August 12 for $5.75 million, or $467 per square foot.  The property was listed for $6.5 million, but it is assessed by the city to be $2.5 million.

The building, formerly home to the Station Nine restaurant that neighbors complained had morphed into a nightclub, was gutted shorty after Rock Creek bought it.  Within six months, it was back on the market.  Rock Creek had proposed two scenarios for its redevelopment:  residential condos or commercial office space with retail.  Neither option generated any results.  

We wish the Indian Embassy good luck in redeveloping this stunning building into a cultural center!  It will fit in just fine with our community's diversity.

Doi Moi, loulou, and Redeem Open

Several new businesses have opened their doors at the corner of 14th and S in the new District Apartments building.  loulou is also located in Dupont Circle.  Redeem is moving from the 1700 block to the 1800 we are familiar with these two businesses.  Doi Moi is restauranteur Mark Kuller's latest venture featuring Asian fusion food.  He also owns Estadio and Proof.  We welcome all of them to our neighborhood.  It's great to see retail businesses in the 'hood after losing so many during the redevelopment of 14th Street!