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.