The anonymous winner of the West Heating Plant auction was revealed in an exclusive interview with the Washington Business Journal on Tuesday.
The property was purchased for $19.5 million by a team that includes local developer the Levy Group, New York-based real estate firm The Georgetown Company and Four Seasons Residences.
The group plans to spend more than $100 million to convert the heating plant into condominiums.
Winning the auction “was shocking because it was a pretty intense competition, and we weren’t sure we were going to come out on top,” Richard Levy, a managing principal for the Levy Group, said in an interview with WBJ. The auction closed March 6 after escalating into a bidding war between five anonymous buyers.
As they develop the area, the team will be under the watchful eyes of neighborhood and historic preservations groups.