Printed in Washington Business Journal: February 12, 2010
The Armed Forces Retirement Home was all dressed up and ready for the dance. Now it’s looking for a new date.
With Charlotte, N.C.-based Crescent Resources LLC as its development partner, the retirement home got approval from the National Capital Planning Commission in 2008 for a master plan that would bring more than 50 acres of mixed-use development to the property’s southern end and badly needed revenue to the retirement home.
But when the market went cold, so did the deal. The retirement home parted ways with Crescent only two months after the plan they had assembled was approved. Crescent filed for Chapter 11 bankruptcy reorganization in June 2009. Now, more than a year after the breakup, the home is considering putting the project out to bid again, this time in pieces.
“What will probably happen is an incremental offering strategy,” Tim Sheckler, director of the property utilization and disposal division of the General Services Administration, told the D.C. Building Industry Association Feb. 4.
