A year ago, it was an “expensive eyesore,” a luxury housing project gone awry. Now, the Capitol Hill Oasis complex appears to be headed toward completion.
Back in 2005, in the midst of the housing boom, developer Gloria Herndon began work on a row of 10 townhouses and 16 condos at 12th Street NE near Florida Avenue, with aspirations to attract buyers willing to shell out seven figures. Six years later, amid construction problems, a damaging fire at a neighboring property, and a weakened housing market, construction was still far from complete, and Herndon’s bank foreclosed on the property. Neighbors complained of the ugly abortive development.
But now, the digging crew and jackhammers are back at it. Premier Bank, which owns the property, has obtained new building permits and resumed “true full-speed construction work” about a month ago, says Premier Washington division president Boris Orcev.
“We had to go and repermit the entire project again, and there will have to be changes to the site and the public space, so we’ve been dealing with [the Department of Consumer and Regulatory Affairs] for almost a year,” Orcev says. “We finally got all the permits, and we’re working right now on the public space and we’re also working on the interior of the units.”
Orcev hopes to be able to present the property to potential buyers in July or August.