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Councilmember Jim Graham announced on listserves yesterday that Perseus Realty will finally be able to start construction on the long-stalled 14W project be the end of the year. The development, which is to include 231 residential units and a new YMCA, has been stalled since “breaking ground” in 2008. Perseus president Bob Cohen was a little more hesitant when reached by phone this morning—he said they’re “working on a couple things that will take two to four weeks,” after which they’ll have more information to share.
The other project that Perseus has outstanding is what was planned as a super-special eco-hotel on the vacant lot at 22nd and M Street NW in the West End. The Business Journal learned back in August that the project was on hold, and the same is true today. “We’re looking into other alternatives,” Cohen said. “There’s still no financing for high-end hotels.”
Which is not entirely true: A Marriott in Foggy Bottom just locked down a $28 million construction loan. So perhaps there’s just no financing for Perseus’ high-end hotel.