Fowler Flanagan Technology Partners LLC recently purchased two buildings in Northeast DC for $7 million, intending to convert them to a data center. Demand is strong, but what it didn't count on was emergency rules imposed by city officials to limit the development of data centers.
The rules hit just as renovations were underway to convert the former liquor warehouses into a "telecom-ready cyber fortress." Now the owners and their broker wonder how defensible their investment is.
The two buildings at 705-707 Edgewood Street NE lie in the north end of the NoMa area, a roughly triangular area named for being north of Massachusetts Avenue. Built between 1948 and 1949, the buildings total 121,000 sf and were used as liquor warehouses. Fowler Flanagan plans a multimillion-dollar renovation project that will convert them into what will be called the Edgewood Technology Center by December.
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