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Broken Furniture at 14th & T, Room & Board Deal Ends |
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Written by U Street Neighborhood Association
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Thursday, 26 February 2009 |
 As first reported by Washington City Paper's "Housing Complex", the pending purchase of the vacant building at 14th & T Streets, NW, by national furniture store Room & Board has ended. As reported by Ruth Samuelson: By that point, Room & Board had offered, as a starting bid, $9.25 million to purchase the property. Then in December came devastating news from their bank, Milwaukee-based Associated Bank.
“We were all set to purchase the building before the end of the year in December,” says company CFO Mark Miller. “And we spent three months doing our due diligence, and really about a week before we were done, we got a letter and a phone call saying they had changed their minds about the terms of the loan we were going to get.”
Prior to Room & Board's offer, Constantine Stavropoulos, owner of three local establishments, Tryst, Diner, and Open City, had presented plans to the neighborhood to bring a diner, comedy club, yoga studio and dance studio to the building.
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