SOURCE: UrbanLand Company

January 28, 2010 11:33 ET

Eighty-Six Upscale Condos at The Floridian in Hip U Street Corridor Coming Soon

New Competitive Pricing Structure Announced

WASHINGTON, DC--(Marketwire - January 28, 2010) - D.C.-based UrbanLand Company has announced it will begin selling the remaining 86 condos at The Floridian in the next 30 to 60 days -- releasing homes at a new competitive pricing structure that is sure to catch the eye of buyers looking to get into one of the hottest neighborhoods in town. The upscale 118-unit Floridian, located at 919 and 929 Florida Avenue, N.W., was recently acquired by an affiliate of The Goldstar Group, a Bethesda-based private real estate investment and management company.

"You won't find a better value in the U Street Corridor," said UrbanLand Company founder Gerard DiRuggiero. "The Floridian has knock-out finishes, 10-foot ceilings, wood floors, euro-kitchens with granite counters, and stone tile baths. Our new ultra-competitive pricing will give prospective buyers an opportunity to purchase high-end units at very compelling prices."

The Floridian, designed by respected local architect Eric Colbert, is comprised of two dramatic 8-story towers, made of stainless steel, colored glass and limestone. It is luxury condominium community that blends sophistication with hip urban lifestyle and convenience. Units range in size from under 500 square feet for a studio to over 1,400 square feet for a penthouse. The finishes are top of the line including 10-foot exposed concrete ceilings, exposed ductwork, floor-to-ceiling windows, granite countertops, premium GE Profile appliances, maple and bamboo floors, designer lighting and balconies in select units. The community features underground parking, SMART technology, building security and a rooftop terrace with sweeping views of the Capitol, the Washington Monument and the National Cathedral.

UrbanLand released the following pricing structure:

Studios starting at $227K
One-bedrooms starting at $333K
Two-bedrooms starting at $392K
One-bedroom penthouses starting at $389K
Two-bedroom penthouses starting at $432K
Three-bedroom penthouse $1M

"We've changed the pricing structure to make it more affordable for the area and for new prospective purchasers," said Goldstar Group founder Michael Brodsky. "We are now well-positioned to meet the market."

According to DiRuggiero, the development is FHA approved, "so down payments as low as 3.5 percent are possible."

The Floridian's return to the market is a good indication that the city's real estate sector is getting back on track after a deep decline. It is one of the first large, high-end developments to emerge from the slump, providing a great buying opportunity in one of the most sought-after neighborhoods in town.

"The Floridian's location is second to none," said DiRuggiero. "The U Street corridor is the neighborhood to live in right now. Floridian residents will enjoy great places to eat and socialize like Marvin and Busboys & Poets. And, of course, some of the hottest clubs in the city are right around the corner, like the 9:30 Club and Town Danceboutique."

To schedule an interview with UrbanLand Company or The Goldstar Group, please call Peter Wendel at 202-380-5120.

About UrbanLand Company
UrbanLand Company is a dynamic, young real estate brokerage centrally located in the vibrant U Street Corridor since 2005. ULC works extensively for condominium developers on new construction and conversion projects ranging in size from 9 to 100+ units, primarily in D.C.'s downtown neighborhoods, including U Street, Ledroit Park, Logan Circle, Shaw, Columbia Heights, Adams Morgan, Capitol Hill, Brightwood, Eckington, and H Street. Founded by Gerard DiRuggiero in 2003, the company has 9 sales agents.

About The Goldstar Group
The Goldstar Group is a fully integrated private real estate investment and management company operating in the Mid-Atlantic Region. Founded in 1995, the firm is highly regarded as an industry leader due to its outstanding investment track record and its operational expertise from due diligence through transition, property and asset management, advisory, consulting, and investment and capital services. The Goldstar Group has successfully managed risks and created value in both tumultuous and vibrant markets alike for clients and its own portfolio. Today, The Goldstar Group is uniquely positioned to take advantage of current market conditions.

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