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Mill Creek Buys Former Italian Embassy for $16M


Il Palazzo is no more. The JV of Valor Development, Potomac Construction Group and The Garrett Cos that purchased the former Italian Embassy at 2700 16th St NW in 2010 as Il Palazzo LLC has sold the lot to Mill Creek Residential Trust. The 44k SF parcel was bought in the heart of the recession in 2010 for $7.5M, and flipped this week for $16.2M, the Washington Business Journal reports. The building has been approved for an eight-story addition and a conversion into up to 130 condos, but Il Palazzo's plans stalled when it couldn't secure financing. Plan B, selling for more than twice what they paid for the picturesque property just five years later, isn't too shabby either. [WBJ]