A three-company joint venture has been formed to acquire an office property in the Georgetown neighborhood of Washington, DC, and convert it into a multifamily community.
According to the companies, the redevelopment will transform two adjacent 1980s-vintage office buildings originally developed by Potomac Investment Properties (PIP) into a 179-unit 10-story building and a 20-unit nine-story building into residences, offering a mix of studio through four-bedroom penthouse units. Planned amenities include multiple resident lounges, a fitness center, rooftop pool, pet spa and library. Approximately 18,100 square feet of street-level retail will also be part of the project.
The financial terms of the project were not disclosed. PIP is being joined by the Boston-based real estate private equity firm Rockpoint and the development/investment/management firm LCOR.
“For decades, Georgetown has seen extremely limited new rental housing, with most new development delivered as condominiums,” said Josh White, senior vice president at LCOR. “This project introduces a sophisticated offering for residents seeking thoughtful design, modern amenities and immediate access to the waterfront, retail, and dining that make Georgetown one of Washington’s most vibrant neighborhoods.”
Photo: Artist’s rendering of the redevelopment
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