UIP Aquires 1346 Park Road NW (across from Columbia Heights Giant) Gut Reno Coming

Photo courtesy of UIP

From a press release:

Urban Investment Partners (UIP) has closed on its sixth acquisition of 2011 with the purchase of 1346 Park Road NW in Columbia Heights. An entity controlled by Someck Development and Northridge Capital sold the property to UIP for $3.7 million.

MAC Realty Advisors’ Andrew McAllister represented the seller of 1346 Park Road NW. “This transaction showcases UIP’s continued momentum in the urban space,” said McAllister, who represented this same seller in the sale of 1349 Kenyon Street, NW to UIP earlier this year.

UIP plans to invest $2.7 million on a full “gut” renovation of the historic structure, including new plumbing, electrical, heating, and cooling systems as well as a new roof, windows, and condo-level finishes. UIP plans to add seven apartments on the cellar level for a new total of 28 units. The existing one-bedroom apartments will be remodeled to create new apartments with two bedrooms and two bathrooms. The scope of work also includes opening up the balconies on the front of the building, restoring the original façade design, and eliminating previously added windows that are inconsistent with the original, historic exterior.

The seller planned but never implemented a restoration of the building, which has remained vacant for more than two years. UIP General Contracting, Inc. (UIPGC), a subsidiary of UIP, is performing the renovation work, which is expected to be completed by October of 2012. As with many UIP projects, prior residents will return to brand-new apartments at their old rents after the renovations have been completed.

7 Comment

  • This is actually very big news! The neighborhood will be much better off with this renovation. It’s interesting that 1346 Park and 1349 Kenyon are owned by the same company. The two properties abut each other. I wonder if they’ll connect them somehow? There’s already a lot of work being done at the Kenyon St. building – new roof, major plumbing and other utility work.

  • As someone who lives right behind this building, I’m curious how loud this construction will be (not a NIMBY comment, I still think it should happen, even if it’s loud)

  • UIP acquired my old building, and I was very sad to see the new floor plans. They completely took out the historic feel and changed the flow of the apartments.

  • Good to hear that previous residents can get back in at the old rent (if they want to) and that there will be 2 BR apartments. That will make the building attractive to people who want to stay in this convenient location when they start a family, and for folks who need a roommate situation to afford to live in Co Heights.

    • but it has been vacant for 2 years – so people who lived there 2 years ago will have the option of moving back in at their old rent?

      Also – I totally agree with ruining the flow of the old apts. in order to add 2 bed and 2 bath. I bet the places will be cramped. Why does a 2 bedroom need 2 baths?

  • what’s worse than gentrification? huge vacant buildings in the friggin center of a dense urban neighborhood!

    but wow if the 1300 block of Park Rd was already a traffic disaster, just wait til the construction begins. hopefully by the time they finish these I’ll be yuppified enough to afford one.

  • “prior residents will return to brand-new apartments at their old rents after the renovations have been completed.”

    How can they, better yet, why will they do all this work and rent the apartments at the same price? Why renovate them if you can’t get more money?

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