Photo courtesy of Summit Commercial Real Estate
From a press release:
Gordon Nielsen & Guy d’Amecourt of Summit Commercial Real Estate, LLC today announced they brokered the sale of 2251 Wisconsin Ave, NW in Glover Park for $20.1 million to a joint venture of Altus Realty Partners, Chesapeake Realty Partners and Ellisdale Construction. The joint venture will replace the façade and renovate the existing 30,000 square foot two- story retail property (leased to Washington Sports Club & Glover Park Hardware) and construct a 65,000 square foot 81-unit residential rental property with two levels of underground parking on land presently used as a surface parking lot. The apartments will average 635 square feet with a mix of studios, one-bedroom and two-bedroom units looking to target young professionals.
The property overlooks the parkland of the Naval Observatory and Vice President’s residence. “The area has superior age/income demographics and the property generated a great deal of interest from developers” said Gordon Nielsen who represented the seller in the transaction. The property is adjoining Whole Food Markets and is across the street from CVS and Starbucks.
The development will break ground in April and the tenants will remain during construction with parking being provided in adjacent lots. The developer is targeting a LEED Silver classification and intends to improve the energy efficiency of the HVAC systems as well as replacing the existing building’s ‘skin’. It is anticipated that the project will take about 12 months to complete.
Check out some renderings after the jump.