Rendering of Boathouse courtesy WDG Architecture
From a press release:
“Urban Investment Partners (UIP) of Washington, DC has acquired a ten-story building at 2601 Virginia Avenue, NW across from the Watergate mixed-use complex for $36 million. The seller was George Washington University (GWU), which had used the building as student housing for 17 years.
Hall on Virginia Avenue achieved notoriety while operating as a Howard Johnson hotel in 1972. Rooms 419 and 723 were used as lookouts for the “Watergate burglars,” who broke into offices of the Democratic National Committee in the Watergate office building. The ensuing Watergate scandal led to the 1974 resignation of President Richard M. Nixon. Room 723 was preserved as a museum until 2001, when the exhibit was moved to the GWU archives.
GWU demolished the property’s interior about a year ago, planning to create new student and faculty housing, but decided to sell the property instead. CBRE’s Bobby Meehling, Andy Wimsatt, and Peter Larkin represented GWU in the sale.
UIP plans to develop about 200 rental apartments within the existing 97,300 SF core and shell, and build about 50 more units in a new 40,000 SF addition on the building’s east side. UIP also will create an 8,000 -10,000 SF restaurant/coffee shop on the first floor, which will be a fully activated space for residents and neighbors. The building has underground parking for 200 vehicles, plus bike storage and care facilities with lockers. (more…)