rendering courtesy McInturff Architects
From a press release:
“EastBanc, Inc., in partnership with Acadia Realty Trust and the current property owner, today announced the joint redevelopment of 1238 Wisconsin Avenue NW. The Georgetown landmark, a readapted 30,000 square foot building, will serve as a significant milestone in Georgetown’s leadership in retail activity as it converts the two-tenant ground-floor retail building into six high demand, small-format retail spaces, returning the spaces back to their original layout. The renovated mixed-use building will feature 15,000 square feet of office space and five residential units above the ground-floor retail. The concept is scheduled to deliver in 2021.
Originally built as five adjacent buildings and situated at Wisconsin Ave NW and Prospect Ave NW-highly visible from the bustling corner of M Street NW and Wisconsin Ave NW in the heart of Georgetown-the redeveloped spaces will embody EastBanc and Acadia’s success in transforming urban neighborhoods across the District.
“At the nexus of Georgetown’s most visible walkways, the redevelopment of 1238 Wisconsin presents an invaluable opportunity to manage the co-tenancy of six complementary retailers and continue to advance Georgetown’s retail mix to reflect the desires of the modern consumer,” stated Philippe Lanier, Principal of EastBanc. “We are thrilled to once again work with one of our longest standing development partners that is strategically aligned to reimagine the desired mix of retail activity that keeps Georgetown relevant in today’s multichannel world.”
With four retail spaces facing Wisconsin Avenue NW featuring double-height ceilings and two smaller retail spaces facing Prospect Street NW, varying from 800 to 2,000 square feet in size, 1238 Wisconsin Avenue NW is well-positioned to adapt to future market demands and to provide a rare space format most retailers today are seeking.
Renowned for an emphasis on high design, elevated detailing and open, light-filled spaces, EastBanc will work with McInturff Architects to introduce modern interior enhancements, including double-height spaces. 1238 Wisconsin Avenue NW is poised to be an attractive asset to retail disruptors, from established brands to younger digitally-native concepts, that want to partner with seasoned operators of experimental retail in the resilient and energetic nation’s capital.
“We’re excited to add another key location to our Georgetown portfolio. We believe this submarket will continue to capture the tenants that are most relevant in today and tomorrow’s retail landscape,” stated Reginald Livingston, Co-Head of Acquisitions at Acadia Realty Trust. “Upon completion, this asset will nicely complement our existing collection of interesting and dynamic retailers. Further, we’re excited to again join forces with EastBanc, whom we consider a best-in-class operator, as we continue our long standing and successful partnership.”
With a proven track record of upgrading urban streetscapes and recapturing existing spaces with smart designs and a unique combination of retail, restaurant, art and entertainment concepts, EastBanc has reinvented Georgetown to be D.C.’s most versatile and globally-infused city-center attracting shoppers from around the world as well as area residents. A keen ability to recognize shifts in consumer preferences has enabled EastBanc to drive personalized, data-powered and experience-focused physical retail that effectively brings brands to life, introducing tech-oriented lifestyle concepts like Bonobos, The Reformation, Outdoor Voices, Rent the Runway and Aritizia to Washington, D.C., in the center of Georgetown.”