Bisnow Scoop: Akridge Acquires YMCA in Dupont Circle
Bisnow has learned that Akridge has agreed to buy the The YMCA National Capital at 1711 Rhode Island Ave NW for an undisclosed sum. The facility will be closing on Dec. 31, and likely redeveloping soon afterwards.
The nonprofit organization announced today that it has agreed to sell the 100k SF, seven-story facility for an undisclosed price to a developer in order to fund its mission elsewhere in the District. The building had served the Dupont Circle area for 37 years, but with membership dwindling from a peak of 11,000 to 3,400, The YMCA of Metropolitan Washington decided it was worth more to a developer than it was to its members after a $1.5M renovation didn't result in more customers.
It's easy to see why Akridge likes the property. It's across the street from the developer's new trophy at 1200 17th St NW and just a few blocks away from its next trophy development, at 1111 16th St NW. Akridge declined comment for this story. The property is zoned SP-1, which allows for medium-density residential and community centers. It would be a shock if Akridge didn't acquire this with an eye toward another trophy in its portfolio.
