Hotel Renovations, Recreation Centers And Wood-Fired Pizzas: New Developments On The Horizon In Georgetown
1. After years of planning, New York-based real estate company The Georgetown Co. and D.C.-based The Levy Group Ltd. received final approval from the Old Georgetown Board to begin the redevelopment of the West Heating Plant. The 10-story plant at 1051-1055 29th St. NW will feature 70 luxury condos. The design team includes Laurie Olin, Adjaye Associates and SLCE Architects LLP and engineers Robert Silman Associates and Cosentini Associates. Construction is scheduled for completion in summer 2025.
2. In April 2022, Douglas Development applied for a historic preservation concept review to retrofit a five-story office property at 1023 31st St. NW into a 100-room hotel. The former office space will be converted entirely, with an exercise room, breakfast area and more, designed by FILLAT + Architecture.
3. Stephen Starr, the famed restaurateur behind D.C.’s Le Diplomate and St. Anselm, collaborated with Los Angeles-based chef Nancy Silverton to bring upscale restaurant Osteria Mozza to Georgetown as a part of Georgetown Park. This 20K SF space is the first East Coast location, which will replace the former Dean & Deluca grocery store at 3276 M St. NW. Patrons can expect various pasta dishes, wood-fired pizzas and vegetable dishes. Also, the market will feature fresh produce and ingredients. New York-based design firm Roman and Williams is heading the project and will turn the Jamestown real estate property back to its 19th-century roots.
4. Thor Equities and Winstanley Architects & Planners gave a briefing for their OGB-approved zoning for the former Latham Hotel at 3000 M St. NW. The approval process has been ongoing as the remains of the previous hotel space have been sitting for over five years. The design for the new development features 97 hotel rooms, 9,600 SF of retail space, a restaurant and more. The developers will offer a public benefits package of $600K to the D.C. Affordable Housing Trust Fund, and at least 51% of the 150 to 200 hotel jobs will be offered to D.C. residents. The project is expected to break ground this fall.
5. While it has taken years to start upgrading the Jelleff Recreation Center at 3265 S St. NW, it has made headway recently. What started as a $7M project to make the property more disability-friendly in 2017, has grown into a $28.8M renovation with feedback from sports and Georgetown area community groups. The plan is for the project to have two full-sized courts that different sports teams can play on for various games. Additionally, there is a push for upgrades to the sports locker rooms, better accessibility for physically challenged visitors and a senior center to offer yoga, Pilates and other activities. Construction is expected to take place between 2024 and 2025.
6. Retail in Georgetown suffered at the onset of the pandemic. However, real estate development company EastBanc Inc. has seen growth in the area, landing four new tenants for 1238 Wisconsin Ave. NW. What was once a ghost town in the past few years is starting to gain traction. Plans for New York-based Van Leeuwen Ice Cream will replace the previous Zara retail front. 15K SF will be converted into office space between Prospect Street NW and Wisconsin Avenue NW, which EastBanc will partially use for its headquarters in Georgetown.
7. With more real estate assets exposed to climate hazards, many investors are looking at the ESG trends in the market. Georgetown University has recognized the need to educate future leaders in this sector. The school’s McDonough School of Business is offering a 12-month master’s program in Global Real Assets, which touches on subject matter from real assets, ESG issues and global capital flows. The program is scheduled to kick off in fall 2023 with a focus on community and sustainability.
