Joint Venture Plots Historic Georgetown Conversion

Washington, D.C.’s Georgetown is slated for its largest multifamily project in more than a century.

Rockpoint, LCOR and Potomac Investment Properties are redeveloping 1000 and 1050 Thomas Jefferson Street NW in Georgetown through a joint venture, Multi-Housing News reported. The latter is the owner of the two properties, which span a combined 349,000 square feet, having developed them in the early 1980s.

The project is expected to net 299 rental units, split between a 10-story, 179-unit building and a nine-story, 120-unit building. It will be the first multifamily project in Georgetown to exceed 150 units in more than a century, according to the developers.

Proposed amenities for the project include resident lounges, a rooftop pool, a fitness center, a pet spa and a library. There will also be 18,000 square feet of retail space and a preservation of the existing properties’ 282 below-grade parking spaces.

The joint venture already received approval for the conversion from the Old Georgetown Board and the U.S. Commission of Fine Arts.

D.C. has become one of the conversion capitals of the United States. While the market averaged only four conversions per year between 2016 and 2024, according to CBRE, there are 32 adaptive reuse projects in the works today, totaling approximately 7 million square feet.

In March, Dalian Development acquired the 940,000-square-foot GSA Regional Office Building in Washington, D.C., from the General Services Administration for $24 million.

Dalian plans to convert the 50-year-old office property into a multifamily complex, a process that will require a major gutting as the GSA estimated the building needs more than $200 million in maintenance.

A year ago, Henderson Park and Lowe secured a $180 million loan from Deutsche Bank for the conversion of Portals I in Washington, D.C., into a 428-unit apartment complex. The conversion project involves transforming a 536,000-square-foot office building into a 658,000-square-foot residential building with retail space.

— Holden Walter-Warner