A major Tenleytown mixed-use building next to the Fannie Mae HQ could be converted from office to residential.
The Donohoe Cos. has proposed to redevelop the building at 4000 Wisconsin Ave. NW, which Fannie Mae also occupies and will soon vacate, into a 716-unit mixed-use development, the Washington Business Journal reports.
The developer's proposal, submitted recently with the office of planning, calls for a 694K SF residential building with 34K SF of retail, a 17K SF health club, three interior courtyards and an underground garage. Donohoe is in talks to bring Total Wine & More to open a 26K SF store at the development. The developer estimates a 2019 construction start and a 2024 delivery.
The site is adjacent to the Fannie Mae HQ building at 3900 Wisconsin Ave., which Roadside Development acquired in November. Roadside is also planning to build a major mixed-use development when the mortgage financier leaves for Midtown Center. Roadside has not announced the details of that project, but has been courting Wegmans to anchor the development.
DC developers have increasingly looked at converting office buildings to residential because of the area's high office vacancy and demand for housing. Local governments have considered offering tax incentives for these projects to help bring down the vacancy rate, boost tax revenues and create affordable housing, but so far have yet to do so.
