A local developer can move forward with turning a 70K SF office building in Georgetown into 22 for-sale condo units and retail after securing financing for the conversion.
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One Street Commercial Properties landed a capital stack that includes $20.6M in commercial property assessed clean energy financing from DC Green Bank and PACE Equity Finance. That piece was announced by the providers Thursday and recorded in D.C. deed records last month.
One Street also secured a $39M loan in August from Hickory CRE Lending, according to deed records, although it is unclear how much of that will go toward construction. Kevin Brandes, One Street managing director of commercial properties, told Bisnow that part of the Hickory loan was used to pay off its acquisition loan. Hickory declined to comment.
The 1980s-era brick building at 3333 K St. NW along the Potomac River was the longtime home of the nonprofit Legal Services Corp., which moved out in 2023. One Street purchased the property in May 2025 for $29.2M with plans to convert it.
One Street’s renovation plan includes adding a sixth floor to the building for residences, creating a penthouse space with a rooftop terrace, pool and garden, and carving out a ground-floor retail space, according to filings with the Old Georgetown Board. The developer received approval from the Old Georgetown Board for the project in April, and delivery is expected by the end of 2027.
The C-PACE funding will support upgrades to the building envelope, the HVAC system, lighting, plumbing and elevators, components estimated to save nearly $160K in operational costs annually, according to a news release.
“This project is revitalizing office space and turning it into homes and businesses that will power the future of DC,” DC Green Bank CEO Brandi Colander said. “C-PACE financing is a valuable tool for making transformational projects possible.”
The project is one of a few similarly historic office-to-residential conversions in the Georgetown submarket, a secluded area of the city where home prices average $1.5M, rents average $3,500 per month and the retail market is tight. Georgetown retail vacancy sat at 8.3% in the spring, according to a Dochter & Alexander Retail Advisors report, compared to 14% for D.C. as a whole.
Just a block away, also near the waterfront, Related Fund Management and Network Realty Partners have plans to make the four-building historic Flour Mill mixed-use complex at 1000 Potomac St. NW all-residential, adding 135 units.
Farther down the waterfront, Rockpoint, LCOR and Potomac Investment Properties are converting the half a million square feet of office space at 1000-1050 Thomas Jefferson St. NW into 299 units.
And slightly farther north from the Potomac, Varsity Investments Group plans to convert the office building at 1101 30th St. NW along the C&O Canal. The unit count is unknown.
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