Adams Morgan Office Building Tapped For Conversion To 24 Affordable Units, Arts Center
A D.C.-based nonprofit affordable housing developer is looking to convert an Adams Morgan office building to residential.
Jubilee Housing filed an application with the Board of Zoning Adjustments for a project at 1724 Kalorama Road NW, where it plans 24 affordable housing units, many of them sized for families, and a community arts center.
The three-story vacant office building sits one block from a Harris Teeter grocery store and next door to the Sitar Arts Center, a community arts education center for low-income youth. Jubilee is planning to use the ground-floor space of the building as expansion space for Sitar, which it said is at full capacity and has waiting lists.
Jubilee is also proposing to add a fourth floor and a penthouse to the building. The second, third and fourth floors would be affordable housing and Jubilee would use the penthouse space as its office. All of the units would be affordable for those making up to 60% of the area median income, and 16 of them would be set aside for those making up to 30% AMI. The project would include nine three-bedroom units, eight two-bedroom units and nine one-bedroom units.
The nonprofit developer acquired the property Aug. 24 for $8.25M, and it received a $5.975M loan from United Bank, property records show. Jubilee has been raising money for a $5M fund to acquire properties and create affordable housing in D.C. neighborhoods with fast-rising real estate prices, such as Adams Morgan, Columbia Heights and Mount Pleasant.