In The Works: The Top 4 Georgetown Developments
Developer: McCaffery Interests
Prospect Place is a new, two-story development at 3220 Prospect St NW, which will introduce a fresh 40k SF of retail along with 101 much-needed parking spaces. Delivery is slated for 2018, and McCaffery is working on behalf of the longtime land-owning Weaver family, which has a presence in the Georgetown community spanning several generations.
McCaffery enlisted Antunovich Associates—which designed the Uline Arena redevelopment in NoMa—to help gain the appropriate approvals, a formidable endeavor in Georgetown. Prospect Place is across from several restaurants particularly popular among neighborhood residents, including Cafe Milano, Peacock Cafe, Morton's the Steakhouse, and Mai Thai, all of which provides the retail-restaurant synergy inherent to great mixed-use projects.
West Heating Plant
Developer: The Levy Group
The Levy Group, The Georgetown Co and the Four Seasons have partnered to redevelop the former West Heating Plant at 1051-1055 29th St. They plan to transform it into 70 Four Seasons condos and a public park along the C&O Canal. The Levy Group hired world-renowned architect David Adjaye to reinvigorate the space, while landscape architect Laurie Olin is designing the public park.
The project has not been without its controversies, as preservationists fight tooth-and-nail to keep as much of the Art Deco industrial building as possible. The fight has raged on for years, as the development team has insisted significant exterior changes are needed to make their investment worth it.
Developer: Thor Equities
NYC-based Thor Equities is redeveloping the old Latham Hotel at 3000 M St, revitalizing the 125k SF space with two floors of high-end flagship retail space and a revamped boutique hotel. Thor CEO Joe Sitt shelled out $53M for the property. He says his interest in the project was sparked because his two sons attend the prestigious institutions that sit on either side, Georgetown University and George Washington University.
Valero Gas Station Redevelopment
Co-Developers: EastBanc and Willco
EastBanc, which we consulted for our Q&A below, in partnership with Willco, plans on redeveloping the Valero gas station opposite the Four Seasons Hotel. The 29k SF project introduces seven new luxury residential units and a ground-floor restaurant space to Georgetown's Eastern Gateway.