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DC Mud Presented By DCRealEstate.com

Wednesday, January 5, 2011

Posted by Ken

Historic U Street Building to Get New Life

A historic and vacant building on U Street - first a post office, more recently a night club - will now be redeveloped with office space and retail in mind. Local developer Rock Creek Property Group purchased the early 20th century building at 1438 U Street for $2.75m on December 29th and is working through ideas on how to convert and market the site.

RCPG principal Gary Schlager says his team is looking at several options for the site, focusing on retail and non-profit uses with the potential for a residential development on top. "It's an ideal not-for-profit headquarters location, for lease or purchase. On the retail side we'd like to bring in a national or regional user, versus a nightclub, a user that contributes to the block in some way, like a bank branch or furniture store." Rock Creek Property Group purchased the site from The Harbor Bank of Maryland as a foreclosure after other groups had the building under contract but were unable to bring it to settlement.

Schlager adds that the 12,000 s.f. building has the zoning capacity for 25,000 s.f., leaving open the possibility of residential levels above. "That's something we're just exploring as a possibility. We're about to start marketing the property, and we're testing the viability of each use." The structure was most recently home to Station 9 nightclub, and Schlager says the group will start interior demolition of the fixtures and infrastructure from that use within the next 30 days. "We're going to be exposing the brick on the inside...it will be very cool and hip," a welcome contrast to the nightclub's interior design choices. RCPG is the sole owner of the building and will be using its in-house construction team for the demolition.

http://dcmud.blogspot.com/2011/01/historic-u-street-building-to-get-new.html