Site of Proposed Georgetown Water Street Condos Hits the Market for $15 Million

• February 14th 2019

by Nena Perry-Brown

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Over two years ago, IBG Partners and Wilco Residential applied for concept review of a proposal to add 54 luxury condos to the industrial-retail buildings at 3401 Water Street NW in Georgetown (map). Now, it seems those plans are up in the air.

AMR Commercial is currently marketing the property for sale on behalf of the Whitehurst Association LTD Partnership. Hitting the market for $15 million, the 29,150 square-foot building currently houses The Berliner beer hall, convenience store Go Puff, and live music venue Gypsy Sally’s.

The previously-approved development, designed by BBGM, would have partially demolished the existing structure while adding four stories and a penthouse, along with 34 below-grade parking spaces accessible by car elevator.

While approval for the condo development by the Commission of Fine Arts is still valid as of an extension applied for last month, the project is also being marketed as an equally worthy investment or owner-occupant opportunity. 

"Georgetown has excellent demand for residential condominiums/apartments and hotel properties, which have sold in the immediate area for record prices in recent years," the marketing material reads. "Additionally, due to the historic nature of the Georgetown submarket, there are very few opportunities for redevelopment at all, let  alone with scale."

It is unclear why the building owner is selling or why the mixed-use condo development did not move forward, although the January 2017 approval included a directive for additional design refinements. 

Note: An earlier version of this article noted that Malmaison was located at 3401 Water Street NW. Georgetown Metropolitan alerted us that The Berliner has taken its place. The price is $15 million, not $50 million.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/site-of-proposed-water-street-condos-hits-the-market/15008.