Office-to-Residential Conversions Continue
New residential developments have been popping up all across the Washington metro area, but finding available land in many of DC’s already-developed neighborhoods can be a challenge. As a result, there has been a consistent trend in recent years of converting vacant or underutilized office buildings into residential buildings in order to take advantage of their locations.
Red Multifamily Development’s The Adele, currently under construction at 1108 16th St NW, is a prime example of this. The office-to-condo conversion is taking place in the former headquarters of Planned Parenthood, just blocks away from Dupont Circle.
Tasea Investment is currently working on converting an old office building at 1255 22nd St NW into 192 new apartment homes and five carriage homes, expected to be completed next fall. This project also includes a new nine-story structure connected to the original building. A rooftop pool, green roof, fitness center, and 5,000 square feet of retail space will also be featured in the complex.
PRP Real Estate Investment Management is finishing up their development at 2501 M St NW, a renovation and restructuring of a 1980s office building in DC’s West End. An additional 30,000 square feet were added to the office building, making room for the project’s 59 condo units that range from 1,200 to 2,200 square feet.
These office-to-residential conversions are not limited to DC proper. A former federal office building in northwestern Crystal City at 400 Army Navy Drive is being transformed by LCOR into two 20-story residential towers called The Altaire. The towers will include about 450 units, an outdoor pool and courtyard, a fitness center, and a sky lounge. The Altaire is expected to deliver in 2018.
DC’s Mixed Use Neighborhood Conversion Incentive Act of 2017, currently under council review, proposes incentives to help more office building owners convert to residential. It would offer $20 per square foot in tax abatements for a decade, starting in 2020, for office-to-residential conversions. David Suls, senior director of planning and policy for the Golden Triangle BID, believes that bringing more residents downtown would greatly benefit the office-dominated area. The bill aims to target older, vacant office buildings that could potentially balance out the influx of new, higher-end apartment buildings in areas like NoMa, Navy Yard, and The Wharf.