Developer Pulling Out of M Street ‘Micro-Unit’ Project

Local developer SB-Urban has dropped its plan to convert the Latham Hotel at 3000 M St. NW in to a “micro-unit” apartment complex, according to the Current Newspapers.

The Latham Hotel micro-unit project was one of three that SB-Urban is developing in Northwest Washington targeting affluent young people with small but well-furnished apartments located in desirable neighborhoods. The company’s two other developments, slated for Blagden Alley in Shaw and at 15 Dupont Circle in the historic Patterson Mansion, are still a-go, with plans to begin construction on both this year.

SB-Urban bought the Latham Hotel building in November 2013 for $45.4 million. After the purchase, the company went through a number of hoops, gaining the approval of the Old Georgetown Board and the Board of Zoning Adjustment to renovate the space into a development consisting of 140 units with 330 square-foot floor plans.

SB-Urban’s Mike Balaban told the Current, “At the time we acquired the site, the hospitality market in D.C. was quite depressed, and that has now long since changed,” adding, “It’s now a very strong market that’s very actively being sought by investors and operators from literally all over the world.” On the building’s future, Balaban said, “We think it’s a great site and something great will come of it.”