Thor Equities, a New York City-based real estate development and investment firm, is under contract to purchase the Latham Hotel property at 3000 M St. NW from SB-Urban for roughly $53 million. The move marks Thor Equities first acquisition in the D.C.-area and fits into the companies real estate portfolio, which includes properties along popular shopping thoroughfares like Fifth Avenue in Manhattan and Market Street in San Francisco.
“3000 M Street’s location in the heart of Georgetown benefits from the large volume of tourists, students and other pedestrians who regularly visit the neighborhood to shop, eat and play,” Joseph Sitt, CEO of Thor Equities, said in a press release, adding, “We look forward to enhancing this property to maximize the area’s exciting growth opportunities.”
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 regulatory 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.
According to Urban Turf, Thor Equities is likely to redevelop the building into some combination of residential units, a hotel and a “premier flagship” retail operation.