The Glover Park property near Whole Foods Market will get a new look in 2013. The space, located at 2251 Wisconsin Avenue NW, was sold to real estate developers Jan. 15. The property, which now houses Glover Park Hardware and Washington Sports Club, overlooks the Naval Observatory and the vice president’s residence.
“The area has superior age/income demographics and the property generated a great deal of interest from developers,” said Gordon Nielsen, who represented the seller.
Brokered by Gordon Nielsen and Guy d’Amecourt of Summit Commercial Real Estate, LLC, the $20.1 million deal sold the property to a joint venture of Altus Realty Partners, Chesapeake Realty Partners and Ellisdale Construction.
The joint undertaking plans to resurface the exterior of the building to install a glass façade and to renovate the 30,000-square-foot retail space. In addition, plan call for a 65,000-square-foot, 81-unit residential rental property behind the existing building with two levels of underground parking that will hold approximately 97 spaces.
According to a press release from Summit, “The apartments will average 635 square feet with a mix of studios, one-bedroom, and two bedroom units looking to target young professionals.”
Brown Craig Turner architectural firm is providing the design concepts for the renovations and new construction, emphasizing that the project is “Targeting the Gen Y population.”
The joint venture is targeting a LEED Silver classification as well as improving the energy efficiency of the building by improving the current HVAC system in the existing building.
Glover Park Hardware and Washington Sports Club will remain open during the renovation, which is set to start in April of this year. The project will take about a year to complete, with residential spaces to be completed by July 2014.