Business Ins & Outs in Georgetown
By • August 10, 2017 One Comment 3575
Vincent and Helena Sagart. Courtesy Poliform-Sagart Studio.
In: Poliform-Sagart Studio on P St.
Poliform, a design studio that specializes in custom cabinetry and furniture, has opened at 2611 P St. NW, with Sagart Studio also on-site. But that, of course, tells only part of the story. Designers Vincent and Helena Sagart have partnered with the Milan-based company, choosing Georgetown as a base of operations. The Sagarts are well-known for their style and design work with very upmarket clients.
We know, we know, it’s only doors from a longtime 7-Eleven. Nevertheless, the block boasts Jean Pierre Antiques and Georgetown Emporium, a high-end consignment shop. Across the street is the Avery boutique hotel and Washington Fine Properties. Looks like a great mix for residents and visitors alike.
According to Sagart Studio, the firm “approaches each project architecturally, sculpting the frame and directing the flow of space to suit the individual lifestyle of the client. There is a humanistic element to our design that achieves a sustainable simplicity, improving quality of life. Our thinking is cosmopolitan; to us, modern is a natural fusion of culture, technology, art, need, and function.” Sounds very Georgetown. Welcome to the neighborhood.
In: Kendra Scott (Where Ugg Was)
Kendra Scott, a retail store more than 15 years in the making, is opening its doors on Sept. 15 at 1251 Wisconsin Ave. NW in the former space of Australian retailer Ugg. The clothing, jewelry and home décor outlet began as a $500 project in the spare bedroom of designer Kendra Scott’s home. It has now transformed into the thriving billion-dollar fashion brand that it is today.
What’s in Your Wallet? Plank Group Sells Top Corner Property to Capital One
A retail property at Georgetown’s most famous corner — Wisconsin Avenue and M Street — has been sold for a record $50.2 million by Kevin Plank’s Sagamore Development Company.
The new owner of the building at 3150 M St. NW is Capital One, a bank holding company, headquartered in McLean, Virginia, that is the ninth-largest bank in the U.S. in terms of assets. The news was first reported in the Washington Business Journal.
A trophy property useful for marketing and branding purposes, the building will likely be more than a space for a bank. It has a new basement and the upper floors have been renovated for apartments. Capitol One already has a branch at the corner of Wisconsin Avenue and Q Street.
In addition, Capital One is in the running to acquire naming rights to the Verizon Center, which opened in 1997 as the MCI Center. Capital One founder and CEO Richard Fairbank is a partner in Monumental Sports and Entertainment, which owns the downtown arena as well as the Capitals hockey team. If Capital One gets the naming rights, the pre-1993 name of a demolished Landover, Maryland, arena — the Cap Center — may come back into service.
Capital One’s purchase of the 8,769-square-foot building comes “out to more than $5,720 a square foot,” according to the Washington Business Journal. An adjacent building that is part of the property is on a lease from EastBanc.
Plank’s Sagamore Development bought the property — once home to the legendary Nathans Restaurant and lastly to Serendipity 3 — from the Heon family for $12.2 million in 2014. “When we acquired the property, it required numerous renovations and a great deal of remediation to bring it into the 21st century,” Sagamore Development President Marc Weller said in a statement. “We’re thrilled that such a great local company will carry this beautiful building into the future.”
The Plank family has Georgetown roots and Under Armour was founded in Kevin Plank’s grandmother’s basement on 35th Street. Kevin and Desiree Plank own a historic house at 34th and O Streets that they call Sagamore South.
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