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Extension Filed For Hybrid Residential Project Pitched For K Street Office Building

  • March 17th

by UrbanTurf Staff

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1735-K.jpg
1735 K Street NW.

The interesting conversion plans in the works for an aging downtown DC office building will be delayed a bit. 

DC hospitality startup Placemakr, along with Bernstein Management Corp. and Urban Atlantic, has a plan to convert the 1960s-era office building at 1735 K Street NW (map) into a mixed-use project that will offer hybrid lodging as well as traditional apartments. However, an application with DC's Board of Zoning Adjustment (BZA) is seeking an extension of the approval for these plans. 

"Given the current volatility of capital markets, financing negotiations have been prolonged and led to delays," the BZA application stated. "In addition, the unique positioning of the hybrid residential and lodging model of the Project is forward thinking and, as a result, takes longer to work through financing than other more traditional projects. High construction and labor costs have added yet another layer of complication."

The Placemakr concept, which has about four other locations around DC, operates hotel units at residential buildings which have just delivered so that developers have a reliable stream of revenue while they are leasing apartments.

This article originally published at https://dc.urbanturf.com/articles/blog/extension_filed_for_hybrid_residential_project_pitched_for_k_street_office_/23296.

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