WASHINGTON – An office building along K Street in Northwest, D.C. will soon be converted into residential space, a move that is becoming commonplace throughout the district.
Three local companies are teaming up to redevelop 1735 K Street into a 12-story luxury apartment/hotel hybrid building. The group includes DC-based developer Bernstein Management Corporation, DC-based hospitality platform Placemakr, and Maryland-based developer Urban Atlantic. Urban Atlantic will lead the redevelopment project.
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According to a press release about the project, 1735 K Street will be transformed into 106 residential units, with flexible multi-family homes suitable for both short-term and long-term stays. The press release indicates that the building will provide residents with ground-floor shops, hotel services and the comforts of a living space, such as full kitchens and built-in washers and dryers.
The building will be managed by Placemark Premierwhich operates apartments that offer hotel-like amenities.
“DC has too few housing options and too many office options,” said Josh Bernstein, CEO of Bernstein Management Corporation. “With the flexhousing catering formula, we can offer visitors and long-term residents an attractive alternative at an attractive price.”
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Since 2007, 1735 K Street, three blocks from the White House and one block from the Farragut North subway station, has been home to the DC headquarters of the Financial Industry Regulatory Authority (FINRA). FINRA will be moving to 1700 K Street soon.
The redevelopment project is one of many that have or has happened in D.C. over the past two years, according to a report from RentCafe. The report indicates that DC accounts for 6 percent of all reuse development projects nationwide.
The report shows that between 2020 and 2021, developers converted seven buildings into living quarters with more than 1,500 apartments, which is double the number converted between 2018 and 2019. The buildings were previously used as a hotel, offices or medical centers.
The report also showed that the district is a national leader in office space redevelopment. Between 2020 and 2021, the nation’s capital managed converted former office spaces into 1,147 housing units.
DC’s redevelopment projects are part of a nationwide movement for adaptive apartment reuse. Over the past two years, apartment conversions across the country have increased by 25 percent, compared to 2018 and 2019. Office-to-apartment conversions have increased even faster, as the report found that they will grow by 43 in 2020-2021 percent were up compared to 2018-2019.
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According to the report, Philadelphia and Chicago are two cities with the highest rate of adaptive reuse projects after DC. In all, DC, Philadelphia and Chicago account for 15 percent of total apartment conversions nationwide.