Thursday, November 30, 2006

Corcoran Buys Randall School, Plans New Art Space and Apartments


Long the desire of many dreaming developers, the vacant Randall School at Half and I Streets in Southwest DC has finally found its future purpose. On Wednesday, the Corcoran Gallery of Art announced it has purchased the 80,000-sf building from the DC government for $6.2 million, and has hired Monument Realty to manage its renovation. The Corcoran, which has outgrown its home on 17th Street near the White House, envisions using half of the fixed-up school for studio, classroom, and display space for its larger-scale art collection, while converting the other half of the building into apartments. As part of its deal with the city, the Corcoran will offer some space in Randall to artists who used to lease space in the building. For this project, the Corcoran will sell Randall to Monument for $8.2 million, which will then manage the building. The Corcoran is donating its profit from the sale to the city’s public school modernization fund. As for the apartments, while numbers are not yet known, twenty percent of the units will be affordable housing.

0 comments:

 

DCmud - The Urban Real Estate Digest of Washington DC Copyright © 2008 Black Brown Pop Template by Ipiet's Blogger Template