In 2004, Monument Realty bought the infamous Watergate Hotel, located at 2650 Virginia Avenue, NW, with hopes of converting this historic landmark into an upscale, 96-unit co-op. But while sales started one year ago, there is now word that the developer is reconsidering this plan, and – seeing the demand for luxury hotels skyrocket – is now exploring the possibility of keeping the Watergate Hotel … well, a hotel (though one renovated into a five-star destination). The original co-op plan called for architect firm Hickok Warner Cole to redesign the hotel into co-op units starting at $850,000 for a one bedroom (and penthouse units beginning at $4.5 million), with the building hosting a spa, health club, private theater, and a roof top terrace overlooking the Potomac River. Monument is expected to reach a final decision by the end of April on the direction it will take on this project.
Washington DC real estate development news