Tuesday, February 27, 2007

Watergate Hotel's Conversion to Co-Op Off?

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


Anonymous said...

yeah. i heard they were having problems with dc and paperwork in converting the units to coops.

Anonymous said...

I heard that Hickok Warner Cole was having major contractual problems, and was close to walking out due to two or three important clauses in the agreement.

Anonymous said...

Another blow for Monument Realty. One project canceled in Virginia, one half of the Chase project canceled in Bethesda. Sounds like poor planning on someone's part.

Anonymous said...

Monument had 2 cancelled in VA: Park Center and The Prime.

Ken on Mar 7, 2007, 12:07:00 AM said...

Yes, they've canceled several. And the Chase in Bethesda stopped selling in the North Tower, so they haven't had the best of luck so far.

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