OTO on a Roll with Hampton Inn in Golden Triangle

Hospitality developer OTO Development, the company striving to turn the neo-classical Editor's Building at 1729 H Street, NW, into a Hampton Inn, has been given the green light by the Office of Zoning this week. Corry Oakes, president and CEO of OTO Development – currently under contract to purchase the Editor's Building – said the next step for the Hampton Inn project is to seek approval for interior demolition. With the goal to have demolition underway before the end of the year, construction will likely begin in the first quarter of 2012, said Oakes. The office-turned-hotel renovation, designed by Bob Greenberg with Gordon & Greenberg Architects, will leave the exterior of the 10-story building intact and focus on inner alterations, including revamping an all-marble main lobby, and carving out 116 Hampton hotel rooms, a brand under the Hilton family empire. 

OTO asserts on its website that it will "take great efforts to retain the classic character of this building and to incorporate much of its history into [the] interior design." The sale of the building, owned and occupied by Kiplinger Washington Editor's Inc. for the last six decades, was brokered by Holliday Fenoglio Fowler, L.P., and was initially projected to close this month, however, Dek Potts, a managing director at HFF, says the settlement will now take place in December. Oakes confirmed that OTO does not typically close on a property until it is ready to begin construction, and passing through the Board of Zoning Adjustment's review – allowing for a variance from off-street parking requirements – was a big step toward that goal. 

Washington D.C. real estate development news

Editors Building Downtown Turning to Hospitality

The "Editors Building," located one block from the White House at 1729 H St., NW in the Golden Triangle, has been owned and occupied by Kiplinger Washington Editors Inc. from the time it was completed in 1950. But after six decades, the family-owned finance publisher is selling its 10-story, 77,000 s.f. neo-classical building to a hotel developer.

The buyer currently under contract, OTO Development Company LLC, has put down a firm deposit, giving Dek Potts, a senior managing director with Holliday Fenoglio Fowler, L.P. (HFF), "reasonable confidence" that the sale is a sure thing.

Settlement is scheduled for October in order to allow Kiplinger time to relocate. HFF has been marketing the property since the summer of 2010. OTO Development LLC is a South Carolina-based hospitality development company with properties nationwide, and in April delivered its first project in D.C., the Hilton Garden Inn at Constitution Square in NoMa.

Located in the downtown core, the new Golden-Triangle property being acquired is C-4 zoned, allowing office, retail, housing, and mixed-use development (up to 110' and 8.5 F.A.R.) by way of right.

Designed by Washington architect Leon Chatelain Jr. in 1948, construction of the building in the subsequent two years was completed under the guidance of John McShain, celebrated general contractor-builder, who has been dubbed "The man who built Washington." McShain and his company worked on over 100 buildings in the thirty-odd years spanning the 1930s to '60s, including the National Airport, the Kennedy Center, the Jefferson Memorial, the Pentagon, the Library of Congress annex, and, the same year as the Editors Building, a revamp of the White House.
The Editors Building is not designated as a historic/landmark structure, allowing the buyer one less fee-trip in the path to redevelopment. A façade of limestone surrounds a red-granite-and-bronze entrance with matching red-granite window accents. Inside, the continuation of neo-classical elements includes an all-marble lobby with 12-to-16' ceilings.

Washington D.C. real estate development news