"We're in the very, very early stages," Brown reiterated, it all (the programming and the design) "could change drastically." What is certain is that earlier this year the Corcoran Gallery sold the property and abandoned their plans to expand their College of Art after their partnership with Monument Realty fell apart. The buyers were Miami art collectors and museum founders Mera and Don Rubell, who forked over $6.5 million for the three-acre site, sporting a partnership with local firm Telesis, and grandiose plans to build a high-end hotel, a large residential component, and the first satellite location of their Miami museum.
Now, several months later, with some of the kinks in the original property disposition worked out, the development team is ready to hone in on their development plans. The schematic design process will begin in February, by which time the programming will be more solidified. The basic concept is certain: residential portion, art museum, retail (restaurants, museum shop, boutiques), and some sort of hospitality component, all totaling roughly 500,000 s.f.. What's left to be determined is whether the residential units will be condos or rentals, and exactly what shape the hotel-aspect takes on. The necessary market research is currently under way to aid in these sorts of decisions.

Given the historic nature and unique character of this project, an abundance of public meetings are sure to accompany all stages of this process. The development team, headed by Marilyn Melkonian President and founder of Telesis Corporation, has already held two preliminary meetings with ANC6D. Luckily, both the Rubels, who overhauled the Capitol Skyline Hotel across the street, and project architect Bing Thom, who designed the highly-regarded and well-received Arena Stage, have an established and positive relationship with the surrounding community. And they will surely need all the good-will they can muster if the final design looks anything like this early edition.
Washington D.C. Real Estate Development News