WASHINGTON, DC-Grosvenor and the JGB Cos. are moving forward on a $50-million joint venture to develop a residential project at the former Whitman-Walker Clinic on 14th Street, NW. The news was first reported by the Washington Business Journal.
A source close to the project confirmed the details for GlobeSt.com. JBG Cos. has been buying up parcels of land along S and Swann over the past two years; Grosvenor entered the transaction relatively recently. The project will include 125 residential units and 18,000 square feet of retail. According to a statement by JBG Cos., the project will be a condo development with studio and one- and two-bedroom units.
The source tells GlobeSt.com that the historic portions of the clinic, which was built in 1909, will be incorporated into the new building, which is set to deliver in Q3 2012. Demolition of some of the existing buildings on the block-long, 24,000-square-foot site will begin within the next month.
Grosvenor has had its eye on development in the DC area since at least 2008 when Michael Ward, who was development manager in the company’s Vancouver office, was named vice president of development for its DC office. Ward was one of the participants in the deal. This is the first major development deal that Grosvenor has done in the area, aside from the redevelopment of one of its hotels in Friendship Heights.
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