Hotel Use Now Planned for NY Ave Office Conversion

A modification of consequence has been filed for the previously approved redevelopment of 1425 New York Ave. NW. Origin plans called for the conversion of the existing office building to a residential use containing approximately 255 new dwelling units. Now citing "substantial increases in lending rates and a concurrent slowdown in the residential market" the development team is requesting the ability to establish residential or lodging use on all or portions of floors 2 – 4 of the building rather than just residential use.

Per the filing, this limited amount of potential lodging use will give the applicant a reasonable amount of flexibility to withstand a degree of uncertainty that may continue in the residential and financing markets. It will also help mitigate the potential loss in marketability to newer residential units being constructed since occupants of the lodging use are less likely to be focused on the design, layout, and amenities that typically influence a person’s decision to reside at a property.

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