The joint venture paid $74 million for 5500 Wisconsin Ave. and 5520 Wisconsin Ave., currently a stretch of retailers that includes Brooks Brothers, Rangoni Firenze Shoes and a Bank of America branch, as well as a 226-room Courtyard by Marriott hotel.
Donohoe and Carr, through a joint venture with SpringHarbor Financial Group and Kruger Real Estate, will redevelop the southern portion of the block as a trophy residential mixed-use development that will include retail space.
The developers expect to break ground on the mixed-use project next to the hotel in late 2022.
The block, across Wisconsin Avenue from an upscale retail strip called The Collection at Chevy Chase, is two blocks from the Friendship Heights Metro station.
“Chevy Chase is one of the best submarkets in the region, and we look to bring a long-awaited face-lift to the site with a focus on community-serving offerings,” said Matt Buhts, CFO of Carr. “Carr is excited for the opportunity to acquire what we believe will be a transformative project for the Chevy Chase market.”
The 45,000 square feet of ground-level retail space was built in 1970. The hotel originally opened as a Holiday Inn in 1970, and become a Courtyard by Marriott through a major renovation in 2009.