D.C. developer Roadside Development and partner New York-based Waterview Capital Management LLC have acquired a former Georgetown bank, with plans to redevelop the property as retail.
The building, and coveted parking lot, at 1545 Wisconsin Avenue, Northwest, sits prominently at the corner of Wisconsin Avenue and Q Street.
The domed building has a historical look but was constructed in 1996. It served as a branch location for Chevy Chase Bank originally. It was most recently a Capital One Bank branch.
McLean, Virginia-based Capital One Financial acquired Chevy Chase Bank in 2009 for $520 million.
“We’re very excited to partner with Waterview on this exciting acquisition,” Roadside partner Jeff Edelstein said. “With our long history in urban retail, we feel this property is a perfect fit for our team and we look forward to re-energizing the building with new tenancy.”
No further details about the site’s redevelopment or a timeline for construction were disclosed.
Roadside and Waterview acquired the property for $3.15 million. It is the second property Roadside has acquired from Capital One.
Last year, it acquired 8676 Georgia Avenue in Silver Spring, Maryland. That property is next door to the former Tastee Diner, which Roadside also acquired last year. Those properties will be redeveloped as a mix of retail and residential.
Roadside specializes in adaptive reuse projects. Its past redevelopments have included City Market at O in Shaw, and the big City Ridge mixed-use development in Northwest D.C., which includes the former Fannie Mae headquarters.
