The Armed Forces Retirement Home has canceled plans to let a private developer convert the historic Grant Building on its Northwest D.C. campus into an assisted living facility, an initiative launched to generate additional revenue for the self-funded, executive branch agency.
The AFRH terminated its letter of intent with D.C.-based Gragg Cardona Partners LLC after determining “private development of the Grant Building at this time was not in the best interests for the long-term sustainability of the AFRH and its trust fund,” retirement home spokesman Chris Kelly said in an email.
Representatives for Gragg Cardona were not available for comment.
The AFRH picked Gragg Cardona in September to renovate the 100-year-old structure and convert it into an affordable assisted living facility for eligible seniors under a long-term lease. AFRH Chief Operating Officer James Branham, at the time, said the prospect would put back into use a building that had been shuttered since 2001 while complementing…Read the full story from the Washington Business Journal.