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Douglas Development sells Georgetown mixed-use building for $12M
The 29,000-square-foot property includes office, residential, and retail space, and Adams plans to convert the commercial portion into luxury homes.
Douglas Development Corp. has sold a mixed-use building at 2715 M St. NW in Georgetown to Adams Investment Group for $12M, according to Bisnow.
The 29K SF building was constructed in 1985 and Douglas has owned it since 1999, with the current layout including 17,100 SF of office, 9,100 SF of residential, and 2,900 SF of retail.
Adams plans to redevelop the property by converting the building’s commercial space to residential, an approach reviewed by the Old Georgetown Board in May.
The proposal calls for transforming the site into six townhouses and two penthouse condos, designed by ADG+G Architecture, and Bisnow reports the deal had not yet appeared in deed records at the time of publication.