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Akridge Reveals Plans for Former National Capital YMCA Site

WASHINGTON, DC—Meanwhile the leasehold interest of nearby 1717 Rhode Island, NW, is also rumored to be selling for $71 million.

By Erika Morphy | erikamorphy | | Updated on March 04, 2016
1717 Rhode Island Ave., NW. Photo courtesy Lincoln Property Co. 1717 Rhode Island Ave., NW. Photo courtesy Lincoln Property Co.
WASHINGTON, DC—Now that Akridge has closed its acquisition of the former National Capital YMCA, located at 1711 Rhode Island Ave., NW, it is ready to reveal what it has planned for the site.  Last October GlobeSt.com reported that Akridge had signed a letter of intent to buy the property following the Board of Directors of the YMCA of Metropolitan Washington approval to enter into a purchase agreement. But what exactly it planned to do to the site for was unclear; one rumor at the time was that Akridge would gut the building and develop it into an office. Turns out, the rumor was correct. Akridge and its partner in the deal, Alcion Ventures, L.P., will build a 100,000-square-foot boutique office building there. The site, the corner of Seventeenth Street and Rhode Island Avenue, will be renamed 1701 Rhode Island. Designs for the boutique office, which will be nestled alongside historic buildings dating back hundreds of years, call for a building façade of glass, masonry, and sculptural metal. The building itself will have 14,000-square-foot floor plates. Hickok Cole Architects is the designer and the finished product is aiming for LEED Gold certification. Construction is expected to begin in early 2017 with a summer 2018 delivery date. Akridge didn’t report the sales price but GlobeSt.com has learned of a possible comp. A source tells us that next door’s 1717 Rhode Island Ave., is being sold — or rather its leasehold interest is being sold — for $71 million, or $452 per square foot. To be fair this is not an apples to apples comparison. 1717 Rhode Island is hardly a tear down; a historic building, it is adjacent to St. Matthew’s Cathedral, another historic landmark. 1717 Rhode Island’s redevelopment several years ago won a number of awards. But at the very least, its possible sale shows activity is picking up in this beautiful and historic block of Dupont Circle.

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