WASHINGTON, DC–Akridge and Alcion Ventures have broken ground on the redevelopment of 1701 Rhode Island Ave. The companies plan to build a 102,000-square foot building that will deliver in the third quarter of 2018.
Akridge plans to capitalize on the property's “boutique size” targeting small- and medium-sized office tenants that are seeking space in a new building, CEO Matt Klein says in a prepared statement.
Hickok Cole Architects is the project architect and Whiting-Turner will serve as the general contractor.
Akridge and Alcion acquired the property — which was a former YMCA with the address of 1711 Rhode Island Ave. — last year following a letter of intent that it signed with the YMCA of Metropolitan Washington in 2015. The facility has been operating at a loss and the Board of Directors decided to sell the well-located building.
It sold for approximately $28 million or $280 per square foot.
The plans announced at that time included 14,000-square-foot floor plates, a two-story lobby and a target of LEED Gold certification.
WASHINGTON, DC–Akridge and Alcion Ventures have broken ground on the redevelopment of 1701 Rhode Island Ave. The companies plan to build a 102,000-square foot building that will deliver in the third quarter of 2018.
Akridge plans to capitalize on the property's “boutique size” targeting small- and medium-sized office tenants that are seeking space in a new building, CEO Matt Klein says in a prepared statement.
Hickok Cole Architects is the project architect and Whiting-Turner will serve as the general contractor.
Akridge and Alcion acquired the property — which was a former YMCA with the address of 1711 Rhode Island Ave. — last year following a letter of intent that it signed with the YMCA of Metropolitan Washington in 2015. The facility has been operating at a loss and the Board of Directors decided to sell the well-located building.
It sold for approximately $28 million or $280 per square foot.
The plans announced at that time included 14,000-square-foot floor plates, a two-story lobby and a target of LEED Gold certification.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
