A stalled office-to-apartment conversion on Wisconsin Avenue in Tenleytown finally has a new owner with a plan to complete it. BMC Investments bought the half-built project for $9.5 million, ending a stretch of limbo for the site at 4620 Wisconsin Ave. NW. The deal gives a neighborhood that has watched an unfinished shell sit near its Metro station some hope of seeing it become housing.
The purchase was reported Tuesday by The Business Journals, which describes the 146-unit project and says the buyer plans to finish the job. The same report notes that the initial developer allegedly failed to complete construction and repay the loan. Other project descriptions cite slightly different unit counts, so the exact number of apartments is worth watching as plans firm up.
What Broadcast Was Supposed to Be
The development, known as Broadcast, spans 4620-4624 Wisconsin Avenue NW, UrbanTurf reports. The plan calls for 11,600 square feet of retail and 58 below-grade parking spaces, and 15 of the apartments were slated to be set aside for households earning up to 60% of area median income.
Urban Investment Partners, the project’s original sponsor, describes it a bit differently. Its project page says the company would turn two separate office buildings into a rental building with 144 apartments and 11,000 square feet of ground-floor retail. The page also pitches the location as just one block from the Tenleytown Metro Station…