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UIP buys former Watergate stakeout for residential development

Urban Investment Partners announced the purchase of the 10-story building for $36 million
  • Urban Investment Planning bought the old George Washington University dorm building to develop into a mixed-use building named Boathouse.
  • Developers will add 40,000 square feet of new space to create a total of 250 apartment units, an amenity deck and a ground level coffee shop.

History and political buffs may be in store for their ideal place to live. The building that once housed a Howard Johnson hotel and was used as a stakeout location for the Watergate scandal -- owned by George Washington University in recent years -- will now get a new lease on life as an apartment complex. Washington D.C.-based Urban Investment Partners announced that it purchased the building for $36 million from the university with plans to transform the core-and-shell building used as a student dorm into a multifamily property. The building is 10 stories and spans 97,300 square feet, located at 2601 Virginia Ave., NW. The mixed-use development will be called Boathouse and is slated to house about 250 rental units and a coffee shop. Developers are planning to about 40,000 square feet of new space to the current building. “We are going to create something never seen before in this city, focusing on access to the park and the river, promoting a healthful lifestyle th...