Real estate firm Carmel Partners has secured a $360 million construction loan from Wells Fargo Bank for the redevelopment of the historic Washington Marriott Wardman Park hotel in Woodley Park, Northwest D.C. Carmel Partners acquired the property at auction for $152.25 million after the previous owner, an affiliate of Pacific Life Insurance Co., closed the hotel due to bankruptcy.
The redevelopment plan involves replacing the 99-foot-tall hotel with two 90-foot residential buildings surrounding a central courtyard. This will reduce the building’s footprint and create over 2 acres of green space. The proposal has been filed with D.C.’s Historic Preservation Review Board.
However, the project has faced opposition. The Advisory Neighborhood Commission (ANC) has urged Carmel Partners to increase the number of units to 1,200 and make at least 35% of them affordable for residents earning 30% to 60% of the area’s median income.
Number of apartments to be created after Wardman Park Hotel redevelopment
The redevelopment project aims to create 900 apartments. Carmel Partners is committed to addressing community concerns and the exact percentage of affordability remains undisclosed. The project not only transforms the site but also preserves its historical significance.
Carmel Partners’ partnership with Wells Fargo Bank provides the necessary financial backing for this significant endeavor. As the project progresses through the review process and designs are refined, collaboration between Carmel Partners, local authorities, and community representatives will shape the final outcome of this redevelopment.
Closing Statements:
FAQ
- Who is Carmel Partners?
- What is the Washington Marriott Wardman Park?
- What is the redevelopment plan for the hotel?
- How many apartments will be created?
- What concerns have been raised about the project?
Carmel Partners is a real estate firm based in San Francisco.
The Washington Marriott Wardman Park is a historic hotel in Woodley Park, Northwest D.C.
The redevelopment plan involves replacing the hotel with two residential buildings and a central courtyard.
The project aims to create 900 apartments.
The Advisory Neighborhood Commission (ANC) has urged the developers to increase the number of affordable units and consider a mixed-use development.
