D.C.-area developers and 聽jointly acquired an entire block on Wisconsin Avenue in Maryland’s Chevy Chase, and plan a major redevelopment of the site.
The joint venture paid $74 million for 5500 Wisconsin Ave. and 5520 Wisconsin Ave., currently a stretch of retailers that includes Brooks Brothers, Rangoni Firenze Shoes and a Bank of America branch, as well as a 226-room Courtyard by Marriott hotel.
The hotel will remain, and be updated and operated by and partner . Donohoe says hotel operations will be uninterrupted.
Donohoe and Carr, through a joint venture with SpringHarbor Financial Group and Kruger Real Estate, will redevelop the southern portion of the block as a trophy residential mixed-use development that will include retail space.
The developers expect to break ground on the mixed-use project next to the hotel in late 2022.
The block, across Wisconsin Avenue from an upscale retail strip called , is two blocks from the Friendship Heights Metro station.
鈥淐hevy Chase is one of the best submarkets in the region, and we look to bring a long-awaited face-lift to the site with a focus on community-serving offerings,鈥� said Matt Buhts, CFO of Carr. 鈥淐arr is excited for the opportunity to acquire what we believe will be a transformative project for the Chevy Chase market.鈥�
The 45,000 square feet of ground-level retail space was built in 1970. The hotel originally opened as a Holiday Inn in 1970, and become a Courtyard by Marriott through a major renovation in 2009.
