Joint Venture Plans Georgetown's Largest Apartment Project in Over 100 Years

A joint venture involving Rockpoint, LCOR and Potomac Investment Properties is moving forward with a redevelopment at 1000 and 1050 Thomas Jefferson Street NW in Georgetown that would deliver 299 rental units — the neighborhood's largest multifamily project in more than a century.

According to The Real Deal, which cited an initial report by Multi-Housing News, the project would be the first in Georgetown to exceed 150 units in over 100 years.

Key Details

Potomac Investment Properties, which developed the two buildings in the early 1980s, owns the 349,000-square-foot properties and is partnering with Rockpoint and LCOR on the redevelopment.

The plan calls for two new residential structures: a 10-story building with 179 units and a nine-story building with 120 units. Proposed amenities include resident lounges, a rooftop pool, a fitness center, a pet spa and a library. The project will also incorporate 18,000 square feet of retail space and preserve the existing 282 below-grade parking spaces.

The joint venture has already received approval for the conversion from the Old Georgetown Board and the U.S. Commission of Fine Arts.

The Georgetown project is part of a broader wave of adaptive reuse activity in Washington, D.C. The district currently has 32 conversion projects underway totaling roughly 7 million square feet, according to CBRE, despite averaging only four conversions annually between 2016 and 2024.

Other notable conversion efforts in the region include Dalian Development's acquisition of the 940,000-square-foot GSA Regional Office Building from the General Services Administration for $24 million in March. Dalian intends to convert the 50-year-old office property into a multifamily complex, though the GSA estimated the building requires more than $200 million in maintenance.

Separately, Henderson Park and Lowe secured a $180 million loan from Deutsche Bank roughly a year ago to convert Portals I into a 428-unit apartment complex. That project involves transforming a 536,000-square-foot office building into a 658,000-square-foot residential building with retail space.

Why It Matters

The Georgetown redevelopment signals a significant shift for one of Washington's most historically constrained neighborhoods, where large-scale multifamily construction has been rare. For developers and investors, the project demonstrates that even areas with strict historic oversight can support substantial residential density when joint ventures navigate the approval process effectively. D.C.'s emergence as a conversion capital also reflects broader structural changes in commercial real estate, where obsolete office stock increasingly presents residential redevelopment opportunities.