Washington, D.C. Mayor Muriel Bowser recently broke ground on The Geneva, the largest office-to-residential conversion project in the city’s history.
The project will deliver 532 new homes, including 60 permanently affordable units. The Geneva received support from the District’s Housing in Downtown program. Through a $41 million investment, the District estimates that HID will help deliver 6.7 million square feet of new residential use, or 8,400 new housing units.
Located at 1825–1875 Connecticut Avenue NW, the 604,000-square-foot property will be converted into a 15-story, LEED-certified residential building featuring 57,000 square feet of ground-floor commercial space. The project is also backed by a record-setting $465 million in C-PACE financing from Nuveen Green Capital and a $110 million senior loan from Mavik, bringing total project financing to $575 million.
Two additional D.C. commercial-to-residential projects were also conditionally awarded tax abatements, including 2121 Virginia Avenue NW, a redevelopment by Carr Properties, which will deliver 300 homes.
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