The Georgetown Metropolitan

1500 block of 33rd St.

As reported by the Washington Business Journal, the Georgetown Park Mall has been sold. WBJ pegs the sale price at $272.5 million, which is a significant surplus over the $61 million that Angelo Gordon and Vornado paid for it four years ago.

This comes as no surprise. The property was publicly put up for sale last spring. And even before that announcement, this strategy was fairly obvious. As GM wrote all the way back in 2011:

GM predicts that all they want to do is gut the property, put in three or four large tenants (whoever they can sign, GM doubts they care much) and turn around and sell it. It would come as no surprise that they’re not interested in the long haul seeing as they’re simply acting as an agent for the mall’s actual owner: Angelo, Gordon & Co. This firm specializes in distressed properties, an investment strategy that normally involves buying a property cheap, tarting it up and turning around and selling it for quick buck.

That prediction has come true pretty much to a “t”. Continue reading →

Photo by Rock Creek.

Good morning Georgetown, here’s the latest:

• New images and information on the micro-unit building that is planned to replace the Latham Hotel.
• Why Patrick Ewing chose Georgetown.

1400 block of Wisconsin Ave.

You know what’s exhausting? Walking around shopping all day without taking a load off. Well the BID can hear your dogs barking and want to give you a seat. So they left 50 of the seats you see above around the business district in nooks and crannies.

The idea is an outgrowth of the Georgetown 2028 project and it’s meant to encourage more activation neglected corners of the neighborhood. In non-marketer speak, that means they want people to linger and relax in some of the relatively unused spaces off the beaten path. Continue reading →

Photo by Alyson Hurt.

Good morning Georgetown, here’s the latest:

• Georgetown is hosting a bunch of African heads of state this week, here’s where they’re staying.
• Temporary mural going up on old Latham hotel.

1500 block of Wisconsin Ave.

The Washington Business Journal reported last week that the long empty former Cellar Door will finally become occupied once again. The new tenant will be Delaware’s own Capriotti’s Sandwich Shop.

The laws of restaurant news reporting require GM to now point out that this restaurant is a particular favorite of Vice President Joe Biden. And he seems like a fella who knows his sandwiches.

The slightly bad news about this is that despite its humble Wilmington origins, the restaurant is a rather large chain with locations 14 states and even one already in the District. So it’s not unique. Continue reading →

Photo by Karie.

Good morning Georgetown, here’s the latest:

• GU students canceling trips to West Africa over Ebola fears.
• Chez Billy looking good and should open this month.

1300 block of 31st St.