The Georgetown Metropolitan

At last month’s ANC meeting, one developer had three significant projects up for review. It would come as no surprise to anyone watching the Georgetown real estate market that that developer was EastBanc. Started in 1996, EastBanc has built a real estate empire centered squarely in Georgetown. And with every passing year and every approved project, the future of EastBanc and Georgetown have become more and more entwined.

Even for EastBanc, last month’s ANC agenda was significant. They are proposing to build a condo building where the Key Bridge Exxon stands, build a massive stone building on the parking lot of the Verizon building, and build condos behind the post office. While there are other developers working in Georgetown (for instance Argos Group is converting the Hurt Home into condos) none is having an impact on the neighborhood as noticeable as EastBanc.

Yesterday, the Washington Post took note of this. Columnist Thomas Heath wrote:

Washington developer, technology entrepreneur, restaurateur and nightclub owner Anthony Lanier prompted me to look at real estate differently when he explained the business discipline that built a Georgetown barony that occupies 60 buildings and enough square footage to fill eight football fields.

“We built a conveyor belt for renovation,” said Lanier (pronounced lon-YAY), 59, explaining the methodology that turned dilapidated townhouses into profitable stores and offices.

Lanier’s assembly line was made up of engineers, architects, historical preservation specialists, zoning lawyers and construction firms that could pump out renovated buildings one after another.

Heath then described the early investments of Lanier, including its first purchase at 3060 M St. (which is actually the now empty Ritz Camera store). From there, they slowly worked their way down M St. (and beyond) buying up distressed or run-down properties, fixing them up, and bringing in higher-end tenants. Fifty-eight buildings later, EastBanc has left its impression on the neighborhood. Continue reading →