Housing Complex

IBG Mulls Hotel for New York Avenue

IBG Partners is all done with a set of tall, stately apartment buildings on New York Avenue between 4th and 5th Street NW—and now they're thinking of putting a hotel next door.

It's far from a done deal, though. "We are studying a possible hotel project on the site but do not yet own the property and have not made a decision to proceed yet," writes IBG's Scott Fuller in an email. "Would be very premature to discuss at this point and we are bound by confidentiality agreements with the Sellers and potential venture partners." The property is owned by "KRESSIN N NEW YORK AVENUE LLC DEMERS REAL ESTATE," which has done some work lately on an historic building that still stands on the site.

Still, it's yet another sign of money sloshing around for hotels these days.

IBG is also working on an apartment project at the old Specialty Hospital on Capitol Hill.

  • RT

    I thought this property was owned by Bozzuto, which planned a tall, skinny apartment building (/ condo) while moving the existing "historic structures" to the edge of the site? If so, perhaps the cost of moving the building was too great and Bozzuto wants to unload the property.

    Hotel financing is finally coming back, so perhaps it's feasible. Multifamily, even with a glut coming, is still more of a "sure thing" in this location though.

  • Jacques

    RT -- I think the Bozzuto property is on the south side of NY Ave (just west of the new Meridian), while the Yale West apartments are on the north side, as the hotel would be.

  • http://thegreatermarin.wordpress.com OctaviusIII

    I'm hoping that whoever does whatever with that site that they'll keep the two facades. It'll go handsomely with the AAMC headquarters a block away.

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