RSS Feed675 H St NW (Old CVS building) Under New Ownership
We just received news that McCaffery Interests, Inc and Douglas Development Corporation have formed a joint-venture, JMR, LLC, and have successfully acquired 675 H St NW at the corner of 7th and H St NW!
There has been a lot of drama regarding the Northeast corner of 7th & H St NW, which is arguably the busiest pedestrian intersection in Washington, DC. Many years ago, Yeni Wong from Riverdale International bought the property that, at the time, housed the highest grossing CVS store in the region. A short time later, Riverdale International sued and evicted CVS from the space so that renovation and redevelopment could commence on the building and its neighboring building. The new development was named Gallery Square. CVS resisted, but with letters from the Downtown Neighborhood Association and other neighborhood groups, ultimately yielded. That’s when things started to fall apart along with the commercial real estate market. The bank eventually foreclosed on the property and Douglas Development started to make a move to acquire the property.
Along the way, another company Douglas Development acquired the three neighboring properties along H St NW and demolished two of them. We can be assured that future redevelopment plans of 675 H St NW will also include the two neighboring lots and possibly the Vapiano space. Monument Realty bought the loan backing 627-631 H Street NW which is between the 7th and H corner and the Vapiano space.
The only insight we have into the development plans is this statement from the press release: The building and land will be redeveloped by the Venture into a state-of-the-art, urban mixed-use development.
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Still think CVS got their just desserts on this one. They forced many delays in the process so they could reopen in the same space in a new building, and then of course the bottom fell out of the financial system and everybody lost. Would love it if the sale of this property nullified CVS’s “right” to return to that space.