RSS FeedAn Update On Gallery Square (7th and H St NW)
The distressed commercial real estate financing situation has hit squarely at the intersection of 7th and H Streets NW as the Washington Business Journal broke the news that Gallery Square, the project on the northeast corner of 7th and H Streets NW owned by Gallery Tower LLC, filed for bankruptcy. PQ Living’s ears and eyes have heard no word about the property nor seen any on-site activity for a while now – our last update was just over one year ago – and the tale is a little more convoluted than it seems as the loan on the property was sold to Douglas Development prior to the bankruptcy filing. Of great interest to retail watchers is the spectrum of retailers who signed deals…CVS (the pharmacy would return to their originally occupied space, Eagle Bank (a regional bank based in Bethesda, MD) and J. Pauls (part of the Capital Restaurants group with a notable presence in Georgetown).
We’ve always thought of this main intersection as our Wisconsin Avenue and M Street…it looks like it’s going to take a little longer for that idea to fully blossom. But blossom it will.
If you enjoyed this post, please consider leaving a comment or subscribing to the feed and get future articles delivered to your feed reader.
Comments
At least there’s progress on D Street… work started last week, and today they already have the entire facade of the Union Hardware building torn off.
I don’t understand how a property like this with such a key location could possibly be in limbo for so long. I’m no real estate expert, but this property is a gold mine for retailers…right?
Wasn’t there talk of turning it into a boutique hotel?
A 9 story retail building? Not sure how I feel about that. Obviously better than the rats nest that it currently is but would prefer more condo/apts and some more dining/bar choices.
googled 711 D ST NW (the Union Hardware site) –not much but a Hist Board mtg in October with no details.
I personally think that location would be perfect for a 24 hour diner on the ground level (and maybe the second floor). Heck, if I had the capital, I’d do it! It’s sure to be a moneymaker, even if it didn’t sell alcohol.
J. Pauls restaurant will be a nice addition should it materialize. I liked that part of the retail mix.
While this building sits there as an eyesore and a blight on this vibrant neighborhood – I’m wondering why can’t the downtownDC BID sponsor the use of the vacant CVS window spaces for display artwork from local art galleries? At least the building could look somewhat presentable with art work displayed in the windows and lit up at night. It’s very embarassing to see such a blight at a major high profile intersection in the heart of one of the busiest areas of the city. I’ve seen tourists looking at the site in awe and can only imagine what they must be thinking. DowntownDC BID – give this space to local artists until the project starts moving!!
Sorry, the comment form is closed at this time.
Thanks for the update. It’s a huge blight as is. I hope Douglas or someone else can get things moving quickly. It really brings down the neighborhood, with the gaping demolished storefronts and “temporary” construction fencing on the side.