WASHINGTON — The Watergate “lookout” building is getting a face-lift.
George Washington University has sold 2601 Virginia Ave. NW to Urban Investment Partners for $36 million. The company plans to redevelop the property as rental apartments.
The building, which served as student housing for many years as the Hall on Virginia Avenue, was originally a Howard Johnson hotel. In 1972, rooms 419 and 723 were used as lookouts for the “Watergate burglars” who broke into Democratic National Committee offices at the Watergate office building across the street.
Room 721 was preserved as a museum until 2001.
George Washington University gutted the building last year with plans to create new student housing, but decided to sell the property instead.
Urban Investment Partners will develop about 200 rental apartments in the existing building and add 50 additional apartments in a new addition on its east side. The redevelopment will also include ground-floor retail and restaurant space.
The apartment building will be renamed Boathouse, and include a rooftop pool and recreation area with fire pits. The building will also include a fitness center.
“We are going to create something never seen before in this city, focusing on access to the park and the river, promoting a healthful lifestyle that includes fitness exercise and fresh food,” said UIP principal Steve Schwat.
Earlier this year, UIP bought three office buildings from American University and is converting them into apartments.
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