Owner to submit new plans for Hilton condos

Washington Business Journal - by Gillian Gaynair Staff Reporter
 
The new owner of the Hilton Washington will submit to investors next month an update to a plan for a 10-story condominium tower with roughly 150 to 170 units that would be built alongside the hotel. Lowe Enterprises Inc. expects to have a final thumbs up or down on the condos by March, according to Peter Comey, vice president of Lowe in D.C. If approved, construction would likely begin in early 2009.

Los Angeles-based Lowe and Beverly Hills, Calif.-based Canyon-Johnson Urban Funds LLC bought the 43-year-old Hilton last May for $290 million.

Hilton continues to operate the property, while Lowe has set up shop inside to spearhead a $100 million renovation that since last fall has included such things as replacing mechanical systems and preparing elevators for upgrades.

Renovation of guest rooms is slated to begin this summer -- the hotel will remain open throughout -- and the entire project should be completed by 2010.

For the last six months, Lowe officials have concentrated primarily on fine-tuning their face-lift plans. They also have been studying the viability of adding a residential component -- and sharing that concept with neighboring residents -- to the 1,119-room property at 1919 Connecticut Ave. NW. Officials think the condos, a separate financial endeavor, could cost $75 million to $90 million to build.

The Hilton is zoned as residential property. By matter of right, Lowe has the authority to build about 200,000 square feet of living space. If approved, the condos likely would not be finished until 2010.

Source: Washington Business Journal. View Article.

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