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Photo: Philip Seaton Photography |
Central Liquor Store and
The Platinum Club
915-917 F Street, NW Washington, DC
Karchem's Role: Project Manager
For: Stavins & Axelrod Properties, Inc.
Size: 14,400 SF
Year Built: 1911 and 1881
Year Built: $0.3 million
Schedule: 2 months
Karchem Properties was retained by the investor to conduct acquisition due diligence on these historic buildings, adjacent to the Gallup Building at 901 F Street, NW. After closing, Karchem directed the rehabilitation of the properties and coordinated all issues relating to historic preservation.
Karchem Properties assisted Stavins & Axlerod in conducting acquisition due diligence, including Phase I Environmental Assessment. Rehabilitation of the property included abating asbestos, shoring up first floor structure, and installing new roof, HVAC service and 400 A service. In addition to the base building improvements, Karchem managed the build-out of Central Liquor Store and monitored the build-out of the Platinum Club.
The rehabilitation of 915-917 F Street was coordinated with the rehabilitation of 901 F Street, NW and 911 F Street, NW for two other clients. Karchem Properties facilitated the agreement reached by the owners to combine the Transfer Development Rights on their respective properties to market the TDRs as one package.
To obtain a single record lot for 901 F Street, 911 F Street was packaged with 915 and 917 F Street, NW. The facade of 911 F Street, NW was also restored for 901 F Street to comply with the requirements of the Historic Preservation Office to allow for the sale of TDRs to a third party. The facade of 917 F Street had been significantly altered, so the facade was restored to its historic origin.
As a result of this transaction, the density of the Gallup Building was increased by about 25,000 square feet and 49,000 square feet of unused density will be sold as TDRs. Also, the transaction ensures the preservation of the historic height of adjacent properties on F Street and preserves the westward views from the Gallup Building at 901 F Street, NW.
Designed by Frederick B. Pyle and Arthur B. Heaton in the classic Greek form, 915 F Street was completed in 1911 for the Equitable Building Association. Erected in 1881, 917 F Street is noteworthy for its elaborate cornices and paneled frieze.
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