D.C.-area developers The Donohoe Cos. and Carr Cos. jointly acquired an entire block on Wisconsin Avenue in Maryland’s Chevy Chase, and plan a major redevelopment of the site.
The joint venture paid $74 million for 5500 Wisconsin Ave. and 5520 Wisconsin Ave., currently a stretch of retailers that includes Brooks Brothers, Rangoni Firenze Shoes and a Bank of America branch, as well as a 226-room Courtyard by Marriott hotel.
The hotel will remain, and be updated and operated by Donohoe Hospitality Services and partner Argosy Real Estate Partners. Donohoe says hotel operations will be uninterrupted.
Donohoe and Carr, through a joint venture with SpringHarbor Financial Group and Kruger Real Estate, will redevelop the southern portion of the block as a trophy residential mixed-use development that will include retail space.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP
