With a 24.7 percent office vacancy rate, one of the highest in the region, developers in Prince George’s County have been considering other uses for office properties, according to Washington Business Journal. Now, there are new plans for a circa 1989-built office building approximately two miles from MGM National Harbor to be converted into residential space.
Washington Business Journal reported that developer Varsity Investment Group plans a $25 million conversion for the building located at 6009 Oxon Hill Road with hopes to rebrand it as The Oxford. If plans are approved, the approximately 215,000-square-foot building will house 195 residential units and 16,000 square feet of retail space. The 425-space parking garage will stay as is.
Some of the planned amenities include a fitness center, resident lounges, and an observation deck with views of Old Town Alexandria and D.C.’s monuments.
Prince George’s County’s Planning Board won’t consider the project until October 5.
The last conversion completed by Varsity Investment Group was the $16 million conversion of George Washington University’s former City Hall dorm into the luxury apartment building, known as Varsity on K, according to Washington Business Journal.
• Developer sees residential potential in this office building near MGM National Harbor [Washington Business Journal]