Two familiar red-brick office buildings tucked between M Street and the Georgetown waterfront are on the verge of a major personality change. The properties at 1000 and 1050 Thomas Jefferson St. NW are slated to be converted into nearly 300 apartments, a shift that would mark one of the largest multifamily additions Georgetown has seen in roughly a century. The project would significantly rework a relatively sleepy stretch south of the C&O Canal and bring much-needed housing to a corner of the neighborhood that has seen very little new residential development.
What the plan would deliver
According to CoStar, a joint venture has assembled control of both buildings with plans to convert them into roughly 299 apartments. CoStar reports that, if the conversion proceeds as proposed, the project would rank among Georgetown’s largest multifamily developments in the last hundred years.
Origins, design and neighbor concerns
An affiliate of Potomac Investment Trust first floated the office-to-residential idea in 2023, with Shalom Baranes Associates listed as the architect and early paperwork outlining how units might be divided between the two buildings, The Georgetowner reported. Nearby condo boards and residents quickly zeroed in on the proposed massing and how the revamped façades would sit alongside adjacent low-rise buildings. The Georgetowner noted that renderings submitted to the Historic Preservation Office did not fully show several smaller neighboring structures, a detail that did not exactly calm nerves on the block.
Who's behind the deal
Project listings cited by CoStar tie institutional players Rockpoint, LCOR Inc., and Potomac Investment Properties to the transaction. That mix of national investors and local operators suggests a sizable pool of outside capital has been lined up, potentially giving the team more leverage as it seeks financing and navigates the District’s entitlement maze.
City context: conversions and incentives
The WDCEP DC Development Report includes 1000 and 1050 Thomas Jefferson St. NW in its office-to-residential pipeline, listing an expected 299 units as of year-end 2025. That timing lines up with the Bowser administration’s Housing in Downtown push, which the Office of the Deputy Mayor for Planning and Economic Development says has leaned on tax abatements and other incentives to spur commercial-to-residential conversions across the city. DMPED reports those programs have already driven dozens of conversions and helped add hundreds of new homes downtown.
Next steps
Before any hard hats show up on Thomas Jefferson Street, the project still needs to clear multiple design and historic reviews, including likely stops at the Old Georgetown Board and the Historic Preservation Office. Prior versions of the plan have already triggered Historic Preservation Office filings, according to The Georgetowner. Developers have not yet put a public construction schedule on the table, and details like the final unit mix are still open questions as the proposal works its way through the city’s review process.
