Sources have told the “Washington Business Journal” that Apple purchased the three-story building at 1229 Wisconsin Ave. NW in Washington (DC) for a future retail store, the current site of the French Connection clothing store in the Georgetown area of the city. A report here last week said the store was going to be just south of this location at Nathan’s Restaurant. Carol Joynt, who operates the Q&A Cafe inside Nathan’s says the property sold for $13.7 million. Property tax records show the French Connection building is assessed at $7,585,000, and was owned by Princeton Investment Corp. (Maryland). The building was renovated by the French Connection, and may require only renovation–and not demolition–for an Apple store. But any changes must be approved by the three-architect Old Georgetown Board. [photo]
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You have the address wrong. It’s 1229 Wisconsin Avenue. [IFO -- Thanks! Correction made.]
Is that in Georgetown? [IFO - It is.]
I said it before and I’ll say it again – BOO GEORGETOWN!!
The article about the Apple Store opening in Georgetown hit the front page of the Washington Business Journal. Yes, the address is 1229 Wisconsin Avenue, NW.
Does anyone know how much the building sold for?
That is a pretty good block to be on because the co-tenants are top notch like Ralph Lauren, Puma, Adidas, Diesel, etc.
There is some merit in saying Boo to G’Town because not every retailer does well there. Mexx, Helly Hansen,Armani Exchange, and several others have not done the volumes they would have expected there.
I have a blog dedicated to retail real estate and Apple is on the top of everyone’s mind.
Marcus
(triplenetmarcus.wordpress.com)
[IFO -- Carol Joynt, who operates the Q&A Cafe I identified as the store location, says it was $13.7 million.]
I’m pretty sure that that’s Nathan’s restaurant, and not Nations.
And yes, Georgetown sucks. The store should have been at Chinatown, DuPont, or even Metro Center. It could even have been in a sweet spot in the U street area that’s being gentrified by the day. [IFO -- Thanks. I mistook it for my favorite hamburger joint here. Corrected.]
Don’t forget about us in Dupont! It’s a colossal pain to get to Georgetown from Dupont. Wouldn’t being on the Circle next to the PNC Bank provide a great location?
Im not sure that it’ll do well there. For one, G-Town isnt Metro train accessible, so its a real PITA to get there, park, etc. And also, DC sales tax is much higher than it is just across the way in Arlington. So, why wouldnt someone just ride the Metro train over to the Pentagon City store for less sales tax??
I dont think G-Town is the right place for a high end computer boutique.
DC general consumer sales tax is 5.75%
Virginia sales and use tax is 4% + additional 1% local tax = 5%
DC’s sales tax is really not much higher.
Oh yes, nobody shops in Georgetown because they can just go across the river for the much lower sales tax, right? lol. I, for one, like to keep my tax dollars in D.C., and will not be going across the river to save .75 percent. People like shopping in Georgetown because it is Georgetown.
Plus, Georgetown is a “high-end” shopping district, and a “high-end” computer boutique will fit in just fine.
A PITA to get to Georgetown from Dupont? So jumping on the blue Georgetown Metro Connection bus for 5 minutes and only $1.50 is a PITA? (only 35 cents if you’re pick up a metro bus transfer pass on the metro)
5 minutes from Dupont down M street to Wisconsin Ave in a bus?
At 3am, maybe. I think Apple is looking at GTown as a tourist destination store. If you want Metro access, its Pentagon City or Clarendon. BTW, it’s five minutes from Dupont to those stores, too. (rolls eyes)
Yeah, cause those who shop in Gtown take the bus. Lemme load up my new $2000 iMac on the sketchy Metro bus & sit next to the guy who smells like urine who’s looking at me funny. I’ll get right on that.
TC is right. This store is strictly for the tourists & the pretentious snobs who live/go to school in Gtown.
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