PEPCO Planting (another) One on Friendship Heights
PEPCO really likes Friendship Heights. And they like big watts (and they can not lie). So much so that the power giant has purchased 5220 Wisconsin Avenue from Akridge with the intention of inflating their existing power plant. Not that the used car lot wasn't homely, but really? An even bigger power plant on the main drag of a pricey retail/residential neighborhood?
The Washington Business Journal reports today that Pepco acquired the 22,500 SF $14.5 million dollar parcel from Akridge in late September. Understandably, there was no big announcement. Akridge purchased the property in 2003 at $3.95 million with the idea of creating a mixed use project with 71 residential units and 13,000+ SF of retail space, but decided not to go forward due to other commitments and zoning process headaches.
Now, it looks like lights out for gently loved compacts, a huge jolt of new investment capital for Akridge, and the dimming of hopes for metro-adjacent living/dining/shopping on the 5200 block of Wisconsin Avenue.