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D.C. Sets Aside $10M to Buy Site for Rosslyn-Georgetown Gondola

The Washington D.C. City Council has set aside $10M in its 2022 budget to acquire the former Exxon gas station property at 3607 M St. NW, a site that had been planned as a landing spot for a proposed gondola that would connect the city’s Georgetown and Rosslyn neighborhoods.

The property is currently owned by Altus Realty Partners and DYNC Atlantic Property & Investment, which paid $14M for the site in 2016. The plans to purchase at least part of the half-acre site do not guarantee that the gondola project will move forward but it leaves the option available to the city.

Both the Georgetown BID and the Rosslyn BID have publicly supported the gondola project as have a number of business leaders and commercial real estate executives, including Monumental Sports Chairman Ted Leonsis and JBG Smith CEO Matt Kelly.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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