Goodbye Georgetown parking lot, hello retail-centric ‘Prospect Place’

One of Georgetown’s oldest parking lots, owned by one of Georgetown’s oldest families, will be redeveloped as a new retail destination.

The Weaver family, owner of the 82-space Prospect Street lot opposite Cafe Milano, has tapped Chicago-based McCaffery Interests Inc. to redevelop the parcel into “Prospect Place.” McCaffery will construct two stories of retail (27,600 square feet) atop a 101-space underground parking garage — 20 percent more spaces than are currently available on the lot.

“We’ve been working with them to come up with an appropriate scheme and plan and we believe we found something that they are comfortable with,” said Juan Cameron, McCaffery’s senior managing director of development and acquisitions.

While McCaffery is developing the property, 3220 Prospect St. NW, the Weavers will retain full ownership. The various parcels that make up the parking lot have an assessed value of roughly $2.5 million, according to D.C. tax records.

“This will be a generational asset to them,” Cameron said.

See images of Prospect Place, in the gallery

The Weaver family settled in Georgetown in 1811 and launched a farm and butcher business. W.T. Weaver & Sons, a family-owned architectural hardware and plumbing store located at 1208 Wisconsin Ave. NW, opened in 1889.

Per the Palisades Citizens’ Association, the Weaver brothers were prominent early farmers — Joe Weaver’s farm was located below Conduit Road and Charles Weaver’s farm was located on Loughboro Road at Lowell Street.

“There were so many Weavers around here that three streets were named after them,” according to the history section on the Palisades Citizens’ Association website. “One was changed to Arizona Avenue years ago but we still have Weaver Terrace to remind us of the pioneer family. “The Weaver descendants moved to the city and to the Georgetown area and founded the Georgetown Gas Company, the hardware store and the Weaver Brothers real estate firm.”

The family has owned the Prospect Street parking lot for more than a century.

“I am delighted that through the development of Prospect Place, W.T. Weaver and Sons continues to grow and serve the community,” said Bryce Weaver, who owns W.T. Weaver with his brother, Michael. “Not only by operating a hardware store at 1208 Wisconsin Ave. N.W., but also by building new retail and parking space that will bring additional businesses to Georgetown.”

Prospect is a secondary street with a “great flow of pedestrians,” which attracted McCaffery to the site, Cameron said. The project, he said, will “enhance the pedestrian experience.” The lot is located adjacent to Restoration Hardware, between Wisconsin Avenue and Potomac Street. Prospect Place was designed by Antunovich Associates.

McCaffery has developed or managed numerous Washington area projects, including Potomac Yard, Arch Square, Ballpark Square, Mazza Gallerie, Friendship Center and 3040 M Street. It hopes to be at work in Georgetown by late 2015.

The full Georgetown advisory neighborhood commission will get its first detailed look at the matter-of-right project on Sept. 29. The Old Georgetown Board will have its say on Oct. 2.

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