D.C. is getting an amped-up Soho House

The Ned, an opulent social club from the creators of Soho House, is planning an outpost in D.C.

Driving the news: The London-based company is teaming up with Michael Milken to open the members-only venue near the White House, the Financial Times reports.

• The Ned has locations in London, New York, and Doha and charges members about $5,000 a year.
• More exclusive than Soho House, the D.C. venue will "channel the glamour of the 1920s," FT reports.

The site: The D.C. location would occupy the top three floors of a former bank space on Pennsylvania Avenue, housed within a six-building complex owned by the nonprofit Milken Institute.

• That points to the Riggs Bank Hall, which the Milken Institute has restored. (The institute plans to open the Milken Center for Advancing the American Dream in 2025 at the large complex of connected buildings.)
• The pandemic delayed The Ned's initial planned opening of late 2020, in addition to construction taking longer than expected at the grand 300,000-square-foot complex.

The intrigue: Milken was known as the "junk bond king" on Wall Street in the 1980s, before pleading guilty to securities fraud and having to pay $600 million to the U.S. government and investors, and serving 22 months of a 10-year prison sentence. He was pardoned by then-President Donald Trump in 2020.

• Milken is collaborating on The Ned project with billionaire Ron Burkle, a friend and majority shareholder in Soho House.

Soho House did not return a request for comment.