Jun 8, 2024 - Real Estate
You can live in an old D.C. school, attached to an art museum
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The next in-demand apartment could be inside an old Washington school.
The big picture: Former schools accounted for 3% of U.S. apartment conversions in 2023, data shared with Axios shows.
- Former offices and hotels dominate the national conversion trend, comprising 28% and 36% of newly completed projects, according to a RentCafe analysis.
Why it matters: As cities and developers seek to repurpose empty space into much-needed housing, a mix of building types are on the table.
Zoom in: D.C. is among metros leading school and office-to-apartment conversions across the U.S., per RentCafe data shared with Axios.
- Most recently, the former Elizabeth G. Randall Junior High School project in Southwest D.C. was converted into The Rubell Museum and an apartment complex called Gallery 64.
While turning cafeterias and gyms into homes is easier said than done, state and federal historic preservation tax credits can incentivize school flips.
- School buildings can also offer more of the natural light renters want, compared to offices, developers say.