New life for the old Carnegie Library on K Street.
The Washington Business Journal has the scoop:
The District’s convention and sports authority has reached an agreement with tech giant Apple to open a global flagship store at the historic Carnegie Library at Mount Vernon Square.
Apple, which has been in discussions with Events D.C. for several months, will renovate the 113-year-old building across the street from the Washington Convention Center. The Events D.C. board is expected to approve a letter of intent at its regularly scheduled meeting Thursday.
Lease terms have to be finalized, but Events D.C. is proposing a 10-year term with two five year-extensions, said a source with knowledge of the negotiations. Apple will pay market rent and will give Events D.C. a payment of between $1 million and $2 million to offset any losses at the building at 801 K St. NW.
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The underutilized site, eight blocks from the White House, should pay for itself—even after a high-end Foster + Partners renovation. It’s a retail strategy Apple has successfully pursued in a half-dozen European cities. See my 2014 Grand Tour of the Retail Palaces of Europe.