NEW YORK — A developer is building a $1.5 billion development on the site of the former home of the late rock star Elvis Presley in the shadow of the White House.
Rex Real Estate announced Thursday that it has bought a 12-acre parcel of land for an undisclosed amount, less than one-fifth of the $7.9 billion deal the developer had struck with the White, Army and Navy bases for a $300 million renovation.
In addition to the project, which includes two towers, more than $1 million is going toward the renovation of the nearby White House gardens.
The project, called The Presley Mansion, has been on the drawing board since August, when developer Andy Ritchie agreed to buy the land and build the development for $750 million.
“I think there’s going to be a lot of people who feel that this is a project that’s really the epitome of what this great country should be,” said Andrew Liss, vice president of corporate development at Rex.
I feel it’s a project, I feel it will be a great project.
It will be part of a renaissance that has happened in Washington, D.C., that I’ve not seen in a long time.
The land was the site for a failed attempt to renovate the White Capitol, a former headquarters of the U.S. military.
After a decades-long push to revitalize the area around the White Senate, the property, which overlooks the Capitol, became a popular spot for concerts and other events in the 1970s and 1980s.
At the time, it was the home of rock singer Elvis Presleys beloved group The Band.
This is a really special property.
It’s a unique piece of land.
It represents the history of this city, and the history and legacy of the Capitol,” Liss said.
Its proximity to the White Houses former headquarters and its proximity to historic sites is what makes it special.
One of the reasons it has caught the interest of a developer, who had never visited the site, is because of the historical significance of the property.
When Elvis Presys wife, Nancy, passed away in 1989, she had moved into the Presley mansion and lived there until her death in 2004.
Now, the house is used as a concert venue.
The Presleys family also owns the property and owns an adjoining apartment complex in the area, which is the same place that Elvis Presks father, Elvis Presly Sr., and Nancy Presley lived.
Ritchie has been selling his stake in the project to developers around the country since the deal was struck.