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CEO of new St. Elizabeths hospital named
Cedar Hill Regional Medical Center, the Southeast D.C. hospital expected to open next year under George Washington University Hospital’s umbrella, is assembling its leadership team — and has its chief executive in place. <\p> Anthony Coleman, a retired U.S. Navy officer and health care executive, was quietly tapped in the fall to assume the hospital’s top slot. He had announced his appointment as its inaugural CEO in LinkedIn post, calling it “an honor to lead the construction and operation” of the forthcoming Ward 8 hospital. <\p>
LGBTQ+ Business Awards Community Champion: Ryan Bos
Editor's note: The Business Journal is recognizing 10 LGBTQ+ leaders, five employee resource groups and a Community Champion as part of our 2024 LGBTQ+ Business Awards. Click here to read about other honorees. <\p> Executive director, Capital Pride Alliance <\p>
LGBTQ+ Business Awards: About the space
The photographs featured in the LGBTQ+ Business Awards special publication were taken at Knead Hospitality + Design’s Succotash Prime Washington, D.C., in early June by Washington Business Journal Staff Photographer Abdullah Konte. The historic building at 915 F St. NW that once housed Equitable Cooperative — a savings and loan whose name still resides on the building’s facade — opened its doors as Succotash in 2017 after an extensive renovation. <\p> Knead co-founders Jason Berry and Michael Reginbogin teamed up with architecture firm //3877 to design the 9,000-square-foot space that spans multiple floors and features the bank’s original marble floors and mahogany paneling. James Beard Award winner and “Top Chef” alum Edward Lee is the culinary force behind Succotash’s Southern-meets-Korean offerings. <\p>
LGBTQ+ Business Awards
Editor's note: The Business Journal is recognizing 10 LGBTQ+ leaders, five employee resource groups and a Community Champion as part of our 2024 LGBTQ+ Business Awards. We asked each of them to tell us more about their work and how they are advancing LGBTQ+ equality and leadership in the workplace and beyond. <\p> Read about this year's Community Champion, see the List of LGBTQ+-owned companies and read more about the space here.<\p>
EagleBank reports record loss in Q2 on goodwill impairment
Bethesda’s Eagle Bancorp Inc. (NASDAQ: EGBN) reported a record loss in the second quarter after taking a huge impairment tied to the impact of higher interest rates and a lower share price.<\p> The $11.3 billion-asset parent company of EagleBank took a $104.2 million impairment in the value of its goodwill — an accounting move that won’t impact its cash or operating performance. Still, the charge led it to report a net loss of $83.8 million in the quarter.<\p>
Old Town Alexandria redevelopment nears new bond financing
Jair Lynch Real Estate Partners recently won a key approval paving the way for up to $37.95 million in state-enabled tax-exempt bond financing for a stalled Old Town Alexandria redevelopment.<\p> The financing would be for the partially market-rate, partially affordable housing redevelopment known as The Heritage, which has undergone initial demolition on land along Route 1, just south of its intersection with Wolfe Street. While it’s not city money, the issuance, if the state ultimately approves it, nevertheless required the Alexandria City Council’s green light, which it granted June 11.<\p>
D.C.'s Mount Vernon Triangle will soon get a Proper Bar
D.C. is finally getting a proper bar.<\p> Well, a Proper Bar, actually. The team behind Proper 21, the sports bar with two locations in D.C., has inked a deal for a third location in the Mount Vernon Triangle. <\p>
Activation Capital names interim director with real estate background
Robert Ward, a former adviser to Virginia Gov. Glenn Youngkin, has been appointed interim director of Activation Capital at a time when the group is grappling with how to proceed with a long-planned innovation center in downtown Richmond. <\p> Ward steps in for Chandra Briggman, who left Activation Capital earlier this month. A state delegate told the Richmond Times-Dispatch the Youngkin administration had been dissatisfied with Briggman’s performance, which led to her departure from the independent state authority that promotes research, commercialization and innovation ecosystem development in the Richmond region. But a Youngkin spokesperson told the Times-Dispatch the governor was not involved in Briggman’s departure. <\p>
Beltsville clean-tech startup eyes major expansion after raising $3M
Beltsville clean tech materials startup HighT-Tech Inc. is charting an ambitious growth plan after closing a $3 million funding round. <\p> Earlier this month, HighT-Tech leased 10,000 square feet at Indian Creek Technology Park, which will serve as the home for further research and development efforts as well as early commercialization work. The startup previously occupied incubator space at the University of Maryland, College Park.<\p>
Mark Ein considering sale of historic Georgetown mansion
The Georgetown mansion once owned by the late Washington Post Publisher Katharine Graham might soon be up for sale after sitting dormant for more than two decades.<\p> Its current owner, D.C. venture capitalist Mark Ein, purchased the property in 2002 following Graham's death the year prior for $8 million. Ein has never occupied the property, but he and his wife had hoped to renovate and expand the home, built circa 1784 and known as the Beall-Washington House. <\p>
Fast-casual Chicken Salad Chick entering D.C.-area market
Chicken Salad Chick, a fast-casual restaurant chain focused on — you guessed it — chicken salad, is entering the D.C. market with a location in Falls Church. <\p> The Atlanta-based chain is teaming with franchisee Devon Chamberlin on the first of several locations in Northern Virginia. The Falls Church restaurant will open Aug. 7 at 7505 Leesburg Pike in the Whole Foods Market-anchored Idylwood Plaza. The space formerly housed a Jason’s Deli location. <\p>
First Korean diplomatic site in U.S. up for landmark status
The District is considering a landmark designation for a grand Logan Circle building that housed Korea's first U.S. diplomatic presence in the late 1800s and today stands as a symbol of Korean national pride.<\p> The D.C. Preservation League filed an application in February to designate the 19th century building at 1500 13th St. NW as both a local historic landmark and seek its inclusion on the National Register of Historic Places. The property also goes by the address 15 Logan Circle.<\p>
Capital One profits cut in half on termination of Walmart partnership
Capital One Financial Corp.’s net income declined sharply in the second quarter as credit card chargeoffs ticked up and the company braced for potential losses tied to the termination of its credit card partnership with Walmart Inc. <\p> The McLean company (NYSE: COF) reported a profit of $597 million, down 54% from the $1.3 billion it earned in the first quarter and 57% from the second quarter a year ago. <\p>
Waldorf Astoria leaseholder, D.C. spar over $28 million tax appeal
The company behind the Waldorf Astoria in D.C. has asked D.C. Superior Court to preserve a lawsuit it filed more than a year ago against the District, in which it sought a refund of most of the $28.3 million in taxes it paid under protest when it took over the former Trump International Hotel's lease at 1100 Pennsylvania Ave. NW.<\p> An affiliate of Miami's CGI Merchant Group claims the bigger-than-anticipated tax bill from its May 2022 acquisition saddled it with more debt than it could handle, and those transfer and recordation taxes factored into its highly publicized loan default earlier this year and pending foreclosure sale next month.<\p>
Adventist HealthCare names next CEO
Adventist HealthCare has appointed its next leader, just days before longtime chief executive Terry Forde prepares to step away — and at a pivotal moment in its negotiations about its future role at Howard University Hospital.<\p> The Gaithersburg nonprofit named John Sackett, its chief operating officer of a decade, as president and CEO, it said Tuesday. He’ll take the reins Aug. 4 from Forde, who’s set to depart for a position with Brevard County, Florida-based Health First.<\p>
Employees at D.C. nonprofit vote to unionize
Employees at D.C. nonprofit Generation Hope, which supports teen parents pursuing college degrees, have voted to form a union, pushing for better benefits and greater transparency within the organization.<\p> The organizing effort, which began in April, culminated Monday with 14 workers voting in favor of unionizing and nine opposing it, according to the National Labor Relations Board. Twenty-seven of the nonprofit's 45 employees were eligible for union representation.<\p>
Accenture Federal Services taps new CEO
Accenture LLP's federal services subsidiary has tapped a new CEO to lead the large Arlington-based firm.<\p> Ron Ash will succeed current Accenture Federal Services CEO and Chair John Goodman. Ash will be tasked with furthering the Accenture subsidiary’s role in helping the federal government integrate new technologies — including generative AI — and will take the reins Sept. 1. Goodman will fully retire March 31.<\p>
Lockheed Martin property in Rockville marketed for townhomes
A Lockheed Martin office building built in Rockville in 1984 is the latest suburban office property offered up for residential conversion.<\p> JLL is marketing the 134,000-square-foot building and its surface parking lot at 1 Curie Court as an office-to-townhome redevelopment opportunity that’s “rare” for the property's roughly 7.8-acre size and location just off I-270, according to marketing materials.<\p>
Lighthouse Labs taps 7 Virginia startups for latest accelerator cohort
Seven Virginia-based startups have been invited to participate in the fall cohort of the Lighthouse Labs accelerator program in Richmond, the organization said Tuesday.<\p> Lighthouse Labs said the participants were selected from a field of nearly 200 applicants, with just 18 singled out for interviews. It is the first cohort selected under new Managing Director Debbie Irwin, who joined Lighthouse Labs in February just after the spring cohort had been selected. <\p>
Dormant apartment project revived in Old Town Alexandria
A landowner wants to replace a restaurant and a church in Alexandria’s Old Town North with new apartments, adding to other residential project in the works on the same block.<\p> About a third of an acre at the intersection of North Washington and Montgomery streets is currently home to Asian Wok Café and an Ethiopian Orthodox Church. Their common owner wants to see the L-shaped site transformed with two multifamily buildings, totaling 18 units, dubbed Little Tavern Apartments.<\p>
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