In 2006, the Corcoran Gallery of Art bought the historic Randall School at 65 I Street, SW for $6.2 million with the intention of developing it as a new location for its College of Art + Design. But when development partners Lehman Brothers and Monument Realty went bankrupt and defaulted, respectively, the project halted. Now CACB Holdings has purchased the school for $6.5 million and partnered with DC-based urban development firm Telesis to create a 20,000 sq. ft. contemporary art museum along with a hotel and residences. Read more about the deal here.
CACB Holdings is owned by the Rubell family of Miami, FL. Hoteliers and art collectors, Mera and Don Rubell also own the nearby Capitol Skyline Hotel and “megacollector” Mera Rubell was recently dubbed by the Post a “maker of artists’ fortunes” when she was here in December on a whirlwind tour of local art studios on behalf of the Washington Project for the Arts. The site in Southwest will serve as a satellite to the 45,000 sq. ft. Rubell Family Collection and Contemporary Arts Foundation in Miami.
The Corcoran will continue the search for new space for its growing college.