The owner of the property at 501 I St. SW filed a notice with the Zoning Commission Nov. 25 that says the planned mixed-use project is no longer feasible and it is instead under contract to sell the site to a homebuilder.

Erkiletian Development and Shakespeare Theatre Co. acquired the site in 2014 and planned to construct a campus with rehearsal studios, administrative offices, a costume shop and multifamily housing.

The project, branded The Bard, faced community pushback before being approved in 2019. It was put on hold the following year due to the pandemic. In 2022, the development team submitted a revised plan that reduced the size of the project and requested a two-year extension of its approval. That extension expired last month, and the team is now requesting another two-year extension.

But in its statement of justification, the development team said that it only needs the second extension to “maintain the protections” of the approval, as its sale to a homebuilder has yet to close. It said the homebuilder plans to develop rowhouses that fit within the site’s existing zoning.

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