Jefferson Arms on Tucker

McGowan Brothers Development,  developer David Jump, and  Teach for America, a non-profit, are planning a $100 million renovation to turn the Jefferson Arms into affordable office space and apartments for teachers. The building was bought for $1.25 million by Jump last year. Citicorp had foreclosed on the building in 2009 after the demise of Pyramid Development. Pyramid paid $19 million for the building in 2006. Jefferson Arms boasts 529 apartments and a 500,000 square foot floor area. The building hosted the 1916 Democratic Convention and has been unoccupied since 2008, when Pyramid planned to start renovating it.