Redevelopment of the former Hall on Virginia Avenue will launch this month, Current Newspapers, a northwest D.C. community news outlet reported Wednesday.

Urban Investment Partners, one of the two organizations that bought HOVA from the University last year, recently obtained two zoning approvals to push renovations forward, according to the report.

The former residence hall will be transformed into a “Boathouse” – a 250-apartment structure for young professionals across the street from the Watergate complex. Plans for the new building include a rooftop swimming pool and a 2,000-square-foot fitness center as part of an overall 35,000-square-foot expansion of the building.

Renovations will also include a ground-level restaurant open to the public designed to attract commercial business to the property.

The remodeled building is expected to open in August 2018, according to the report.

The University sold HOVA for $36 million last August, after officials scrapped renovation plans in 2015 in the midst of University-wide budget woes. The University acquired the building for $25 million in 1999, when it was the Howard Johnson’s hotel.