Once a hotel where Watergate burglars kept watch, the George Washington University dorm at 2601 Virginia Avenue NW has been sold to a developer for $36 million. And yes, you guessed it: they are planning to turn it into a mixed-use apartment building with a semi-baffling name.

Urban Investment Partners says it will transform the 10-story dorm into about 200 rentals, while building an addition with another 50 units and putting in a restaurant/coffee shop on the ground floor. The new development, located a few blocks from the Georgetown waterfront and an actual boathouse, will be called Boathouse.

The building once played an integral role in the Watergate scandal, with rooms 419 and 723 of the then-Howard Johnson serving as lookouts for the burglars. It later became the Hall on Virginia Avenue, an undergraduate and later graduate dorm for George Washington University students.

In the ensuing years, both buildings have undergone radical changes. While the Watergate Hotel got a glamorous, mid-century makeover, GWU took down the interior of the crumbling dorm and planned to build a more modern residence hall for graduate students.

Instead, the university decided to sell, putting it on the market over the winter. Urban Investment Partners, which specializes in retrofitting buildings for residential use, promises that the forthcoming Boathouse will include a swimming pool, fire pits, gourmet kitchen, bikeshare program, library, theater, and a 24-hour “honor-based convenience store.”

“We are going to create something never seen before in this city, focusing on access to the park and the river, promoting a healthful lifestyle that includes fitness, exercise, and fresh food,” principal Steve Schwat said in a release.