Here is the description of the Wormley School Condos development in Georgetown from dclofts.com:
In mid-2005, Georgetown University sold for nearly $8.3 million this land with a historic, red-brick school building built in 1875 to the developers who plan to convert the building into 9 condominium units with an average of 1,500 square feet. On the old playground and parking lot, the developer plans to construct 6 new row houses with 3,000 to 5,000 square feet of space plus an underground parking garage for the residences. Plans are being designed by the architecture firm of Cunningham-Quill. Read more.
While dclofts says that construction may start as early as this summer, there are signs it is already underway. If you look carefully in the bottom picture you will see a construction worker and what appears to be a cement mixer on the premises. Didn't appear to be anything major to me though, probably just prep work.