The Hadid Investment Group of Rosslyn yesterday announced plans to build a $100 million, 13-story office building on the site of the Greyhound bus station on New York Avenue NW between 11th and 12th streets, across from the District's Convention Center.

The building, along with Metro Center and two new hotels being developed nearby, are major steps in the redevelopment of the old downtown, an area still shabby around the edges despite the presence of the Convention Center, which opened in 1982 and was expected to lead the way to redevelopment.

Plans call for construction of five levels of underground parking to serve the 327,880-square-foot building.

Developer Michael Hadid said his company plans to restore the original art deco character of the structure, which was completed in 1940. That facade was covered during a 1976 renovation. Hadid said he plans to pull the veneer off the buildings' sides and incorporate the art deco features as part of the new granite and glass building.

Hadid said his firm bought the site and has worked out a deal with Greyhound that will allow bus service to continue at the old facility while Greyhound finds a new location. "They have a lease with us for not less than six months nor more than 18 months," Hadid said. Several years ago, Greyhound reached an agreement to swap the station site for land close to Union Station but that deal fell through.

The land is presently zoned C-4. Developers said the project would come within the 130-foot height limitation on the site. Hadid plans to include an atrium in the center design. He plans to have several restaurants and retail spaces on the street level.

The land alone is worth more than $21 million, Hadid said.

According to the Hadid Group, 13 buildings with more than $2.5 million square feet of office space have been built "within a five-mile radius" of the Greyhound site since 1979.

The Greyhound station was designed by William S. Arrasmith, a Louisville architect. The station has been praised as an outstanding example of art deco by Washington area preservationists. The art deco facade, covered in 1976, apparently is well preserved and ready for renovation, developers said.

The Art Deco Society of Washington and Don't Tear It Down, a Washington preservation group, have long supported preserving the bus station in its 1940 style.