Anacostia RiverFront Gets More Apartments; Clint Eastwood Raises Funds for Police Museum
- Jul 21, 2011
Patriot Transportation Holding Inc., which owns the Florida Rock site in Washington, D.C., plans to form a joint venture with MidAtlantic Realty Partners L.L.C. to develop the first phase of the mixed-use RiverFront project on the Anacostia, the Washington Business Journal reported. According to the company’s letter of intent, Florida Rock Properties Inc., a Patriot subsidiary, will work with MRP to change and improve the development plan for the 5.8-acre site so that more residential units can be added in the first two phases. Reportedly, MRP will contribute an estimated $4.5 million to the construction costs, leaving Florida Rock with a 70 percent stake in the venture once the changes in the plan are approved.
Though the first phase of the RiverFront project was designed for office use, the market is not yet ready for new office space, so 200 apartments will be built in the first phase, instead. The developers will then request approval for another 300 units for the second phase.
In commercial real estate news, Citybizlist reported that Roti Mediterranean Grill signed a 10-year lease with Monday Properties for a 2,600-square-foot retail space. Roti was represented by Charlie Papadopoulos and Ralph Tapiero of Papadopoulos Properties in the transaction, while Monday Properties was represented in house by John Wharton and Scott Egarian. The building at 1501 Wilson Blvd. was recently renovated, and Roti will occupy the Wilson Boulevard corner at Oak Street. The move is scheduled for completion by spring 2012.
Also making headlines this week, the National Law Enforcement Officers Memorial Fund announced that legendary actor, director and producer Clint Eastwood has agreed to step in as honorary chairman for the National Law Enforcement Officers Memorial and Museum. Eastwood will help the creation of a police museum in the district by raising funds through a public service announcement campaign. So far, the museum has raised more than $43 million, over 50 percent of the total estimated construction cost. The three-story experiential museum will be built among the courthouses at Washington’s Judiciary Square, right across the street from the National Memorial that honors more than 19,298 officers killed in the line of duty.