Douglas Development Buys $66M Land for DC Project
- May 16, 2017
Douglas Development Corp. acquired nine land parcels at 1801 New York Ave. NE in Washington, D.C., from the Schaeffer family for $66 million. The site is part of 15 acres that the company purchased to develop NewCityDC, a 1.5 million-square-foot mixed-use project.
Gerry Trainor, executive managing director of Transwestern’s Mid-Atlantic Capital Markets Group, represented the seller.
NewCityDC will include 422 apartments, 18 townhomes, 550,000 square feet of retail and 156 hotel rooms. The acquired site is bound by New York Avenue NE, Bladensburg Road NE and Montana Avenue NE, the location offering proximity to downtown Washington, D.C., Capitol Hill, Union Station, NoMA and the H Street Corridor, as well as exposure to more than 72,000 cars a day.
A grocery tenant will anchor the development, which will also feature a parking garage with approximately 2,900 spots, an outdoor plaza, new private roads and new bike trails connecting Ivy City to the National Arboretum.
“The New York Avenue Corridor is undergoing a transformation into a vibrant live/work/play community, and Douglas Development’s investment in northeast Washington, D.C., is a key driver,” said Trainor in a prepared statement. “Once built, NewCityDC will be a great complement to Douglas’ nearby project, Hecht Warehouse District.”
Image courtesy of Douglas Development Corp.