From Nothing to Mixed-Use
- Jul 15, 2015
An undeveloped site in D.C.’s Hill East neighborhood is on its way to becoming a mixed-use development. The 21,092-square-foot parcel was recently acquired by a local developer, which now plans to turn it into the new home for “a very unique project.”
CAS Riegler paid $8.7 million to buy the parcel at 1401 Pennsylvania Ave., S.E. Robert Meehling and Yalda Ghamarian of the CBRE Washington, D.C. Multifamily Investment Properties team and Ralph Haught of the CBRE Industrial Services team represented the unnamed seller in the transaction.
CBRE Senior Vice President Robert Meehling said in a news release that “1401 Pennsylvania Ave., S.E., in conjunction with the previously acquired 1433 Pennsylvania Ave., prompted the application of a planned unit development.” His company also also represented a different seller in the sale of 1433 Pennsylvania Ave., S.E., to CAS Reigler.
Plans are still in the preliminary stages. The project calls for the construction of a mixed-use building with between 170 and 190 apartments and ground-level retail space, on a site that currently contains a small restaurant, an empty apartment building and fallow land. Neither a timeline for construction nor the cost of the project was disclosed.