Washington, D.C developer Douglas Development is known for having created the Hecht Warehouse District, an approximately 465,000-square-foot mixed-use project that redeveloped the Hecht Company Department Stores for residential space, retail space, and a grocery store.
Now, the developer has eyes set on a 15-acre triangle in Ivy City just down the road from the Hecht Warehouse, bordered by New York Avenue, Bladensburg Road NE, and Montana Avenue NE.
The project will include 422 apartments, 18 townhomes, 550,000 square feet of retail space, 156 hotel rooms, and 2,900 parking spaces.
The site plan includes a 130,000-square-foot grocery store, a separate 100,000-square-foot retailer, a five-story hotel, a host of restaurants and junior anchors and a movie theater.
The developer has spent nearly $75 million to acquire the land in order to construct NewCityDC, a 1.5 million-square-foot mixed-use project set to make waves in the neighborhood.
Douglas Development first acquired a section of the land in 2014 for $8.25 million.
An affiliate of Douglas, Jemal's Schaeffer LLC, just paid $66 million for nine separate parcels controlled by the Schaeffer family — a major player in D.C.'s taxicab industry.
No comments:
Post a Comment