This Week's D.C. Deal Sheet: $460M Gaming Resort Opens In Prince William County
A massive hotel and gaming venue opened its doors this week in Northern Virginia.
The Rose Gaming Resort is on the site of a former landfill in the Prince William County town of Dumfries, about 30 miles south of D.C.
It includes over 100 hotel rooms, 175K SF of gaming attractions, 62 acres of green space, eight bars and restaurants and an entertainment and convention center.
The $460M project was spearheaded by Churchill Downs Incorporated, the parent company for the Kentucky Derby. The resort is expected to create 500 jobs and generate $35.5M in annual tax revenue.
“This is just the beginning,” Dumfries Mayor Derrick Wood said in a release. “We look forward to welcoming visitors from near and far to experience The Rose Gaming Resort, giving people not just a reason to pass through Dumfries, but a reason to make us their drive-to destination.”
FINANCING
One Street Commercial Properties secured a $20M construction loan for a project in Cathedral Heights that includes constructing a 23-unit apartment building and renovating two historic homes. Dallas-based Hall Structured Finance provided the loan for the project at 3427 Wisconsin Ave. NW, it announced this week. In addition to building a five-story property for the new units, One Street is planning to relocate and renovate two homes from one part of the site to another.
SALES
The property that houses the Call Your Mother bagel shop in Georgetown, the site of a neighborhood rift, has been sold. An LLC managed by Bassem Boustany, co-founder of MCN Build, purchased the property at 3428 O St. NW for $1.7M in cash, the Washington Business Journal first reported. The ownership is awaiting a decision from the Board of Zoning Adjustment to continue to operate at the property after neighbors protested its noise, unruly lines and customers lingering around the residential street. A BZA hearing is set for next Wednesday.
The local “Jew-ish deli” has operated out of the hot pink corner property since July 2020 and has a 10-year lease. There are three apartments above the deli.
MILESTONES
Barnes & Noble opened its doors at its former M Street location in Georgetown this week, returning to the historic brick building after 13 years. The bookstore opened back up its 30K SF space at 3040 M St. NW the day after the election. It left the neighborhood in 2011 and was replaced by a Nike store, which closed last year. The bookselling giant is experiencing a resurgence in demand, which led to more store openings in 2023 than in the entire decade between 2009 and 2019, it said in a release. It expects to open 60 new bookstores this year.
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KLNB has secured 50K SF of tenants at Forbes Center five months after it was selected to lease the 17-building business park in Lanham. The brokerage’s team — principals Ken Fellows and Robert Pugh, Transaction Manager Keiry Martinez and Office and Industrial Specialist Aaron Carroll — lease the park properties totaling 785K SF.
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Penzance filed plans with Arlington County to build three residential towers totaling 862 units on the Rosslyn Gateway site. The multifamily towers, two rental and one for sale, are planned to reach 26, 27 and 30 stories high and be centered around a 30K SF terrace overlooking the county’s planned Gateway Park. Penzance purchased the site from JBG Smith a year ago for $52M. JBG had a site plan that included residential, retail, office and hotel.
PERSONNEL
PRP Real Estate Investment has hired Jon McAvoy as its chief investment officer. Based in D.C., McAvoy will oversee investment, development and asset management across the D.C.-based firm’s portfolio. He comes from Hoffman & Associates, where he was the CIO. McAvoy brings 24 years of experience to the role, during which time he closed over $3B in transactions.
