WMATA Puts Two Properties in Northeast Up For Sale
WMATA has officially put 900 Franklin St NE, the Stone Straw building, up for sale. Metro owns the 69k SF warehouse and the 28k SF of land it sits on top of, and is seeking at least $6.5M in return.
WMATA head of real estate Andy Scott tells Bisnow the property could serve as an adaptive reuse, and considering it's a 10-minute walk from the Rhode Island Avenue Metro station and a 15-minute walk from the Brookland Metro, it's well-located for a developer looking to enter one of DC's fastest-emerging development markets.
On one side of the Rhode Island Metro stop, MRP is developing the largest residential project in the city. On the other, Douglas Development Co is building 295 units. Brookland already looks nothing like it did 10 years ago thanks to development spurred by sold WMATA parcels.
WMATA released its Stone Straw bid invitation yesterday. Today, it released a bid for Ames Place NE, six parcels near New York Avenue that total 171k SF. Both properties have clauses to lease back portions to WMATA for two years.
