Douglas Looks To Sell Part Of New City DC Development Site
Douglas Development Corp. has plans for a 2.5M SF mixed-use project on a 16-acre site in Northeast D.C., but it is now looking for another developer to buy a part of it.
The developer has retained CBRE to market the northern portion of the site to interested developers while it moves forward with the southern piece, the Washington Business Journal reports.
In May, Douglas acquired the final piece of the site bounded by New York Avenue, Bladensburg Road and Montana Avenue NE, allowing it to move forward with its development plans. The project was initially planned to include roughly 200 apartments, but the developer has increased those plans could now build more than 1,500 units on the site.
The northern portion would be largely residential, and Douglas is seeking a buyer with multifamily development expertise while it builds the retail-heavy southern piece itself.
The project would create a shopping destination at a busy intersection across from Ivy City, a gritty industrial neighborhood where the Jemal family business has shepherded a new wave of activity. In November 2015, it completed the redevelopment of the Hecht Warehouse building into a 338-unit apartment with ground-floor retail, including a Nike Store and MOM's Organic Market.
Douglas has also signed City Winery, a winemaking and dining concept that will include a 350-seat concert venue, to open in Ivy City's former Love nightclub building and is bringing a Compass Coffee to another nearby warehouse.
CORRECTION, FRIDAY AUG. 11, 10:00 A.M.: A previous version of this story used numbers from old plans and renderings for the New City DC project that have since changed. The story has been updated.
