J Street Acquires NoMa Site With Plans For Condos

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WASHINGTON, DC–The J Street Cos. has acquired two adjacent properties at Congress and L streets, NE in NoMa for about $7 million. The company plans to develop the site into 62 condo units aimed at first-time home buyers. The entire project costs will run about $30 million.

Three of the condos will be inclusionary and the company is also developing additional inclusionary zoning off site, J Street Chairman Bruce Baschuk tells GlobeSt.com. The property on Congress and L streets will be unique as most of the other product in the submarket is for rent. “We saw that niche and jumped on it a couple of years ago, putting the property under contract.”