WASHINGTON, DC-Locally based Akridge purchased a nine-acre parcel at Buzzard Point near the Anacostia from public utility concern Potomac Electric Power Co. Holdings Inc. for $75 million. The site is near the future Washington Nationals baseball stadium.
The land covers three full city blocks and can accommodate up to 2.7 million sf of development, with 1.6 million of that space allotted for residential development. Akridge is planning a mixed-use project for the site.
Formerly home to a Pepco power plant, the 384,000-sf lot is currently the site of a parking lot and grassy areas. The Anacostia Waterfront neighborhood has been attracting a great deal of attention as of late due to the planned ballpark and the Anacostia Waterfront Initiative, a revitalization effort spearheaded by the District government-sponsored enterprise Anacostia Waterfront Corp.
"The area has a lot to offer," an Akridge spokesperson tells GlobeSt.com. "This is a long-term investment for us." With regard to development specifics, Akridge is still in the early planning stages.
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