BETHESDA, MD—LCOR has tapped Thomas Betts to be project manager for Gateway Market—the company's planned mixed-use development in the Union Market district. A project manager for Federal Realty Trust, Betts has over 25 years of experience in construction management and consulting in commercial, mixed-use and residential real estate.
In June the company announced it had closed on a mixed-use development site at 340 Florida Ave., NE.
The 190,000-square foot project, which is expected to deliver in 2017, will be the first residential offering in the Union Market district with some 188 apartments and 30,000-square feet of ground-floor retail. Edens will manage the retail component.
LCOR purchased the site from Edens Realty and the Choi Corp. in June. They had won secured entitlements to develop Gateway Market Center. Sources told the Washington Business Journal the purchase price was in the mid-$9 million range. The LCOR development is expected to cost between $50 million to $60 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
