BETHESDA, MD—LCOR has tapped ThomasBetts to be project manager for GatewayMarket—the company's planned mixed-use development in theUnion Market district. A project manager for Federal Realty Trust,Betts has over 25 years of experience in construction managementand consulting in commercial, mixed-use and residential realestate.


In June the company announced it had closed on a mixed-usedevelopment site at 340 Florida Ave., NE.


The 190,000-square foot project, which is expected to deliver in2017, will be the first residential offering in the Union Marketdistrict with some 188 apartments and 30,000-square feet ofground-floor retail. Edens will manage the retail component.


LCOR purchased the site from Edens Realty and the Choi Corp. inJune. They had won secured entitlements to develop Gateway MarketCenter. Sources told the Washington Business Journal the purchaseprice was in the mid-$9 million range. The LCOR development isexpected to cost between $50 million to $60 million.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.