WASHINGTON, DC—An affiliate of Peebles Corp.has agreed to pay $28 million for District-owned land in the MountVernon Triangle here in connection with its mixed-use developmentproject it hopes to build there.

TPC 5th & I Partners LLC, led by Peebles, will purchase the20,641-square-foot lot at 901 Fifth St. NW for $28 million. Thepurchase price is $10 million more than the property's appraisedvalue, according to the Washington Business Journal.

The $135-million Peebles project calls for the construction of a200-room Standard International hotel, approximately 60 market-ratecondos, 7,600 square feet of retail and the renovation of thenearby Seaton and Milian parks.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.