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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.