X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
A Douglas Development holding. Photo by Douglas Development.

WASHINGTON, DC—PTM Partners has taken an ownership stake in 1900 Half St., SW and it and Douglas Development Corp. plan to convert the 502,395-square foot office building into a 453-unit rental with 17,200 square feet of retail space. The development cost for the Buzzard Point project, which is located within a Qualified Opportunity Zone, will be $190 million.

Douglas Development has spent years in planning to reposition the building, once a former office that housed the FBI and Coast Guard. “It has taken many years of designing, planning and zoning to get to this point,” Norman Jemal, Principal & Senior Vice President of Douglas Development Corp., says in a prepared statement. The time is now ripe, he adds, as the Southwest submarket has become a vibrant live-work-play community. “It is telling that this building was once a GSA occupied building that had no life after 5pm Monday to Friday or on weekends and will now thrive with nearly a thousand residents who will be enjoying the neighborhood for its spectacular offering of restaurants and entertainment, on the waterfront.” The development site is located on the Anacostia River, close to Audi Field and Nationals Park.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

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.

More from this author

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.