WASHINGTON, DC—PTM Partners has taken an ownership stake in 1900Half St., SW and it and Douglas Development Corp. plan to convertthe 502,395-square foot office building into a 453-unit rental with17,200 square feet of retail space. The development cost for theBuzzard Point project, which is located within a QualifiedOpportunity Zone, will be $190 million.

Douglas Development has spent years in planning to repositionthe building, once a former office that housed the FBI and CoastGuard. “It has taken many years of designing, planning and zoningto get to this point,” Norman Jemal, Principal & Senior VicePresident of Douglas Development Corp., says in a preparedstatement. The time is now ripe, he adds, as the Southwestsubmarket has become a vibrant live-work-play community. “It istelling that this building was once a GSA occupied building thathad no life after 5pm Monday to Friday or on weekends and will nowthrive with nearly a thousand residents who will be enjoying theneighborhood for its spectacular offering of restaurants andentertainment, on the waterfront.” The development site is locatedon the Anacostia River, close to Audi Field and Nationals Park.