WASHINGTON, DC-Monument Realty has acquired the title to a development site located at 627-631 H St., NW in DC’s Chinatown. Monument intends to develop an 80,000-square-foot, class A office building named Gallery Tower on the lot. Monument purchased the first mortgage secured by the property in the summer of 2010 from Eagle Bank for $11.5 million. It obtained the title at a foreclosure auction on February 25.
The new office building will include 72,000 square feet of space with the potential for up to 12,000 square feet of retail on the ground floor and the second level of the building. In an earlier interview with GlobeSt.com, Monument principal Michael Darby said he was targeting condos for the office portion of the building. He also said development costs would be approximately $40 million.
Development has blossomed lately in Chinatown. Another recent deal is the JV between McCaffery Interests and Douglas Development, which acquired 675 H St. The building and land will be redeveloped into an urban mixed-use development.
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