WASHINGTON, DC-Douglas Development Corp. closed on the acquisition of the H Street Community Development Corp's headquarters on Friday for approximately $4.9 million and plans to build a mixed-use project at the site.
The developer intends to build 50 apartment units and 10,000 square feet of retail space at the CDC's more than 23,000-square-foot headquarters building at 501 H. St., according to the Washington Business Journal.
The firm hopes to break ground on the project by late 2014. Douglas Development Principal Norman Jemal says he has already begun talks with potential retailers for space at the development. See story in the Washington Business Journal.
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