WASHINGTON, DC—LCOR Inc. has acquired a mixed-use development site in the Union Market area where it plans to build a 188-unit apartment building.
The Berwyn, PA-based real estate firm purchased the development site at 340 Florida Ave. NE from Edens Realty Inc. and the Choi Corp. who had won secured entitlements to develop Gateway Market Center.
Sources told the Washington Business Journal the purchase price was in the mid-$9 million range.
The LCOR development is expected to cost between $50 million to $60 million. The 190,000-square-foot project will include 30,000 square feet of ground-floor retail and is scheduled to be finished in 2017. Edens will own and manage the building's retail space upon completion. See story in the Washington Business Journal.
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