WASHINGTON, DC—Douglas Development is eyeing the purchase of the controversial 15-acre site that was to be home to a new Walmart store.
Norman Jemal, principal of Douglas Development, says the firm has signed a contract to acquire the property at the corner of New York Avenue NE and Bladensburg Road NE.
“There are a number of different options we are considering for that property,” Jemal says. Gerald Trainor of Transwestern, broker for the owner of the property, confirmed the contract but declined comment, according to the Washington Post. No purchase price has been disclosed.
A number of high-profile projects have been proposed for the site. Developer Jim Abdo envisioned a $1.1-billion project called “Arbor Place.” However, Abdo walked away from the venture and the Schaeffer family retained control of the property. More recently, developer Rick Walker proposed a plan that included a Walmart location. That plan also never broke ground. See story in the Washington Post.
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