WASHINGTON, DC—An affiliate of Peebles Corp. has agreed to pay $28 million for District-owned land in the Mount Vernon Triangle here in connection with its mixed-use development project it hopes to build there.
TPC 5th & I Partners LLC, led by Peebles, will purchase the 20,641-square-foot lot at 901 Fifth St. NW for $28 million. The purchase price is $10 million more than the property's appraised value, according to the Washington Business Journal.
The $135-million Peebles project calls for the construction of a 200-room Standard International hotel, approximately 60 market-rate condos, 7,600 square feet of retail and the renovation of the nearby Seaton and Milian parks.
The District announced in May that it had selected the Peebles team, which includes partners MacFarlane Partners and The Walker Group LLC, for the project over bids from three other teams: Akridge, the JBG Cos. and the Trammell Crow Co. See story in the Washington Business Journal.
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