WASHINGTON, DC—The JBG Cos. of Chevy Chase, MD has acquired the majority interest in a Half Street parcel located across from Nationals Park from DC developer Akridge and plans to develop a mixed-use project at the site.
The two-thirds interest in the southern portion of the property, currently home to the Fairgrounds, was sold for $45 million, according to the Washington Business Journal. JBG plans to build two residential buildings and retail space at the site. The sale was recorded last Thursday.
"JBG is the owner of the southern two-thirds of the property and we're excited to be investing with them and partnering with them going forward," says Adam Gooch, Akridge's development director. "They bring a new set of minds to the project and we bring seven years of history with that site."
JBG will take over day-to-day responsibilities for the development project. Akridge will retain a minority stake in the project. See story in the Washington Business Journal.
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