WASHINGTON, DC-Even the smalles of parcels along the H Street Corridor continue to attract interest from developers. The latest example is a redevelopment site at a corner lot on 777 17th St., NE, totaling more than 15,066 square feet, which JBGR Retail sold to a local developer. The site can support a mixed-use project of approximately 72,300 square feet.
MAC Realty Advisors brokered the transaction representing both the local developer and JBGR Retail.
The H Street Corridor, it hardly needs to be said, is on fire. The neighborhood has been in boom mode for years, a revitalization that went into overdrive with the decision by Whole Foods to open a store there. Since 2007 there have been 1,000 new apartment units developed in the submarket. There is more in the pipeline—specifically, some 144,000 square feet of retail and mixed-use projects.
This latest lot is located within walking distance of these amenities.
Andrew McAllister, executive director at MAC, likens the current level of activity on H Street to the activity on U Street and the 14th Street Corridor last cycle. "Capital sources and developers recognize that H Street is one of the hottest development corridors in Washington, DC," he said in a prepared statement.
MAC sourced half-dozen senior acquisition and predevelopment loan quotes, for the deal.
McAllister, along with colleagues Bruce Levin, and Ben Lazarus led the marketing effort for MAC.
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