WASHINGTON, DC-The $24 million sale of the 110,000-sf property that currently houses the Capital Children’s Museum to Abdo Development has closed. The 2.4-acre locale–which will shutter its doors on Labor Day in preparation for the creation of a new museum home at another location–will be redeveloped into a condominium community at the hands of Abdo Development. Marcus & Millichap Real Estate Investment Brokerage Co. orchestrated the deal.

Situated at 800 3rd St., the main museum building was originally developed 130 years ago as an 80,000-sf structure with a smaller 5,000-sf building at its side. In the 1950s, then-owners added about 30,000-sf space to the main structure. Abdo plans to demolish the later additions, while preserving the original spaces.

“There is a considerable amount of development potential there,” Abdo president and CEO Jim Abdo tells GlobeSt.com. “Our intent is to do several new construction condos that are anchored by the two older buildings. There will be residential lofts in the larger building and amenities in the smaller building, which may include an exercise facility.” Abdo has the blessing of the City Planning office, which has recommended the development of at least 500 residences at the site over the next decade.

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