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WASHINGTON, DC-Developer Douglas Jemal of Douglas Development is planning to part with a 273,000-sf, or an approximately 6.3-acre site that can accommodate as much as 2.7 million sf of commercial projects. The NoMa Corridor site is one of the few remaining parcels of developable land in the District.

Real estate services firm Cassidy & Pinkard is taking the bids. According to Delta Associates’ First Quarter 2005 Office Market Report, the average price for land among the five developable land sales in 2004 was $677.17 per sf. Using 2004′s numbers, the NoMa site could command an estimated $185 million.

NoMa Corridor–an area “north of Massachusetts Avenue” and further bordered by Union Station, N. Capitol Street and New York Avenue–has become a favorite among investors. A Metro station opened in NoMa corridor on New York Avenue late last year, and several companies have made their homes in the area. XM Satellite Radio keeps its headquarters there, as does the US Securities and Exchange Commission and healthcare insurance provider CareFirst-Blue Cross/Blue Shield. There is also a Federal Express regional distribution center in NoMa corridor, and ultimately, the neighborhood will also become home to the new headquarters of the US Bureau of Alcohol, Tobacco & Firearms.

The Douglas property sits within what is officially known as Squares 669 and 670, just two blocks from the new Metro station. The land is zoned to accommodate office, residential and retail developments.

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