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WASHINGTON, DC-Monument Realty is poised to begin development early next year on an office condo building in Chinatown, assuming various contracts it is negotiating with prospective buyers fall into place. The company just closed on an 8,000-square-foot lot in Chinatown, acquiring the note on the property for $11.5 million. Eagle Bank was the seller of the loan.

The lot, located at 627-631 H St., NW, is a few feet away from the Gallery Place-Chinatown Metro station. It is zoned DD/C-3-C, which allows for up to 80,000 square feet of commercial or residential use development. Monument acquired the note with the intention of marketing the property for a prelease or build-to-suit development. Ultimately, its goal is to build an office building with ground floor retail. 

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