Douglas Development Corp. has closed on the purchase of nine land parcels totaling 14.7 acres for $66 million in the northeast Washington, D.C. It bought the site as part of a 1.5 million square foot, mixed-use project that will include 422 apartments, 18 town homes, 550,000 sqf of retail, 156 hotel rooms and 2,900 parking spaces. The location offers proximity to downtown Washington, D.C., Capitol Hill, Union Station, NoMA and the H Street Corridor. Gerry Trainor, Executive Managing Director of Transwestern’s Mid-Atlantic Capital Markets Group, brokered the transaction on behalf of the seller, the Schaeffer family. “The New York Avenue Corridor is undergoing a transformation into a vibrant live/work/play community, and Douglas Development’s investment in northeast Washington, D.C., is a key driver,” said Trainor. “Once built, NewCityDC will be a great complement to Douglas’ nearby project, Hecht Warehouse District.”
