Insight Property Group to Start Work This Fall on $185M Urban Mixed-use Project
- Apr 17, 2014
Insight Property Group announced the acquisition of the H Street Self-Storage Property at 624 H St., N.E. The Arlington, Va.-based multifamily developer plans to turn the site into the home of its new urban, mixed-use luxury project The Apollo on H Street. Groundbreaking is scheduled for this fall.
In 2011, Insight paid $10 million for the Murry’s Grocery Store site at 616 H St., N.E. The H Street Self-Storage Property is adjacent to it. Together, the properties total 2.32 acres of land and provide 460 feet of H Street frontage between Sixth and Seventh streets.
“The acquisition by Insight of the self-storage property represents the final piece of property needed to move this extraordinary development forward,” Insight President Michael Blum said in a statement for the press. He added that the development will serve to connect the entire H Street NE corridor from Union Station to the west to the Atlas District to the east. “We’re proud to be associated with this project. We expect it will become an exciting urban destination,” Insight Principal Richard Hausler also commented.
Last year, in July, Insight obtained PUD approval for the mixed-use project. At a cost of $185 million, it will include 430 luxury residential units and 75,000 square feet of retail space, and feature a green roof and other state-of-the-art amenities. A Whole Foods Market will anchor the retail portion of the project. Insight hopes to open The Apollo on H Street in early 2017.
Insight is currently working on several multifamily and mixed-use developments in the D.C. metro area, like the 310-unit Fenwick Station or the 240-unit Huntington Metro. Some of the Arlington developer’s projects are scheduled to open this year. In 2013, Insight completed and, shortly after, sold the Grayson Flats, an apartment complex with 67 residential units, for $33 million to an affiliate of Silverwood Cos.
Photo credit: Insight Property Group