J Street Buys Land to Develop DC Condos
- Mar 09, 2018
The J Street Cos. has purchased two adjacent properties in the NoMa/Union Market area of Washington, D.C. In a collaboration with Nelson Architects, the developer is planning to build a 62-unit condominium building aimed at first-time home buyers. EagleBank provided acquisition financing for the development, while Urban Pace is in charge of sales and marketing.
The 60,000-square-foot project will be located at Congress Street and L Street NE, north of the animated H Street retail corridor. The property is situated near the NoMa-Gallaudet Metro Station, providing easy access throughout the District. The developer chose a walkable and bikeable area for the upcoming community, which will include on- and off-site units for households earning less than median income.
“J Street is thrilled to be developing this perfectly positioned and innovative property in an incredibly vibrant market,” said Bruce Baschuk, chairman at J Street, in prepared remarks. ”This opportunity complements the work we have been doing in NoMa for 15 years, having already acquired, developed and sold over five acres within the NoMa and Florida Market submarkets.”
Rendering courtesy of The J Street Companies