Monument Pays $3.95 Million for District Parking Lot

WASHINGTON, DC-The parking lot at 1111 11th Street has changed hands with Monument Realty’s purchase of the parking lot from Eastern Enterprises in a $3.95 million transaction. Monument plans to erect a luxury apartment building in the space.

The lot is 16,000 sf in size and will more than adequately accommodate the proposed 116-unit building. With construction slated to begin in June, the company expects to complete the project in 2003. Located near the new convention center, the apartment building will sit in a neighborhood that has yet to realize its potential. “We like that area because of what is happening and what will happen,” Monument principal Michael Darby says.