Land Sale Paves Way for Multifamily Project

WASHINGTON, DC-Currently the site of a parking lot leased for use by Holiday Inn, Square 247 has been sold and is now slated for development. With the assistance of real estate services firm Cassidy & Pinkard, Wright Investments handed over the 12,267-sf parcel to PN Hoffman in exchange for $7.4 million. PN Hoffman plans to build a 126-unit condominium on the property, to be called the Alta.

Square 247 is in the city’s East End area on 14th St., near Thomas Circle. The parcel, saddled between the central business district and a burgeoning residential area, can accommodate up to nearly 123,000 sf. While tiny, the site is highly desirable, as developable land in the District is hard to come by, now more than ever in the dense city. The Alta will cater to a continued demand for condominium residents in Washington, DC. With an expected delivery date of 2006, PN Hoffman will open up sales activity for the Alta next month.