Construction Starts on Penn Circle

WASHINGTON, DC-What once was an aging apartment structure is well on its way to becoming a new 36-unit condominium building now that Drummond Development has begun construction of Penn Circle. Drummond acquired the half-century-old multifamily property at 1501 27th St. SE in early 2004 for nearly $1.3 million. The development, which will cost a reported $3.6 million to complete, is in the recently reemerging neighborhood of Anacostia in Southeast DC.

“Penn Circle is one of the very first private-sector projects out of the ground in the promising and long-awaited revitalization of Anacostia,” says Steve Schwat, a principal of Drummond and its parent company, Urban Investment Partners. He says private and public investment in Anacostia is expected to approach $1 billion over the next few years. “Revitalized mixed-income communities, new shopping opportunities, offices, parks, cultural attractions and transportation improvements all will contribute to Anacostia’s rebirth.”