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WASHINGTON, DC-Ronald Cohen, CEO of Rockville, MD's Cohen Cos. joined forces with New York-based partner O'Connor Capital Partners to acquire a parcel in Southeast for $55 million. Cohen plans to develop mixed-use project on the site that will cost an estimated $300 million.

The transaction was a closed deal; the property was never openly marketed. The partners bought the full city block from long-time owners film producers Jim and Ted Penas and Bill Durkin.

Cohen is just one of a number of developers who have been buying up property surrounding the planned Washington Nationals baseball park site since plans were announced for the new stadium last year. Plans for the mixed-use project include 650 condominiums, a hotel with condominium units, a 250,000-sf office building, retail space and parking. The site can accommodate up to 840,000 sf of development. Cohen has targeted October 2006 for a ground breaking.