Level 2 Development will acquire the shopping center in the Columbia Heights area from Horning Brothers for an undisclosed amount. According to District real estate records, the property has a current assessed value of $2.9 million.
Level 2 has tapped Shalom Baranes Architects to oversee the design of the project, but those efforts are still in the earliest stages. The property is situated in a spot that links the Columbia Heights area with the 14th & U Street neighborhood.
The area is home to a great deal of development activity, as has been the case for the last couple of years. Among the new and or redeveloped projects going up in the community are the $60 million, 153-unit condominium property Kenyon Square, the $87 million Highland Park mixed-use condominium endeavor and the $140 million, 500,000-sf DC USA retail project.
"There are 80,000 jobs being created in the Washington, DC metro area every year," Jon Kardon, project manager at Level 2 Development, tells GlobeSt.com. "With those jobs comes a demand for housing." He says construction will get under way by late 2007.
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