(To read more on the multifamily market, click here for more retail coverage, click GlobeSt.com/RETAIL.)
WASHINGTON, DC-The owner of an 18,000-sf Nehemiah Shopping Center has agreed to sell the property, paving the way for a $100-million condominium project. The center on the 2400 block of 14th St. NW will be redeveloped into a property with 225 market-rate residences and ground-level retail space.
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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