Faison Enterprises Closes Two Land Deals

WASHINGTON, DC-Charlotte, NC-based Faison Enterprises has closed two separate land deals in the DC area over the last week worth almost $200 million. The first is for a condo project in southeast Washington near the baseball stadium at First and L Street, SE.

Philip W. Norwood, president and CEO of Faison tells GlobeSt.com that this was a particularly complex transaction in that it involved land swaps and will entail some joint development work with a nearby office project on M Street. The approximate 260-unit condo development, which is expected to be delivered in 2008, is worth roughly $100 million, he says.

The company has also closed on property for a retail project in La Plata, Md. This $75 million project will be anchored by a Lowes and include a Giant Food grocery store as well as other retailers, Norwood says. The project will include 37 acres of out parcels for Lowes as well as 115,000 sf of retail space that Faison will develop.