$1.2B Apollo JV To Revitalize Warehouse District

WASHINGTON, DC-Apollo Real Estate Advisors is venturing with Sang Oh Development LLC to develop the District’s stagnant warehouse district with a $1.2-billion, mixed-use project called New Town at Capital City Market.

Encompassing 24 acres near Union Station, between Florida Avenue, Sixth Street, Penn Street and the railroad tracks, New Town at Capital City Market is one of the more ambitious proposed developments in the District in recent times. Its location in the city’s underutilized northeast quadrant also makes it unique–at least for now.

One reason Apollo likes the area, according to Jim Simmons, Apollo partner, is its proximity to the rapidly development NOMA submarket, an area in which Apollo is already active.