A $2,699 Per/SF Sale at 301 Florida Ave NE

301 Florida Ave, NW rendering. Credit: Zusin Development

WASHINGTON, DC—An affiliate of Ditto Residential and Zusin Development has acquired the site at 301 Florida Avenue NE, where the developers plan to build a mixed-use residential building. The lot, which houses a liquor store and a Penske truck depot and was owned by a local businessperson, has traded to the developers for $3.6 million, or a whopping (for the District) $2,699 per square foot. It is more than double, to state the obvious, the much ballyhooed and record per square foot $1,000 and more price points of other sales. The project calls for an eight-story, 71,000 square foot apartment building with ground floor retail. The developers and their architect, Dep Design, had a hearing at the DC Office of Zoning last month and will have another hearing later this month. A Zoning Commission Hearing Much, but not all, of the plans met with approval and final sign off was delayed until these issues were resolved. The commissioners were very pleased that the 56-unit project had been amended to increase the affordable housing proffer so that half of the IZ, or inclusionary zoning affordable housing units are at 80% and the other half at 50%. There was some pushback about the developer’s intention of designing for Gold LEED but not seeking actual certification. As Martin Ditto of Ditto Residential indicated at the planning meeting, however, the cost for actually getting certified would be very high. Other questions arose such as the lack of parking but the commissioners seemed satisfied with the car share and bike share stops at the building. The loose ends had to do with the Department of Transportation’s plans for Florida Ave. The building’s design calls for a widening of the sideway to accommodate the building’s bay windows, which could require Florida Ave.’s traffic lanes to narrow. By today, Monday May 14, the final draft findings, facts and conclusions of law are to be submitted to the Office of Zoning and this project will be on the agenda for the March 28 meeting