WASHINGTON, DC—Not even a year after the District government used eminent domain to seize two acres belonging to Akridge at Buzzard Point to build the DC United Stadium, Akridge has moved to purchase, along with other investors and developers, the nearby former Coast Guard headquarters. This consortium, which Akridge and Western Development are leading, plans to redevelop the property at 2100 Second St., SW into Riverpoint — an 80,000-square-foot retail-and-residential mixed use complex.
Other partners in this transaction are Orr Partners, Redbrick LMD LLC, and Jefferson Apartment Group. EagleBank and Greenfield Partners are providing financing for the project.
Riverpoint will also have more than 450 apartment and condominium units and continue the Anacostia Riverwalk Trail. The project is meant to connect the area with the new DC United stadium and other developments along the Capitol Riverfront, including the Ballpark District, and The Wharf.
Orr Partners and Jefferson Apartment Group will co-develop the property. Western will lead the development and leasing of the retail and waterfront portions of the project. Washington-based Redbrick sourced, capitalized, and structured the transaction.
Western and Akridge have been working with DC United, the District's economic development officials, Pepco, and private landowners in Buzzard Point on a waterfront community plan, the companies say in their release.
Demolition in preparation for the development of the $300 million DC United Stadium began in April 2016. The stadium is expected to open in 2018 and in anticipation other developers, such as MRP Realty, are planning projects. Now the Akridge, Western Development consortium is joining the activity.
In September 2015, the District used quick take eminent domain to seize the acres from Akridge after a previous deal that included Akridge taking control of the Reeves Center fell through.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
WASHINGTON, DC—Not even a year after the District government used eminent domain to seize two acres belonging to Akridge at Buzzard Point to build the DC United Stadium, Akridge has moved to purchase, along with other investors and developers, the nearby former Coast Guard headquarters. This consortium, which Akridge and Western Development are leading, plans to redevelop the property at 2100 Second St., SW into Riverpoint — an 80,000-square-foot retail-and-residential mixed use complex.
Other partners in this transaction are Orr Partners, Redbrick LMD LLC, and Jefferson Apartment Group. EagleBank and Greenfield Partners are providing financing for the project.
Riverpoint will also have more than 450 apartment and condominium units and continue the Anacostia Riverwalk Trail. The project is meant to connect the area with the new DC United stadium and other developments along the Capitol Riverfront, including the Ballpark District, and The Wharf.
Orr Partners and Jefferson Apartment Group will co-develop the property. Western will lead the development and leasing of the retail and waterfront portions of the project. Washington-based Redbrick sourced, capitalized, and structured the transaction.
Western and Akridge have been working with DC United, the District's economic development officials, Pepco, and private landowners in Buzzard Point on a waterfront community plan, the companies say in their release.
Demolition in preparation for the development of the $300 million DC United Stadium began in April 2016. The stadium is expected to open in 2018 and in anticipation other developers, such as MRP Realty, are planning projects. Now the Akridge, Western Development consortium is joining the activity.
In September 2015, the District used quick take eminent domain to seize the acres from Akridge after a previous deal that included Akridge taking control of the Reeves Center fell through.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
