WASHINGTON, DC–Locally-based 11th Property Group is developing its first mixed-use project along the H Street Corridor in Northeast, following its purchase of 1338 H St., NE for $835,000. The 1,656-square foot property was home to a neighborhood barbershop that the previous owner had operated since 1999, according to Josh Feldman of The Feldman Group of Marcus & Millichap. Feldman, along with Ian Ruel, closed the off-market deal.
The 11th Property Group already owned the property next door at 1336 H St., NE. The company plans to combine to the two properties into one mixed-use building, Jay Gross, principal of the company, tells GlobeSt.com.
The ground floor will have 2,500 to 3,000 square feet of retail space with 30 feet of street frontage, according to Gross. The second floor will be residential apartments, the number of which has not yet been determined. The company is working with a broker to identify potential tenants, Gross says.
The project is set to deliver in the summer of 2018.
As for the sale of 1338 H St., NE, Feldman points out that it shows developers looking for projects along the H Street Corridor that there are still opportunities “as long-term owner/operators move on to the next phases of their lives.”
WASHINGTON, DC–Locally-based 11th Property Group is developing its first mixed-use project along the H Street Corridor in Northeast, following its purchase of 1338 H St., NE for $835,000. The 1,656-square foot property was home to a neighborhood barbershop that the previous owner had operated since 1999, according to Josh Feldman of The Feldman Group of Marcus & Millichap. Feldman, along with Ian Ruel, closed the off-market deal.
The 11th Property Group already owned the property next door at 1336 H St., NE. The company plans to combine to the two properties into one mixed-use building, Jay Gross, principal of the company, tells GlobeSt.com.
The ground floor will have 2,500 to 3,000 square feet of retail space with 30 feet of street frontage, according to Gross. The second floor will be residential apartments, the number of which has not yet been determined. The company is working with a broker to identify potential tenants, Gross says.
The project is set to deliver in the summer of 2018.
As for the sale of 1338 H St., NE, Feldman points out that it shows developers looking for projects along the H Street Corridor that there are still opportunities “as long-term owner/operators move on to the next phases of their lives.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.