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.”
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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.
