WASHINGTON, DC–The J Street Cos. has acquired two adjacent properties at Congress and L streets, NE in NoMa for about $7 million. The company plans to develop the site into 62 condo units aimed at first-time home buyers. The entire project costs will run about $30 million.
Three of the condos will be inclusionary and the company is also developing additional inclusionary zoning off site, J Street Chairman Bruce Baschuk tells GlobeSt.com. The property on Congress and L streets will be unique as most of the other product in the submarket is for rent. “We saw that niche and jumped on it a couple of years ago, putting the property under contract.”
Getting the entitlement was complex but it is now done and the company and Nelson Architects are currently working on the construction drawings. “We expect to start development in September of this year,” Baschuk says.
Other Projects
J Street has several other projects in its pipeline. It expects to begin work on a nine-unit, high-end residential project off of Dupont Circle on N Street within the next 60 days. “It's a little smaller so it's more of a boutique buy and we're making a decision this week about who's going to market that for us,” Baschuk.
Also, this week the company expects to have under contract a similar but larger project in Old Town that will be about 30 units. The company has about three or four more projects in the offing, he adds.
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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.
