A Douglas Development holding. Photo by Douglas Development.

WASHINGTON, DC—PTM Partners has taken an ownership stake in 1900 Half St., SW and it and Douglas Development Corp. plan to convert the 502,395-square foot office building into a 453-unit rental with 17,200 square feet of retail space. The development cost for the Buzzard Point project, which is located within a Qualified Opportunity Zone, will be $190 million.

Douglas Development has spent years in planning to reposition the building, once a former office that housed the FBI and Coast Guard. “It has taken many years of designing, planning and zoning to get to this point,” Norman Jemal, Principal & Senior Vice President of Douglas Development Corp., says in a prepared statement. The time is now ripe, he adds, as the Southwest submarket has become a vibrant live-work-play community. “It is telling that this building was once a GSA occupied building that had no life after 5pm Monday to Friday or on weekends and will now thrive with nearly a thousand residents who will be enjoying the neighborhood for its spectacular offering of restaurants and entertainment, on the waterfront.” The development site is located on the Anacostia River, close to Audi Field and Nationals Park.

The investment in 1900 Half Street, SW is the second for PTM, which launched at the end of 2018. PTM recently acquired of 218 NW 8th St., in Miami, one of the largest Qualified Opportunity Zone purchases in that metro area.