WASHINGTON, DC-District commercial development news for the New Year gets started with a bang as CarrAmerica Realty Corp. and Douglas Development reveal their multi-million dollar plans to redevelop and expand The Atlantic Building, a structure that will offer 290,000 sf of both office and retail space on a prime piece of property at 950 F St. While the parties involved are not disclosing development costs at this time, it has been noted that CarrAmerica is on board to provide an unknown amount of mezzanine financing and development management for the project.

CarrAmerica will continue this partnership with building owner Douglas Development into the future by supplying leasing and property management services for the property. Partnering up on this project began when Douglas Development president and CEO Douglas Jemal called on CarrAmerica in an effort to tap into its expertise in property development and management. “And we were in the position to also offer our financing to complete capital needs to develop the project,” CarrAmerica Urban Development LLC President Robert O. Carr shares with GlobeSt.com.

The 10-story, class A structure will also offer four below-grade levels of space on the corner lot in downtown DC's East End submarket. The rebirth of The Atlantic Building will be a special one, as the developers are taking care to preserve the significant historical aspects of the property. Built well over one century ago, the original Atlantic Building was celebrated as one of the first high-rises in the District. Its façade will be resorted, and three historic townhouses will be restored to their original grandeur, as well.