Area firms are scooping up property in two of D.C.’s hotter neighborhoods, with plans to introduce apartments to Union Market and condominiums to The Yards.
LCOR, a Berwyn, Penn.-based real estate development firm, said Tuesday it has purchased a development site at Union Market in Northeast Washington. Gateway Market, expected to be completed in 2017, is to include 188 apartments and 30,000 square feet of ground-level retail. The property at 340 Florida Ave. NE will be the first residential building at Union Market, which has undergone a massive makeover in recent years.
“We really see Union Market as one of the great up-and-coming neighborhoods of Washington,” said Harmar Thompson, senior vice president at LCOR. “The evolution of that market into a neighborhood is going to be pretty spectacular.”
Terms of the deal were not disclosed. LCOR plans to break ground on the new building by early 2015.
Across town, Forest City Washington and PN Hoffman plan to develop the first condominium building for The Yards, a new waterfront neighborhood in Southeast Washington. The property is to have roughly 130 units, ranging from studios to two-bedrooms, the firms announced Monday.
“The demand for our residential rental products is very strong and The Yards continues to be a wonderful success story,” Deborah Ratner Salzberg, president of Forest City Washington, said in a statement.
The building — which will be located on Fourth Street SE at Tingey Street SE — will also have a rooftop lounge, private balconies, outdoor kitchen and fire pits, as well as street-level retail space.
It will be the fourth residential building in The Yards for Forest City, which opened Foundry Lofts (170 units) in late 2011. Twelve12, a building with 218 apartments, is scheduled to debut this month. Construction is underway for a third apartment building at 1331 4th Street SE, which is scheduled to be completed late next year.