May 16, 2017
Douglas Development Corp. acquired nine land parcels at 1801 New York Ave. NE in Washington, D.C. for $66 million from the Schaeffer family. The 14.7-acre assemblage is planned to be developed as NewCityDC, a 1.5-million-square-foot, mixed-use project.
The development will include 422 apartments, 18 townhomes, 550,000 square feet of retail, 156 hotel rooms and 2,900 parking spaces.
Transwestern’s Gerry Trainor brokered the transaction, on behalf of the Schaeffer family.
Trainor says, “The New York Avenue Corridor is undergoing a transformation into a vibrant live/work/play community, and Douglas Development’s investment in northeast Washington, D.C., is a key driver. Once built, NewCityDC will be a great complement to Douglas’ nearby project, Hecht Warehouse District.”
For comments, questions or concerns, please contact Dennis Kaiser