 |
 |
 |
|
 |
|||
Capital City Market, NE Washington, D.c.
Opportunity
In its continuing efforts to discover emerging areas of the District of Columbia that would afford meaningful development opportunities, J Street set its sights on the Capital City Market area in the northeast quadrant of the District just to the northeast of NoMa. Capital City Market is bordered by the train tracks (ie, Third Street, NE) on the west, Florida Avenue to the south, Sixth Street, NE to the east and Penn Street to the north with an additional area bordered by New York Avenue and Sixth Street. J Street formed a joint venture with Edens & Avant, a well known national retail developer headquartered in South Carolina with offices in the metropolitan Washington area, to assemble and develop this combined area of over 27 acres in Washington, DC. The site is located approximately one mile from the Capitol with Metro access and is situated along one of the primary gateways into the city. The overall project involves a land assemblage for potential mixed use development, including retail, commercial, residential and industrial uses.
Value Creation
To date, the Venture has acquired approximately 140,000 square feet of property strategically located throughout the larger site limits with a major focus along Sixth Street, NE. J Street and its partner Edens and Avant have worked extensively with Gallaudet University, a major property owner along Sixth Street NE and the local community in conceptualizing the development prospects for this site. Extensive negotiations with the District government are in process related to certain designations and rights being proffered in the New Town legislation which impacts this area. The master planning firm of Williams and Dane has been retained to design the overall mixed use layout. The development strategy will require rezoning of the site through the planned urban development process in the District to achieve maximum development potential.
Exit Strategy
Recapitalization of the various sites upon completion of entitlement currently projected to take between three and five years. Current estimates reflect a levered IRR of approximately 35%.
In its continuing efforts to discover emerging areas of the District of Columbia that would afford meaningful development opportunities, J Street set its sights on the Capital City Market area in the northeast quadrant of the District just to the northeast of NoMa. Capital City Market is bordered by the train tracks (ie, Third Street, NE) on the west, Florida Avenue to the south, Sixth Street, NE to the east and Penn Street to the north with an additional area bordered by New York Avenue and Sixth Street. J Street formed a joint venture with Edens & Avant, a well known national retail developer headquartered in South Carolina with offices in the metropolitan Washington area, to assemble and develop this combined area of over 27 acres in Washington, DC. The site is located approximately one mile from the Capitol with Metro access and is situated along one of the primary gateways into the city. The overall project involves a land assemblage for potential mixed use development, including retail, commercial, residential and industrial uses.
Value Creation
To date, the Venture has acquired approximately 140,000 square feet of property strategically located throughout the larger site limits with a major focus along Sixth Street, NE. J Street and its partner Edens and Avant have worked extensively with Gallaudet University, a major property owner along Sixth Street NE and the local community in conceptualizing the development prospects for this site. Extensive negotiations with the District government are in process related to certain designations and rights being proffered in the New Town legislation which impacts this area. The master planning firm of Williams and Dane has been retained to design the overall mixed use layout. The development strategy will require rezoning of the site through the planned urban development process in the District to achieve maximum development potential.
Exit Strategy
Recapitalization of the various sites upon completion of entitlement currently projected to take between three and five years. Current estimates reflect a levered IRR of approximately 35%.