During 2006, in its continuing efforts to discover emerging areas of the District of Columbia that would afford meaningful development opportunities, J Street was approached by several owners in 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, and its investor partners J P Morgan, NYSTER and State of Michigan, 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 involved a land assemblage for potential mixed use development, including retail, commercial, residential and industrial uses.
The Venture acquired approximately $40 million of property strategically located throughout the larger site limits with a major focus along key entry points to the market. J Street 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. During this process, J Street's team led the initiative to contact and negotiate with over 50 landowners resulting in multiple off-market acquisitions.
In 2011, J Street sold its interests in the venture to its partner but continues to pursue development opportunities in the NoMA and surrounding submarket.