One of the last remaining development sites in Mount Vernon Triangle has sold to a firm that plans to build condos.
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Wilkes Co. and Quadrangle Development sold the property at 950 Third St. NW to Community Three Development for $12.2M, Bisnow has learned.
Community Three principal Lynn Hackney told Bisnow the developer plans to build around 130 condos on the site. She said it aims to break ground in Q2 or Q3 of 2022, and construction would take 18 to 20 months after that.
The buyer is working with architecture firm Davis Carter Scott on the building's design. The project is planned to have large penthouse units on top and smaller units throughout the rest of the building, Hackney said. She said the condo prices will range from $400K to just under $1M, but most will be in the $700K range.
The property sits at the intersection of Third and K streets NW, roughly a half-mile from the Mount Vernon Square, Gallery Place and Judiciary Square Metro stations. Hackney said this is an attractive site for condo development because of the neighborhood's walkable retail amenities and its proximity to the central business district.
"A significant amount of people rent or buy in this area because they work in the CBD," Hackney said. "Despite what’s going on with office, we don’t think that’s a permanent situation. We think eventually almost everyone will be back in the office at least with a hybrid schedule."
The buyer obtained a $49.3M loan from FVC Bank along with the sale, according to documents posted Tuesday to the D.C. Recorder of Deeds. Hackney said the loan is for acquisition and construction of the project.
Meany & Oliver co-founder and principal Sharon Oliver brokered the deal on behalf of the seller. The property hit the market in March with the potential for office or multifamily development. Oliver said it received interest from investors with a variety of plans for the site.
"We had excellent demand," Oliver said. "It was a competitively bid project."
Wilkes Co. President Berk Shervin, whose firm has partnered with Quadrangle on six completed projects in the neighborhood, said the team decided to sell the site because it is relatively small compared to its other projects in the area. The development team broke ground this summer on a 275-unit project, branded as The Cantata, at 801 Third St. NW.
"Mount Vernon Triangle continues to be a highly sought after urban lifestyle neighborhood that appeals to a broad and diverse section of the population, and having projects in the neighborhood with a different variety of offerings and sizes really only enhances the neighborhood to an even greater extent," Shervin said.
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