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Paradigm Development has acquired the remainder of a Capitol Riverfront block where it plans to build nearly 550 apartments over two phases.
The developer bought two lots along New Jersey Avenue SE between K and L streets for $19.75M in a deal that closed Wednesday, the Washington Business Journal reports.
In 2016, Paradigm acquired the western portion of the block along First Street from Akridge, which had previously planned to build office on the site. Paradigm then began construction on a 273-unit apartment building, which it expects to deliver in late 2019.
Once that project delivers, Paradigm plans to begin construction on the second phase, another 275-unit apartment building on the newly acquired eastern side of the block.
Paradigm is branding the project as Meridian on First. The developer has also built Meridian at Mount Vernon Triangle, Meridian at Eisenhower and Meridian at Grosvenor Station.
The development sits in a high-density D-5 zone, so Paradigm can built by-right and does not have to submit an application to the Zoning Commission. The site is just one block north of the Navy Yard-Ballpark Metro station.
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