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Greenbelt's 'Gold Mine' Residential Site

Washington DC
Greenbelt's 'Gold Mine' Residential Site

Steve Corridan

Woodlawn Development Group--a JV between NVR Homes, Dallas-based CoastOak Group, and Morgan Stanley Real Estate--has purchased an 87-acre development site adjacent to Greenbelt Metro for $27M, and the partnership plans to build up to 1,000 residential units on the site. Roseview Group partner Stephen Corridan, who spent two years renegotiating development agreements and entitlements for the seller in the deal (an undisclosed bank), tells us it's a rare opportunity for the buyers, since 90% of the site's infrastructure is already in place, allowing Woodlawn to break ground within six to nine months. He also says competition was fierce, as both local and nationaldevelopers expressed interest in what he calls "a gold mine" development. (They did not take our idea of forcing bidders to compete in physical challenges to see who won the site.)