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Capitol Riverfront Development Site Trades For $21M

A rendering of the multifamily building Cohen Siegel had planned on the 1333 M St. SE site

Rockville-based Cohen Siegel has spent more than six years designing and changing its vision for a three-acre Capitol Riverfront development site, but now it has passed the opportunity on to another developer. 

Miami Beach-based Crescent Heights acquired the property at 1333 M St. SE from Cohen Siegel for $21M, the Washington Business Journal reports

The site occupies the eastern corner of the Capitol Riverfront Business Improvement District, to the east of Interstate 695 near the intersection of M and Water streets. 

After buying the property roughly a decade ago, Cohen Siegel in 2010 revealed plans for a mixed-use project with office, hotel and retail. Due to market conditions, it pivoted to residential, submitting an application for a 673-unit project. The Zoning Commission approved that application in 2015. 

It appears to be the first acquisition in the District for multifamily developer Crescent Heights, but it has been active in Northern Virginia. The company in 2011 acquired the 262-unit Palatine apartments in Arlington, and it has been active in McLean and Fairfax