Douglas Development Buys NewCityDC Site For $66M
The Jemal family's vision for the 1.5M SF NewCityDC development in Northeast DC is one step closer to becoming reality.
Douglas Development Corp. acquired the nine remaining parcels on the 15-acre triangle bounded by New York Avenue, Bladensburg Road and Montana Avenue NE from the Schaeffer family for $66M, the Washington Business Journal reports.
The developer acquired the first parcels in the triangle in 2014 for $8.25M. Douglas already has plans drawn up for the massive mixed-use development, which sits at a busy intersection where 72,000 cars a day pass by.
NewCityDC is planned to include 550K SF of retail with a grocery anchor, which Douglas hopes to sign before breaking ground. The developer had been courting Wegmans but Norman Jemal told Bisnow in November the popular grocer did not have an appetite to move to the city. The development is also slated to have 422 apartments, 18 townhouses and a 156-room hotel.
The acquisition is the latest example of Douglas' huge bet on Northeast DC. In the last two years, the developer has delivered the Uline Arena in NoMa and the Hecht Warehouse in Ivy City, a neighborhood where Douglas has more development planned. In August, Douglas will deliver a 26-unit mixed-use project with 23K SF of retail on H Street NE. In the Brookland neighborhood, Douglas is finishing up the two-building, 295-unit Channing Place development, set to deliver next month.