Douglas May Have Just Bought Its Next Historic Building To Restore
The GSA sold the Cotton Annex at auction for $30M in February to an anonymous buyer, which turns out to be Douglas Development, the Washington Business Journal reports. The developer registered Jemal's Cotton Annex LLC as a new affiliate on Monday, and principal Norman Jemal confirmed to Bisnow that Douglas bought the property.
The Cotton Annex building, at 300 12th St. SW, was built in 1936 and was occupied by the U.S. Department of Agriculture until 2007. It has sat vacant for the last decade.
"We loved the location," Jemal said. "It's a block away from Metro and Southwest is absolutely going through a renaissance and the tide is rising. We want to be a part of that rising tide. We have some very exciting ideas for it."
Jemal could not share the specific ideas the developer has in mind, but the firm knows how to turn old buildings into popular destinations. It restored the Uline Arena and has rented it out to a flagship REI store and a 44K SF co-working space. It is also spearheading the revitalization of Ivy City with its renovation of the Hecht Warehouse into 338 residential units, which have successfully leased up.