DC Finally Sells Skyland Shopping Center
The Skyland Shopping Center in Southeast DC has finally been disposed after the last of the entitlement issues surrounding the property has been put to rest.
DC has sold the 18.5-acre property to a JV led by The Rappaport Cos, WC Smith and the Marshall Heights Community Development Organization for $700k, the Washington Business Journal reports. The property has been the subject of several entitlement issues since Rappaport started discussing development possibilities for the property 14 years ago. The District seized much of the property through eminent domain authority a decade ago. The final legal hurdle was cleared just last month when the District reached agreement with Safeway on a restrictive covenant issue.
The property, located at the intersection of Good Hope Road, Alabama Avenue and Naylor Road SE, will be transformed into The Skyland Town Center. The first phase, for which site work is already underway, will include 200k SF of retail and 267 units. Plans for the second phase call for 142k SF of retail and 210 units. [WBJ]