Washington—A consortium headed via Western Improvement Corp. And Akridge has sold the previous U.S. Coast Defend headquarters at Buzzard Point inside the District of Columbia, the 2 companies introduced overdue final week. The acquisition is the largest step to date in redeveloping the web page, at 2100 Second St. SW., into Riverpoint, a residential, retail and restaurant Development.
Similarly to Western Improvement and Akridge, the Improvement institution consists of Orr Companions, Redbrick LMD LLC and Jefferson Apartment organization. EagleBank and Greenfield Companions furnished financing for the challenge.
Riverpoint reportedly will characteristic eighty,000 rectangular toes of restaurant and retail area and more than 450 Rental and rental gadgets, along with new piers, floating restaurants and a connection to the Anacostia Riverwalk Path.
Orr Companions and Jefferson Rental organization will co-broaden the assets, and Western will lead the Improvement and leasing of the project’s retail and waterfront quantities. Redbrick sourced, capitalized and dependent the transaction.
(The Coast Guard vacated the Buzzard Factor building throughout its pass to a new 1.2 million-square-foot headquarters, which opened in 2013 at the St. Elizabeths Clinic west campus.)
Akridge did not reply to Industrial belongings Executive’s request for added facts.
The Washington Business Magazine stated that the Riverfront Development consortium paid $49.three million for the former Coast Protect constructing.
Western and Akridge closing partnered on Gallery Region, a 1 million-rectangular-foot venture in D.C.’s 7th Road community.
The Riverfront challenge is only a short distance south of the brand new $300 million, 19,000-seat stadium now beneath production and due in 2017, for the D.C. United expert soccer team.