Douglas Development Corp. and PTM Partners, a recently launched real estate development firm focused exclusively on qualified opportunity zone investments, announced the joint venture acquisition of 1900 Half St. SW in the Buzzard Point neighborhood of Washington, D.C.
This is considered one the largest opportunity zone transactions to date in the Washington, D.C., area.
The 502,395-square-foot former office building, which housed the FBI and Coast Guard, will be converted into a 453-unit luxury waterfront rental building with 17,200 square feet of retail space at a total estimated cost of $190 million.
Situated along the west bank of the Anacostia River, 1900 Half St. SW will be one of the first residential waterfront destinations in the emerging neighborhood of Buzzard Point. The property will feature such amenities as two elevated exterior recreation decks, a green penthouse roof, a rooftop infinity pool and deck, state-of-the-art fitness center, and clubroom.
The development of this project, which is located within a qualified opportunity zone, complements the Planning Department of the District of Columbia’s Buzzard Point Vision Framework. The area is experiencing a significant evolution from an industrial center to a sustainable mixed-use waterfront neighborhood with an abundance of recreational attractions, accommodating parks and green spaces. The development site is located on the shoreline of the Anacostia River, a short walk from Audi Field, the recently completed stadium for Major League Soccer team D.C. United, and Nationals Park, home to Major League Baseball’s Washington Nationals.
The investment in 1900 Half St. SW is the second for PTM, which launched operations at the end of 2018. PTM recently completed the acquisition of 218 NW Eighth St. in Miami, one of the largest qualified opportunity zone purchases in the Miami area. The firm’s business model is to acquire and develop sustainable projects that generate both financial and social returns to investors, residents and surrounding communities.
“In closing our second qualified opportunity zone acquisition, we are drawing on PTM’s extensive development and construction experience to provide our investment partners with maximum value,” said Scott Meyer, CIO. “PTM currently has a robust pipeline of acquisition opportunities and looks forward to investing in and developing projects that will positively impact neighborhoods and their residents.”