A joint venture between Douglas Development Corporation and PTM Partners, a recently launched real estate development firm focused exclusively on qualified opportunity zone investments, has purchased a former office building in Washington, D.C. to convert into a 453-unit waterfront rental building with 17,200 square feet of retail space at a total estimated cost of $190 million.
The 502,400-square-foot property is located at 1900 Half Street SW in the Buzzard Point neighborhood along the west bank of the Anacostia River within a qualified opportunity zone and previously housed the FBI and Coast Guard.
The development will be one of the first residential waterfront destinations in the emerging neighborhood of Buzzard Point. Property amenities will include two elevated exterior recreation decks, a green penthouse roof, a rooftop infinity pool and deck, fitness center and club room.
“We are thrilled to be partnering with PTM partners on this very exciting project. It has taken many years of designing, planning and zoning to get to this point. It is telling that this building was once a GSA occupied building that had no life after 5pm Monday to Friday or on weekends and will now thrive with nearly a thousand residents who will be enjoying the neighborhood for its spectacular offering of restaurants and entertainment, on the waterfront,” said Norman Jemal, principal and senior vice president of Douglas Development Corporation.
The development site is located within walking distance to 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 Washington D.C. investment is the second for PTM, which launched operations at the end of 2018. The company recently purchased a 1.3-acre site in the Overtown neighborhood of Miami, Florida with South Florida developer Estate Investments Group to co-develop an 18-story 360-unit rental building at a total estimated cost of $100 million.
PTM Partners is a real estate investment and development firm with an initial focus on qualified opportunity zones. Douglas Development Corporation is a real estate development firm with more than 250 properties spanning over 12.6 million square feet. The company claims that it one of the largest privately funded developers and owners of commercial real estate in the Washington DC area.