J Street Acquires Congress Street Site In Vibrant NoMa/Union Market Area
(3 months ago)
WASHINGTON: The J Street Companies announces the acquisition of two adjacent properties at Congress and L Streets, NE in the dynamic NoMa/Union Market neighborhood of Washington, DC.
Working with Nelson Architects, J Street will develop the site into 62 condominium units priced to appeal to first-time homebuyers seeking a walkable, well-designed community just steps from the NoMa/Gallaudet Metro station and surrounded by some of the most sought-after retail and restaurant destinations in the District. EagleBank provided acquisition financing and Urban Pace has been retained for sales and marketing of the 60,000-square foot project.
"J Street is thrilled to be developing this perfectly positioned and innovative property in an incredibly vibrant market. This opportunity complements the work we have been doing in NoMa for 15 years, having already acquired, developed and sold over five acres within the NoMa and Florida Market submarkets. We take particular pride in sharing NoMa's success with new homeowners of our Congress Street community, where the best of DC will be convenient to their home," said J Street Chairman, Bruce Baschuk.
The Congress Street development will offer a rare chance for condominium ownership at prices in reach of many first-time homeowners in the NoMa/Union Market neighborhood. Sited between NoMa, Union Market and H Street, residents will be able to walk, bike or Metro to destinations all over the City including evening movies in NoMa, the H Street streetcar, events and culinary attractions at Union Market and the brand-new REI at Uline Arena. The development will include both on- and off-site condominium units for households earning less than median income.