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Trio Agrees to Terms for 10 Mixed-Use Developments in Capitol Riverfront, Buzzard Point
Jacksonville, FL-based FRP Holdings, Inc., has executed an agreement with Steuart Investment Company and MidAtlantic Realty Partners for the development of up to 10 mixed-use projects in the Capitol Riverfront and Buzzard Point submarkets of Washington, DC.
Upon completion and stabilization, these projects will comprise over 3 million square feet of mixed-use development including 3,000 residential units and 150,000 square feet of retail.
“This is a unique opportunity to expand upon our existing footprint in one of the best markets in the world,” said John Baker, II, CEO and chairman of FRP Holdings, Inc. “When the dust settles on these projects, this partnership will control nearly every asset visible to the naked eye as you drive into our nation’s Capital from the south.”
The projects will come from four parcels of land owned by SIC:
- Phase III of the Riverfront on the Anacostia Development
- Phase IV of the Riverfront on the Anacostia Development
- The site currently leased to Vulcan Materials in Buzzard Point
- The existing mixed-use multifamily/retail assets (Dock 79, The Maren, and The Verge) owned by both SIC and MRP in the Capitol Riverfront and Buzzard Point submarkets.
Under the terms of the agreement SIC will purchase a share in a tenancy in common of 20% of ownership in Dock 79 and the Maren for $65.3 million.
Photo: Anacostia Riverwalk
