FRP Holdings has executed an agreement with Steuart Investment Company (SIC) and MidAtlantic Realty Partners (MRP) for the development of up to 10 mixed-use projects in the Capitol Riverfront and Buzzard Point submarkets of Washington, D.C.
These projects will come from four parcels of land owned by SIC, phases III and IV of the company’s Riverfront on the Anacostia development, the site currently leased to Vulcan Materials in Buzzard Point, and the existing mixed-use multifamily/retail assets (Dock 79, The Maren and The Verge) owned by the company and MRP in the Capitol Riverfront and Buzzard Point submarkets. Upon completion and stabilization, these projects will comprise more than 3 million square feet of mixed-use development, including 3,000 residential units and 150,000 square feet of retail.
Under the terms of the agreement:
SIC will purchase a share in a tenancy in common of 20 percent of ownership in Dock 79 and the Maren for $65.3 million, $44.
