Largest opportunity zone transaction to date in the D.C. area closes

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 clubr