Mystery solved: Neighborhood Development Co. acquires U Street lot for 10 stories of residential
Thursday, January 22, 2015
As published in the Washington Business Journal.
On Dec. 12, I reported on an early vision to transform a lot near the corner of 11th and U streets NW into a 10-story residential building. What we did not know at the time was whether the property’s owner, Industrial Bank, planned to tackle the project itself, or if it had locked up a buyer.
We now know. D.C.-based Neighborhood Development Co. has acquired 2002 11th St. NW for $2.2 million, according to new filings with the Recorder of Deeds.
The 3,423-square-foot parcel, which has an assessed value of $1.3 million, is currently home to a two-story commercial building that NDC will raze to clear the way for its project. The Industrial Bank branch at 2000 11th St. NW remains under bank control, and is not part of the redevelopment plans.
Adrian Washington, NDC founder and principal, was not immediately available for comment.
NDC’s portfolio includes three Georgia Avenue developments — The Heights, The Residences at Georgia Avenue and the Lofts at Brightwood — CityCenterDC and CityVista (as a partner), and nine condominium projects ranging from 2142 O St. NW to The Chelsea and the Lamont Street Lofts.
The firm is busy. District Source reported on Thursday that NDC is competing to land a lot on Kramer Street NE, owned by the D.C. Department of Housing and Community Development, where it is pitching 26 shipping container condominiums. On that project, located near H Street NE, NDC is working with Travis Price Architects, the same firm responsible for D.C.’s first shipping container development in Brookland.