331 N Street NE
Washington D.C.
Project summary
Partner: Juster Properties & Foulger-Pratt
Washington D.C.
Total SF: 34,000
Partner
Juster Properties & Foulger-Pratt
Property
- Multi-Family
- 34,000 SF (original building)
- 355 apartments & Ground floor retail
Timing
July 2015 – Current
Opportunity
- Net leased 34,000 SF industrial building leased to Grainger through 2017
- Located in the burgeoning Union Market / NOMA district
- Shares the blockfront with 301 N. St., a planned mixed-use development with hotel, retail and office space
- Potential tear-down development site with an in place-lease that could limit the initial cost outlay during the planning phase
Value Add / Execution
- Oversaw the pre-development and entitlement process for the original building
- Spearheaded market outreach to find development partner
- In 2015 the ownership sold a 50% interest to Foulger-Pratt, the owner of the adjacent 301 N Street Site and a highly regarded Washington D.C. based multi-family developer
- The project will be co-managed by all parties, including entitlement, design, development and construction management of a 350,000 SF residential project
- Construction will begin in 2019