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Dear PoP – Sale of Vacant Lot next to the Floridian

“Dear PoP,

Looks like JBG just recently bought the neighboring lot to my building (The Floridian) for $10m! And looks like they are temporarily at least naming it after the existing building on the lot:

Address: 945 FLORIDA AV
SSL: 2873 0799
Land Area: 37,402
Triennial Group: 1
Owner and Sales Information
Mailing Address: 4445 WILLARD AVE STE 400; CHEVY CHASE MD20815-4641
Sale Price: $8,977,000
Recordation Date: 12/23/2010
Tax Year 2012 Preliminary Assessment Roll
Current Value (2011)
Land: $8,976,480
Improvements: $100
Total Value: $8,976,580
Taxable Assessment: * $8,976,580

Holy cow this could be huge. This is a really prime location. And JBG is a serious group. From their Web site:

JBG has vast experience in developing office, residential (both multi-family rental and for-sale condominiums), grocery anchored and urban retail, and hotels. In many cases, JBG develops these product types as mixed-use assets in very high barrier-to-entry markets which gives it a distinct competitive advantage.

JBG has developed, owned or managed over 30 million square feet of office space, 5.5 million square feet of retail space, 15,000 residential units and 15 hotel properties totaling over 4,500 rooms. It is currently responsible for development/redevelopment opportunities of approximately 8.5 million square feet of office space, 2.2 million square feet of retail space, 13,200 multi-family residential units and 2,500 hotel rooms throughout the Washington Metropolitan area.

I think at one point there were plans for condos and if I were a betting man I’d say that’s likely what we’ll see. I’ll be sure to update when more info becomes available.

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