Monday, February 12, 2007

Camden USA Buys a Piece of NoMa Pie



Last week, Camden USA purchased 60 L St., NE, a 71,000 s.f. site, joining the laundry list of developers vying to join the NoMa development surge. This location has become a hot potato, belonging to three different companies in the last three months. As we previously reported, 60 L St. belonged to J Street Development and was called “First Place”; it was then sold to Tishman Real Estate Services. While Tishman won’t comment on the quick turnaround of land ownership, the lot was then sold to Camden USA, a Houston-based company with projects throughout the Mid-Atlantic and lower half of the United States, which plans to turn the site into a two-building, 700 residential unit project designed by WDG Architecture. Located between Tishman Speyer’s remaining property on L Street and J Street Development’s Property on North Capital St., Camden’s “luxury” apartment high-rises will begin the first phase of construction in mid 2008. Ginger Ackiss, Vice President of Camden’s Real Estate Investments in the DC area, said the first phase will include 315 “luxury” apartments rather than condominiums, followed by 375 units in the second phase. While the project is still in the permit process, Camden is happy to have its foot in the door. Ackiss said, “We wanted to get into NoMa because of all of the development going on there, we see the area transforming and we would like to be in that mix.” According to Ackiss, the DC and Dallas-based architect, experienced in residential properties including the Potomac Promenade Condominiums on the National Harbor, will begin the design process next month.

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