Sources say that Monument Realty shelled out $7.3m for its purchase of 627-631 H Street at an Alex Cooper auction, one of the last opportunities for buildable development in downtown Washington D.C.
In its place, Monument will build Gallery Tower, an 80,000 s.f. office tower that will feature either one or two floors of retail space.
Monument tapped Cunningham+Quill for design but has yet to choose a contractor. Though the company is actively looking for a pre-lease tenant, the company acknowledges it may build on spec. "We believe in the vibrancy of this location in downtown Washington," a source told DCMud. "We don't believe we'll have a problem securing a tenant."
The parcel Monument purchased is near 675 H Street, N.W., which McCaffery Interests Inc. and Douglas Development bought from the same auctioneer within the same week. The property had been owned by Yeni Wong of Riverdale International, who had defaulted on the note several times which had led to foreclosure.
The property had been the site of China Doll Gourmet which had closed in 2006 and has since been razed. Monument anticipates breaking ground by the year's end.
Washington, D.C. real estate news