June 12, 2007

New York Ave. Deal

Federated Dept. stores finally found a suitor for the old Hecht's Warehouse on 1401 New York Ave. NE. Wayne, Pa.-based Patriot Equities LP has a contract to buy the Art Deco structure for an undisclosed price.

The massive 750,000-sf warehouse will be turned into a mixed-use complex on the site, with retail, office space, and residential units. No details as of yet.

Link: WashBiz

Bubble View:
--- With Abdo Development's nearby Arbor Place project, which will transform 17 acres at New York and Bladensburg Road, New York Ave. is set for revitalization. No longer will the trip down New York Ave. from or to I-95 be a journey through desolation. New York Ave. will be a destination, not just a place to drive through. Abdo plans 3,500 residential units, 200K of retail, and over 3 acres of open space. The first phase is planned to be completed by 2009.
--- Moreover, a transformation of New York Ave. will set a new tone for DC. People come here and their impression of the city was formed by the journey. Today that journey is depressing, but in ten years it will be a completely different experience.

2 comments:

Anonymous said...

Visionary. Not only breathing life into a truely magnificent and historic structure, but a crucial step into developing the true gateway into our city. One of the few frontiers left in DC.

DCNNN said...

Lots of options as there is a lot of traffic/access on New York Ave. Will need to absorb possibilities as that site has never been "on the market." Interesting to see what direction this takes.