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There’s been a virtual land rush in Buzzard Point as developers such as Akridge, Douglas Development Corp. and MRP Realty seek to benefit from D.C. United’s planned soccer stadium, but now a new player could enter the field.
The owners of an auto repair shop at 45 Q St. SW have retained the Zupancic Group, in collaboration with the Feldman Group of Marcus & Millichap, to seek buyers for the real estate just north of the site where the Major League Soccer team broke ground earlier this week.
Marty Zupancic, vice president of investments, said the property is a likely candidate for a 10-story multifamily building with ground-floor retail, but it could be positioned for other uses such as a hotel for out-of-town soccer fans. He estimated it would support about 150 multifamily units, or perhaps as many as 180 of the micro units popular at other projects such as The Wharf’s The Channel.
The property is one of the last remaining multifamily development sites between Nationals Park and D.C. United’s planned Audi Field that hasn’t already sold or been put under contract, Zupancic said. It’s coming to the market amid two changes in market conditions impacting the taxi repair business that USA Motors specializes in — the arrival of the $300 million stadium and the rise of alternate modes of transportation such as Uber and Lyft.
Zupancic declined to say how much the property could fetch, but he noted other development properties have garnered between $90 and $130 a developable square foot. Assuming the site’s by-right potential of 128,084 square feet, that would put 45 Q in the $11.5 million to $16.7 million range. The site is assessed at about $3.8 million.
Elsewhere in the Buzzard Point peninsula, the team redeveloping the U.S. Coast Guard’s former headquarters unveiled updated plans for what it’s calling River Point. Akridge, Western Development Corp. and Orr Partners filed an application for a mixed-use development with 447,955 square feet of residential and 70,441 square feet of retail in a nine-story building.
Douglas Development plans to convert 1900 Half St. SW into a residential-and-retail project, Capital City Real Estate is planning between 90 and 107 for-sale condos and MRP Realty is weighing plans for a remake of the 1800 block of Half St. SW.
Marcus & Millichap is the nation’s largest brokerage firm focused exclusively on investment sales. It is based on a simple premise: matching each property with the largest pool of pre-qualified investors. With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more about the company, please visit www.MarcusMillichap.com.