MRP'S DOCK 79 Achieves Stabilization in 11 Months

7/26/17

MRP Realty, developers of commercial, residential, and mixed-use real estate across the Washington Metropolitan region, and FRP Development Corporation today announced the mixed-use apartment community Dock79 in the Capitol Riverfront neighborhood of Washington, D.C. has achieved stabilization for the residential asset.

“The Capitol Riverfront is one of the most vibrant areas in Washington D.C.,” said MRP principal John Begert. “We entered this neighborhood with the intention of offering high-quality apartments and compelling, local retail and dining options to residents and neighbors, and we are overwhelmed at the response we have received. We are committed to contributing to this growth of the community as we enter Phase II of our multi development.”

Retail tenants for Dock 79 include The Salt Line, which is now open, with All Purpose and Dacha opening later this Fall and in the Spring. There is currently one remaining retail space available.

Dock 79 is phase one of a four-phase master development on the Anacostia River immediately south of Nationals stadium. Dock 79 is a 281,050-square-foot, nine-story, multifamily high-rise residential property housing approximately 305 units. More than three acres of open space will be directly accessible by all the residents, visitors and the community.

Residential amenities for Dock 79 include: a grand lobby with resident lounge and onsite leasing presence, a ground floor lounge with billiards, bar area, seating and gaming, as well as a state-of-the-art health club, rooftop swimming pool with open space and kitchen, Wi-Fi service and a business lounge and conference room. Also included is air-conditioned residential storage, retail bike and locker room facilities bike storage, 24-hour front desk service and a complete access controlled building.

Phase II will feature a 13-story, 255,000-square-foot mixed-use development that includes approximately 260 residential units and 9,000 square feet of ground level retail. Construction on Phase II is expected to commence in early 2018

To learn more, visit http://www.dock79.com and like our Facebook page.

About MRP Realty

Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and value-add investment in the northeastern United States, with offices in Washington, D.C., Maryland, Virginia, Pennsylvania, and New York City. MRP provides to its institutional capital partners a full array of real estate services including: acquisition/disposition, development/construction management, property management, asset management and financial reporting services. Since the company’s inception, MRP has deployed $3.6 billion in total capitalization, an average of over $270 million per year. MRP’s combined development assets total more than 27.6 million square feet, with an additional nine million square feet under management.

About FRP Development Corp.

FRP Holdings, Inc. was formed in 1986 as a result of a spin-off of the real-estate and transportation businesses of Florida Rock Industries, Inc. (now a wholly owned subsidiary of Vulcan Materials). We were known as Patriot Transportation Holding, Inc. (NASDAQ ticker symbol “PATR”) for many years until December 4, 2014 when we changed our name to FRP Holdings, Inc. (NASDAQ ticker symbol “FRPH”) in anticipation of the spin-off of our transportation business. This spin-off occurred on January 30, 2015. Today, through our two operating subsidiaries, FRP Development Corp. and Florida Rock Properties, Inc., we operate as a pure “full service” real-estate company with three distinct real-estate businesses: developed buildings, mining and royalty lands and developed lands.

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