On the heels of plans to develop 8 acres of property in the Ivy City neighborhood of Washington, D.C. into a destination retail and community space, Douglas Development Corporation has enlisted CBRE to sell the adjacent 8-acre plot for a proposed multifamily complex. The entire project, dubbed New City DC, encompasses 16 acres--an entire triangle-shaped block of Northeast D.C. real estate, formed by the intersections of New York Avenue, Bladensburg Road, and Montana Avenue NE.

Unique not only for its scale and its proximity to a soon to be constructed 208,000 sq. ft. of retail, the property zoning allowances will provide future owners with the opportunity to develop a high-density product with a 75-foot height requirement.

“New City is the latest in a wave of development pushing east bringing new retail to the New York Avenue NE corridor,” said Bobby Meehling, Senior Vice President, CBRE. “With IVY city about to step into its own as a destination neighborhood, New City aims to build on that momentum by creating a mixed-use community with an emphasis on residential options.”

At the center of some of the most transformative developments in D.C., New City DC boasts ease of access to both public transit and major commuter routes. The neighborhood of Ivy City is the most recent neighborhood to be positively affected by the progression of capital investment along New York Avenue, radiating from Downtown towards Eastern Avenue. The highly successful Hecht Warehouse development is a testament to the area’s proliferation, creating demand for space among retailers and restaurants alike, and subsequently, an increased and energized renter base. 

For more information on the listing, visit the official property sales website here. 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.