The Property is located in the heart of Mount Vernon Place, the Owner’s master-planned development comprised of nine building sites totaling over two million square feet of residential, office and retail space now nearing completion in Mount Vernon Triangle. The Property is prominently located on Third Street, NW, and is surrounded by extraordinary dining, shopping and entertainment venues with convenient access to multiple transit options. Master-planned by Hartman-Cox Architects and Sasaki Associates, Mount Vernon Place is a unique downtown urban enclave with distinctive character, a lively mix of residential, office and retail uses, and an overall urban environment that has constant 24/7 energy and activity.
The Property is zoned D-4-R, the purpose of which is to promote the development of high-density residential and mixed-use neighborhoods such as Mount Vernon Triangle. The Property is part of a Combined Lot Development (CLD) encompassing the entirety of Square 527 bounded by I Street, K Street, Third Street and Fourth Street, NW. As a result, it is anticipated that the Property will yield up to 136,148 gross square feet of above grade residential development, as a matter of right, depending on floor-to-floor heights, building height, and setback requirements. The total number of residential units will depend on final building design, but the Property could yield 96 one and two bedroom residential units or up to 180 micro residential units. The Property, in particular, is perfectly poised to benefit from the increased demand for high quality condominium units. Alternatively, the site can accommodate, as a matter of right, up to approximately 122,049 square feet of above grade gross building area for office use. The property would allow an association or technology firm to have the opportunity to own its own building on a rare prime downtown site.
