One particular of the greatest land promotions alongside Arthur Ashe Boulevard in recent memory is in the performs, and a big apartment task is prepared for the web-site.
Five parcels totaling 3.3 acres at 1117-1209 N. Arthur Ashe Blvd. are less than agreement to be offered, in accordance to a listing on true estate tracking company CoStar and numerous resources familiar with the offer.
A zoning affirmation letter filed with the town past 7 days for three of those 5 homes states that the parcels are “set to be demolished to make way for a huge-scale condominium community.”
Information with regards to the future buyer’s id and precise scale of the venture were being not integrated in the letter.
The parcels — 1117, 1119, 1203, 1207 and 1209 N. Arthur Ashe Blvd. — are owned by entities tied to nearby serious estate investor and landlord Ed Lacy.
The northern-most setting up at 1207 N. Arthur Ashe Blvd. is occupied by furnishings rental firm Cort and online video manufacturing studio Tilt Inventive, whilst 1119 N. Arthur Ashe Blvd. is leased to Buz and Ned’s True Barbecue. The other people at 1117, 1203 and 1209 N. Arthur Ashe Blvd. are vacant.
Lacy has owned 1117, 1119 and 1209 N. Arthur Ashe Blvd. for decades, and included 1207 N. Arthur Ashe Blvd. in 2004 for $535,000. His most modern deal on the boulevard was in 2015, when he purchased the outdated Car Pool constructing at 1203 N. Arthur Ashe Blvd. for $1 million.
Reached previous 7 days, Buz Grossberg, owner of Buz and Ned’s, claimed he’d have to have to look for a new area in the spot if any deal will come to fruition.
Two other zoning letters were being submitted for 1207 and 1209 N. Arthur Ashe Blvd., but people letters never include things like any point out of demolition programs.
The properties are all zoned TOD-1 Transit-Oriented Nodal District and were most recently assessed by the city at a blended $9 million. If the offer closes, it would probable be the biggest rate tag for land in the Scott’s Addition space in current several years.
Just to the south of Lacy’s land, Maryland-based developer Outlier Realty Capital is planning a 6-tale co-housing undertaking at 1101 N. Arthur Ashe Blvd. Outlier secured a particular-use permit for the job past yr and procured the .3-acre web page for $1.22 million earlier this 12 months, but operate is not yet underway.
To the north of Lacy’s land is the Bow Tie Associates-owned acreage at 2700 W. Leigh St. Soon after The Cordish Cos.’ bid to produce it into a vacation resort on line casino, Bow Tie not long ago mentioned that they are continue to exploring developing the land themselves.
BizSense editor Michael Schwartz contributed to this report.