Factual Data: 12,000 sq.ft. retail center on a 28,000 sq.ft. development site, owned by Ernie Marcus and Steven Sumberg in 50/50 JV. Located at 7709-7723 Georgia Avenue, NW in the Takoma neighborhood. Potential redevelopment site for a 100,000 sq.ft. mixed-use project. Located across from proposed Harris Teeter store and mixed use project proposed by Douglas Development. This site is among several Georgia Avenue and upper 14th Street retail properties purchased as covered land plays for future development.
- Identified as a “City Gateway” site by the Office of Planning
- Property acquired as a carried land play in 2011.
- Façade renovation in 2013 and improved landscaping, parking lot paving.
- Direct management of the 7 retail tenants.
- Initial stages in 2016 for potential new development activities.