The DC Property Sales database
has a lag time of 6-8 weeks, so pretend today is February 1--that way I can tell you that Just Yesterday the sale
was completed of the Nexus Gold Club
land to developer JPI, for $7.85 million. They also purchased 920 First Street (the little grey auto repair garage next to the Nexus) for $2.45 million. In 2005 and 2006 they purchased other properties on this block (Square 738) for about $2.64 million, so they've now spent just under $14 million to get 18,000 square feet of land for what will be 909 New Jersey Avenue
, a 230-unit residential tower schedule to start construction Any Minute Now. Note that the owner of the garage right on the northeast corner of 1st and K
has steadfastly refused to sell (and has some choice words for JPI if you talk to him), so it will be interesting to see how that section of the site shakes out. Considering his neighbor got $2.4 million for 2,186 square feet of property, who knows how much he has turned down for his lot of the same size. There's one other lot on the block still not owned by JPI (925 New Jersey, 1412 sq ft), but I haven't heard anything about purchase problems with that lot, and it was covered by a zoning variance JPI received in 2006.