Thanks to the latest update of the DC Property Sales database, I can now report that the entire block known as Square 696 (bounded by 1st, I, K, and Half) changed hands on April 12; the Pedas family sold its three lots, totaling 54,700 sq ft, for $49.834 million; Potomac Development Corporation received $19.544 million for the 19,600-sq-ft lot on the northeast corner of the block (home to a firewood business for many years). The database lists the buyer as "99 I Street SE LP"; we know from the signs that have gone up that the square is being developed as an office/retail project by DRI Development Services
(a wholly owned subsidiary of Transwestern
). No details yet on exactly what's coming, or when. (And a hat tip to the Pedas family, who adds this $49.8 million take to the $51.6 million payday they were part of when Ron Cohen bought Square 699N
one block to the south in Sept. 2005 and the $4.5 million garnered from their sale of the Domino's lot at the corner of South Capitol and M in August 2005. Apparently you can make some money in this real estate biz.)
With this transaction now official, I've created a DRI/99 I Street page
, with not-terribly-exciting photos of the block and my previous news items, and have added it to my main map and project directory.