A consortium of real estate developers and investors, including Orr Partners, Redbrick LMD LLC, and Jefferson Apartment Group, led by Western Development Corporation and Akridge announced the acquisition of the former U.S. Coast Guard headquarters at Buzzard Point in DC for $49.3 million. The Akridge and Western Development team said it has plans to redevelop the property with Orr Partners and Jefferson Apartment Group into a mixed use project. Washington-based Redbrick sourced, capitalized, and structured the transaction, with EagleBank and Greenfield Partners providing financing for the project.
“Just as Akridge and Western did so well at Gallery Place, at Riverpoint we will create a place that brings people to a unique spot in DC – the confluence of the Anacostia and Potomac Rivers—to enjoy great food, listen to music, and relax at the water’s edge,” said Herb Miller, Chairman of Western Development Corporation.
“We are thrilled to partner with Western Development again,” added Matt Klein, President of Akridge. “Riverpoint is an incredible opportunity and we are eager work with such a talented team to build DC’s next great waterfront community there.”
The new project, dubbed Riverpoint, will deliver 80,000 square feet of restaurant and retail space, as well as over 450 apartment and condominium units and waterfront activities with new piers, floating restaurants and the continuation of the Anacostia Riverwalk Trail. Riverpoint will feature three sides of unobstructed water views, and connect the area with the new DC United stadium and other developments along the Capitol Riverfront, including the Ballpark District, and The Wharf. Western Development will lead the development and leasing of the retail and waterfront portions of the project.