Cotton Annex, primed for a massive residential conversion, sells
By Tristan Navera
Washington Business Journal
July 12, 2021
“A California company appears to have acquired the U.S. Department of Agriculture's historic Cotton Annex building just as it is being primed for a major redevelopment.
Douglas Development Corp. sold the building at 300 12th St. SW to San Fransisco-based Carmel Partners Inc. for $45 million, according to a deed recorded Monday. Earlier this year, the U.S. Commission on Fine Arts approved plans to convert the 120,000-square-foot building into 615 residential units, 1,300 square feet of retail and 93 below-grade parking spaces.
Douglas Principal Norman Jemal didn't immediately respond to a request for comment, nor did Lee Bloch and Jacob Rosenberg, the listed leaders of Carmel's D.C. office. It's unclear if the two companies are going in together on the property, which sits a block from the National Mall, or if Douglas is divesting entirely…”
https://www.bizjournals.com/washingt...ent-sells.html