The Union Market area’s Market Terminal project, a gigantic apartment, office & retail project with over 1.25 million square feet of space, took a big step closer to reality. Several transactions, including a $56.5 million acquisition of a crucial warehouse site, closed in January.

The warehouse, a 98,000 sq. ft. building at 300 Morse Street, NE, was under ownership by multiple market owners. An affiliate of San Francisco’s Carmel Partners partnered with McLean-based Kettler to acquire the site, believed to be the largest transaction to date in the Union Market area.

Other sites included in the Market Terminal plan include 325 & 350 Morse Street, NE, also recently firmed up.

Market Terminal is approved for 1,100 multifamily units, 52,000 sq. ft. of retail, an office building and a hotel. The project will be made up of four buildings.

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