Cushman & Wakefield is selling one of the largest approved development sites in the District. Parcel 12 at the Parkside project at Minnesota Ave. METRO is up for sale by the group on behalf of CityInterests.
This portion of Parkside is the highest density area and is the portion closest to the METRO. The plan includes four buildings with 1.8 million square feet and frontage along Route 295. A walking bridge is planned to connect the project to the Minnesota Avenue METRO station. Overall, the project is a half mile north of where 295 meetings up with Benning Road.
A major selling point for the site are tax benefits from its location in a recognized opportunity zone and the ability to use opportunity zone financing for parts of the development. The site already contains over 300 finished townhomes, a 98 unit senior living center, and a 186 unit affordable apartment building. Other pieces of the overall site have various plans in place. Parcel 12 is the last remaining prime piece and current owners want to see it go to “good hands” that will put it to maximum use.
Projected uses for Parcel 12 are focused on this component’s flexibility to serve as office, hotel, retail, multifamily or a mixture of uses. Office space in the approved plan is designed to target federal government tenants.