1101-1109 Q Street NW
More residential development is on the boards for Logan Circle.
Madison Investments recently closed on 1101-1109 Q Street NW (map) where it plans to construct a 15-unit luxury condominium development, UrbanTurf has learned. The firm purchased the three-building parcel in early January for $3.5 million in a competitive bidding scenario with 24 other offers.
“The property ultimately sold 16.7 percent above list price in large part because we had so many written offers from all types of investors and developers, which is emblematic of the colossal demand in the neighborhood,” said Grant Fitzgerald of Marcus & Millichap, which represented the seller.
The new matter-of-right development will consist of 15 large two-bedroom, two-bath luxury units, Madison Investments Barry Madani tells UrbanTurf. The development, which will be marketed by McWilliams|Ballard and designed by ADG+G Architects, could start construction by this spring. The development plans will be presented to ANC 2F in the coming weeks.
The new development will be Madison Investments third project in the Logan Circle area. Elysium Fourteen, a 56-unit apartment project on 14th Street, started leasing last year, and Elysium Logan, a 32-unit luxury condo development on Rhode Island Avenue will start sales in the coming months.
- Seven-Story Residential Project Planned For Barrel House Location in Logan Circle
- Logan Circle Market on Cruise Control as Median Prices Approach $700,000
This article originally published at http://dc.urbanturf.com/articles/blog/15-unit_luxury_condo_project_planned_in_logan_circle/12029
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