Maedwell Companies, one of the District’s fastest growing developers, owners, operators and asset managers of real estate, today announced the acquisition of a single family parcel in the burgeoning Shaw neighborhood.
The development site, which was acquired in a single transaction, consists of a full parcel in the booming 6th street corridor.
The purchase, along with the ability to purchase the adjacent parcel’s development rights, offers Maedwell the rare opportunity to develop and construct a 6,000 square foot condo tower in the heart of DC’s expanded Shaw neighborhood and business district. While the new development could include a wide range of uses, the site’s location and configuration are ideally suited to support condo development.
“For several years, Maedwell has been one of the most active ground-up developers and investors in the surrounding neighborhood, with projects currently being constructed or in the pipeline,” said Maedwell CEO Syga Thomas. “We are very bullish on DC and Shaw, and found this to be the perfect time, development site and opportunity to participate in establishing Shaw as the DC’s next great residential district and neighborhood.”
Financial terms were not disclosed.
About Maedwell Companies
Maedwell is one of the fastest growing developers, owners, operators, and asset managers of real estate in the Metropolitan Area. Active across DC and Virginia, Maedwell is relied upon by many families and businesses to meet their space needs. As of September 30, 2013, the firm had acquired, developed and/or managed a portfolio of approximately 15 thousand sq. ft. with a total value of approximately USD $6.2 million since its founding in 2007.