WASHINGTON, Oct. 19, 2016 /PRNewswire/ -- DBT Development announced today that it has partnered with Red Ace LLC to purchase and develop the property located at 37 L Street, SE, Washington, DC. The partnership, Red Ace-DBT LLC, intends to develop one of the first condominium buildings in the Capitol Riverfront neighborhood on the property.
The site, centrally located to Nationals Park, Capitol Hill and the Southwest Waterfront, will serve a growing professional community. The partnership has selected an architect and expects the property to open in early 2019. The purchase was finalized in July with financing from Eagle Bank.
"The Capitol Riverfront neighborhood is one of the most exciting locations in DC because it provides its residents with easy access to nature, entertainment, nightlife and transportation," said DBT Development CEO David Tolson. "We are excited to break ground in the coming months and develop one of the first luxury condominiums in the neighborhood."
Red Ace-DBT has selected Bonstra Haresign Architects, following a RFP process, to design the building. Bonstra Haresign is an award winning architecture firm based in Washington, D.C.
The partnership expects to request proposals from general contractors in early 2017 and begin construction in the summer of 2017 with occupancy expected by 2019.
The L Street development marks a continuation of DBT Development's success, which has been operating in DC since 1990. In the past year, the company has developed the city's largest DMV Service Center at Benning Ridge, SE and The Maryland Condominiums in NE as part of a partnership with Valor Development.
DBT-Development Group, LLC is a Washington, D.C. based real estate development company. The company has created luxurious and comfortable living and working spaces in the Nation's Capitol for 26 years. Those projects include The Maryland Condominiums, located at 1350 Maryland Ave. N.E.; Longfellow Flats, at 1352 Longfellow Street, N.W.; and, the Condominiums at 1206 10th Street, N.W. More information can be found at: http://dbtdevelopment.com
SOURCE DBT Development