WASHINGTON (AP) — An ambitious development plan for Washington’s New York Avenue that fell victim to the real estate bubble could see new life after a foreclosure.
In 2007, the old Hecht’s warehouse was purchased by Patriot Equities of Wayne, Pa. for $78.5 million. The company announced plans to turn the six-story art deco building into a shopping center with big box stores. But the plans never took off amid economic collapse.
Now Washington-based Douglas Development says it’s acquiring the property through foreclosure. Norman Jemal, a principal at the family-run firm, tells The Washington Post they purchased the Patriot Equities loan for less than $20 million. Jemal says the lower price will make development easier.
Douglas Development is considering a warehouse distribution space at the site or possibly apartments with streetfront retail.
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