Jair Lynch Enters Into Joint Venture with NBL Associates to Redevelop 801 Maine Ave in SW DC
Washington, D.C. – September 23, 2021 – Jair Lynch Real Estate Partners, a leading owner and developer of mixed-use properties and attainable housing in the DC metro area, announced this week a joint venture with NBL Associates L.P., for the redevelopment of 801 Maine Avenue in Southwest Washington, D.C. This asset is Jair Lynch’s fourth deal to close in in the last 18 months and comes directly on the heels of the firm’s closing of Phoenix Apartments, an attainable housing community in Bladensburg, Maryland, in September 2021.
The property sits adjacent to the vibrant, bustling entertainment center of the Wharf, D.C.’s premier waterfront entertainment destination. It resides within the broader Southwest/Navy Yard market, which encompasses the Wharf, Southwest Waterfront, Waterfront Station, Buzzard Point, the Yards, Capital Riverfront, and Navy Yard neighborhoods. The redevelopment of [801 Maine Avenue SW] will join Jair Lynch’s portfolio of several successful development projects within Ward 6 including the Kelvin and eNvy, located in the District’s Navy Yard across from Nationals Park. The Kelvin is currently over 95% leased and recently announced the welcoming of new retail tenants including Swingers, Silver Diner, Tom’s Watch Bar, Tropical Smoothie Café, and F45 Training, among others.
“This is our fourth development project in Ward 6, and we’re extremely excited to continue investing in this burgeoning neighborhood and community,” Ruth Hoang, Jair Lynch’s Vice President of Development, noted. “We are working with our neighbors in ANC 6D to gather their input for the framework of this project while we’re in the very early concept stages of development, and we’re looking forward to continuing to work with the ANC & other community members throughout the entitlement process.” The joint venture is considering a Map Amendment or Planned Unit Development approach to the rezoning for a MU-10 designation, consistent with the Comprehensive Plan.
While development plans are in the early concept stages, Jair Lynch envisions the development of a new mixed-use Class A apartment project with affordable housing to include approximately 530 rental units along with 6,000 square feet of prime retail space fronting Maine Avenue and 9th Street. Early plans contemplate ample parking by underground garage and nearly 13,000 square feet of amenity space. Green building design to a LEED Gold standard and public art are planned for the development.
Originally built in 1986, the property, which is currently improved with a 4-story office building, was previously leased to the United States Department of Agriculture (“USDA”) through early 2020 and is currently vacant. Jair Lynch Real Estate Partners acquired a controlling interest in the property owning entity, NBL Associates L.P. NBL Associates, L.P. was owned and controlled by Michele Hagans and Marvin Lang, who acquired the property from the District in 1982, developed the current office building, and have owned and operated it ever since. Guardian Realty Management, Inc., an affiliate, continues to manage the property. NBL Associates will retain minority ownership in the property/joint venture.
“We’re excited to partner with Jair Lynch and watch the evolution of this great site in the coming years” said Marvin R. Lang, Chairman of Guardian Realty Investors, LLC. “With nearly unobstructed views from every direction and a prime location directly adjacent to the vibrancy of the Wharf, we’re eager to watch a new vision come to life on this corner of 9th Street SW and Maine Avenue SW.”
Greenwich Group International acted as investment banker to NBL Associates, LP for this transaction.
Jair Lynch continues to seek new acquisitions across all asset classes, including office, mixed-use, and land, and is on track to invest over $500 million in secured assets in the coming months.
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About Jair Lynch Real Estate Partners
Jair Lynch Real Estate Partners is a leading real estate investment and development firm in the metropolitan DC market that specializes in the thoughtful transformation of walkable urban places. Founded in 1998, Jair Lynch has acquired, developed, and operated a portfolio of residential, commercial, and neighborhood assets that contribute to the company’s mission of creating extraordinary places. The firm has developed over 5.4 million square feet of real estate projects, currently has $1.6 billion of assets under management, and has a controlled pipeline of 3.7 million square feet valued at more than $1.6 billion. Visit www.jairlynch.com to learn more.
About NBL Associates L.P.
NBL Associates, L.P., a partnership between Michele Hagans, President of Ft. Lincoln New Town Corp and Marvin R. Lang, Chairman of Guardian Realty Investors, LLC, has owned the property for almost forty years.
Fort Lincoln New Town Corp and Michele Hagans have actively invested in the Washington DC real estate market for over 40 years, including office, retail, and apartments.
Guardian Realty owns and manages over 2,000,000 sq. ft of office properties including the property on behalf of NBL Associates, LP. For more than 50 years, Guardian Realty, a fully integrated real estate investment company that develops, redevelops, acquires, manages, operates, and owns a portfolio of A-/B+ commercial office properties, has been known for its in-house management expertise and responsiveness to tenants’ needs. The Firm’s success is based on its integrated companies which provide on-site management, comprehensive cost controls, tenant servicing, and retention, with the proven experience to seamlessly acquire and develop core +, suburban, and value-add properties. Visit Guardian Realty at www.guardianrealty.com.