Acquisition and Future Redevelopment to Play Key Role in The Urban Regeneration of H Street, NE
WASHINGTON, D.C., (October 19, 2011) JAIR LYNCH Development Partners (JAIR LYNCH) today announced that it has purchased H Street Plaza, the 600 block fronting on the south side of H Street, NE. The 190,000 square foot office complex site is home to multiple agencies within the District of Columbia. There exists a fully entitled master plan to redevelop the property to a mixed-use community with the introduction of street level retail, a new residential component and the continued use of the existing office buildings at 609 & 645 H Street, NE at the heart of the emerging H Street Corridor District.
“The emergence of the H Street Corridor redevelopment is an important step in reconnecting this part of the District to its vibrant commercial history,” said Jair K. Lynch, company president. “JAIR LYNCH is proud to invest in this transforming neighborhood and envisions building on the important work of the District and neighborhood stakeholders to create a great sense of place. We plan to continue its revitalization with the redevelopment of H Street Plaza in order to craft a new destination point for the Corridor at our site.”
JAIR LYNCH plans to maintain the two larger buildings as office space and develop over 240 residential units on the parking lot over 30,000 square feet of new street level retail with 440 structured parking spaces.
The District of Columbia has long been a proponent of H Street’s economic development through its office presence at 609-645 H Street, NE and the adoption of the H Street Corridor Revitalization Plan in 2004. More recent investments include the Great Streets infrastructure initiative and Streetcar program. As the newest private sector investor on the largest redevelopment siteon H Street, JAIR LYNCH looks to play a key role in the revival by complementing the ongoing public investments in the Corridor.
JAIR LYNCH Development Partners is investing in H Street Plaza through a joint venture with MacFarlane Partners, a real estate investment management firm that specializes in properties that promote placemaking through smart growth, urban revitalization and sustainability. The venture is dedicated to acquiring and/or developing urban infill projects of $10 to $60 million in the greater Washington D.C. area, including for-sale and for-lease multifamily housing, mixed-use commercial space and select service hotels. Targeted investment types are value-add, opportunistic and ground-up development. The business plan is backed by a fully committed $120 million equity fund that is projected to leverage over $350 million in investment activity.
About JAIR LYNCH Development Partners
JAIR LYNCH Development Partners is an urban regeneration company that specializes in the responsible transformation of urban markets. The firm combines social responsibility with thoughtful economic development on a long term basis, towards a goal of creating lasting impact and extraordinary neighborhoods. JAIR LYNCH is committed to empowering people, developing place and creating prosperity for everyone. Since it was founded in 1998, JAIR LYNCH has completed a development portfolio valued at nearly $370 million. This includes over 1.65 million square feet of residential, commercial and institutional developments including the first certified LEED® Silver and Gold municipal facilities as well as the first LEED® Neighborhood Development condominium in the District of Columbia.