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These projects will come from four parcels of land owned by SIC, phases III and IV of The Company’s Riverfront on the Anacostia Development, the site currently leased to Vulcan Materials in Buzzard Point, and the existing mixed use multifamily/retail assets (Dock 79, The Maren, and The Verge) owned by The Company and MRP in the Capitol Riverfront and Buzzard Point submarkets. Upon completion and stabilization, these projects will comprise over 3 million square feet of mixed-use development including 3,000 residential units and 150,000 square feet of retail

FRP Holdings, Inc. Announces Agreement With Steuart Investment Company and MRP Realty

FRP Holdings, Inc. (NASDAQ: FRPH) has executed an agreement with Steuart Investment Company (SIC) and MidAtlantic Realty Partners (MRP) for the development of up to ten mixed-use projects in the Capitol Riverfront and Buzzard Point submarkets of Washington, DC

By FRP Holdings, Inc.
Published - Nov 08, 2022, 10:44 AM ET
Last Updated - Mar 20, 2024, 02:55 PM EDT

JACKSONVILLE, Fla., Nov. 08, 2022 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ: FRPH) has executed an agreement with Steuart Investment Company (SIC) and MidAtlantic Realty Partners (MRP) for the development of up to ten mixed-use projects in the Capitol Riverfront and Buzzard Point submarkets of Washington, DC. These projects will come from four parcels of land owned by SIC, phases III and IV of The Company’s Riverfront on the Anacostia Development, the site currently leased to Vulcan Materials in Buzzard Point, and the existing mixed use multifamily/retail assets (Dock 79, The Maren, and The Verge) owned by The Company and MRP in the Capitol Riverfront and Buzzard Point submarkets. Upon completion and stabilization, these projects will comprise over 3 million square feet of mixed-use development including 3,000 residential units and 150,000 square feet of retail.

Under the terms of the agreement:

  • SIC will purchase a share in a tenancy in common of 20% of ownership in Dock 79 and the Maren for $65.3 million, $44.50 million of which is attributable to The Company. Net of the portion of the mortgage assumed by SIC, FRP’s gross proceeds of the sale will be $19.95 million
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