In reporting out the imminent involuntary departure of a Mt. Vernon Square institution, Gold Leaf Studios, my colleague Jon Fischer drops some big real estate news this morning: Equity Residential bought 443-451 Eye Street NW at the end of April for $5.1 million, and plans to build apartments * on the site. In addition to the projects currently under construction in the immediate vicinity, and the ones moving through the pipeline, the former warehouse neighborhood is going to be pretty much unrecognizable from what it was five years ago in short order.
I’ve reached out to Equity, a national developer of huge residential projects (including the nearby 425 Mass Apartments), but haven’t yet heard back.
UPDATE, 11:10 a.m. – Equity didn’t return the Washington Business Journal‘s calls when Michael Neibauer first mentioned the sale in June, so we may just have to wait and see.
* Not condos.