One of the largest land deals along Arthur Ashe Boulevard in recent memory is in the works, and a big apartment project is planned for the site.
Five parcels totaling 3.3 acres at 1117-1209 N. Arthur Ashe Blvd. are under contract to be sold, according to a listing on real estate tracking firm CoStar and multiple sources familiar with the deal.
A zoning confirmation letter filed with the city last week for three of those five properties states that the parcels are “set to be demolished to make way for a large-scale apartment community.”
Details regarding the prospective buyer’s identity and exact scale of the project were not included in the letter.
The parcels — 1117, 1119, 1203, 1207 and 1209 N. Arthur Ashe Blvd. — are owned by entities tied to local real estate investor and landlord Ed Lacy.
The northern-most building at 1207 N. Arthur Ashe Blvd. is occupied by furniture rental firm Cort and video production studio Tilt Creative, while 1119 N. Arthur Ashe Blvd. is leased to Buz and Ned’s Real Barbecue. The others at 1117, 1203 and 1209 N. Arthur Ashe Blvd. are vacant.
Lacy has owned 1117, 1119 and 1209 N. Arthur Ashe Blvd. for decades, and added 1207 N. Arthur Ashe Blvd. in 2004 for $535,000. His most recent deal on the boulevard was in 2015, when he bought the old Car Pool building at 1203 N. Arthur Ashe Blvd. for $1 million.
Reached last week, Buz Grossberg, owner of Buz and Ned’s, said he’d need to look for a new location in the area if any deal comes to fruition.
Two other zoning letters were filed for 1207 and 1209 N. Arthur Ashe Blvd., but those letters don’t include any mention of demolition plans.
The properties are all zoned TOD-1 Transit-Oriented Nodal District and were most recently assessed by the city at a combined $9 million. If the deal closes, it would likely be the largest price tag for land in the Scott’s Addition area in recent years.
Just to the south of Lacy’s land, Maryland-based developer Outlier Realty Capital is planning a six-story co-housing project at 1101 N. Arthur Ashe Blvd. Outlier secured a special-use permit for the project last year and purchased the 0.3-acre site for $1.22 million earlier this year, but work is not yet underway.
To the north of Lacy’s land is the Bow Tie Partners-owned acreage at 2700 W. Leigh St. After The Cordish Cos.’ bid to develop it into a resort casino, Bow Tie recently said that they’re still exploring developing the land themselves.
BizSense editor Michael Schwartz contributed to this report.