Washington Business Journal reported recently that Mid-City Financial successfully completed its $14.1 million purchase of Brentwood Village Shopping Center.
By completing this purchase, Mid-City can now move forward with the redevelopment of both the Brookland Manor (which they have owned since 1977) and the shopping center. These two properties will be combined to form around of 20 acres of residential, retail, and parking. The residential includes 380 units of affordable housing for those earning below 50 percent of the median local income. A detailed breakdown includes:
- 1,760 residential units,
- 181,000 square feet of retail and
- 1,590 parking spaces.
All leases at Brentwood Village have been terminated and the shopping center is expected to be vacant by June 30. Mid-City has worked with tenants and local brokers to help them find new space. Michael Meers, Mid-City’s executive vice president has said that about half of the tenants have found “a good option”.
For more details and a slideshow of the proposed development, be sure to check out the Washington Business Journal story.