Thursday, September 1, 2011

Is something happening at Murry's? New development coming to 600 blk H Street?

A reader asks about the 600 block of H Street property that currently houses a Murry's Food Store and if/when something will happen there. 

Here's what we know.  In July, the property owners (who own the large lot beginning at the NE corner of 6th & H that runs east up until the H Street Storage building) obtained permits to drill five soil borings to confirm soil strength down to a maximum of 80 feet or until auger refusal.  We've not spoken with the owners, but they obtained ownership of the near city block long property a year and a half ago for $3.4 million.  The property's current assessed value is $6.3 million.  We're uncertain of the terms of the Murry's lease, but it seems increasingly likely that the owners will seek to redevelop the property in the near future.   It is zoned C-2-B, which allows matter of right medium density development at up to 3.5 FAR for residential use, with height of up to 65 feet. 

The property across the street is already slated for redevelopment with a residential building with ground floor retail planned to fill the space between the two office buildings.  Perhaps in a few years both sides of that block will have new residential buildings replacing parking lots?

1 comment:

  1. Murry's lease is up this year and they are evaluating whether or not to renew. The property recently went under contract for over double the appraised value.