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Former JPI Property on Route 1 Finally Sold

Former JPI Development on Route 1

The former JPI Property on Route 1 (located at 9091 Baltimore Avenue) is finally Sold. The property has been left vacant for some time.

On August 31, 2012, Metropolitan Development Group at College Park LLC, an entity of Vienna-based Metropolitan Development Group, purchased the 4.22-acre property at 9091 Baltimore Avenue for $2,075,000, or $11.29 per square foot. The seller in the transaction was Beverly Katz. The entire property is zoned as Mixed-Use-Infill and includes a 3,360 SF vacant building.

The property retains an existing Detailed Site Plan that was approved in May 2007 for 160 units and 41,000 SF of retail. However, the developer is not expected to construct the approved plan and is considering options including townhouses and multifamily apartments with a reduced retail program.

The new owner is working with the City to demolish the vacant building through the Community Legacy grant the City received in early 2012 for strategic demolition along Route 1.

More information on Metropolitan Development Group can be found on their website.

Across the street from 9091 Baltimore Avenue, these properties are currently under contract with Washington, D.C.-based Monument Realty. Combined the properties are 3.78-acres and zoned as Mixed-Use-Infill. The properties also retain an existing Detailed Site Plan that was approved in February 2008 for 200 units and 25,000 SF of retail. While the developer is expected to utilize the approved DSP, it is likely they will request a reduction in the amount of retail space.

More information on Monument Realty can be found on their website.

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