FRP Holdings announces development pact with Steuart Investment Company and MRP

FRP Holdings announced it has executed an agreement with Steuart Investment Company and MidAtlantic Realty Partners, or MRP, for the development of up to ten mixed-use projects in the Capitol Riverfront and Buzzard Point submarkets of Washington, DC. These projects will come from four parcels of land owned by SIC, phases III and IV of the company’s Riverfront on the Anacostia Development, the site currently leased to Vulcan Materials in Buzzard Point, and the existing mixed use multifamily/retail assets owned by the company and MRP in the Capitol Riverfront and Buzzard Point submarkets. Upon completion and stabilization, these projects will comprise over 3 million square feet of mixed-use development including 3,000 residential units and 150,000 square feet of retail. "This is a unique opportunity to expand upon our existing footprint in one of the best markets in the world. When the dust settles on these projects, this partnership will control nearly every asset visible to the naked eye as you drive into our nation’s Capital from the south. It has the potential to be something really special," said John Baker II, CEO and Chairman of FRP Holdings.