Arnold & Porter Advises FRP Holdings in Development Agreement for 10 Separate Properties
Arnold & Porter recently advised FRP Holdings Inc., a publicly traded real estate developer and the parent of Florida Rock Properties Inc. (FRP), in connection with its agreement with Washington, DC-based developer MidAtlantic Realty Partners (MRP) and landowner Steuart Investment Company (SIC) to develop up to 10 separate properties in the Buzzard Point neighborhood of Washington, DC near Nationals Park and Audi Field, as shown on the aerial photo below.
Under the terms of the agreement, over the next 10 to 15 years, SIC will be given the opportunity to invest in certain properties that are currently owned by FRP and/or joint ventures between FRP and MRP (including the recently constructed luxury residential apartment buildings Dock 79 and Maren), and FRP and MRP will entitle, develop, and invest in certain properties owned by SIC.
Upon completion, the properties involved in this transaction are expected to comprise over three million square feet of mixed-use developments, including 3,000 residential units and 150,000 square feet of retail. The various transactions closed on November 4 and 7, 2022.
The Arnold & Porter team was led by counsel Jon Boswell and also included partner Michael Goodwin, senior counsel Carey Smith, senior associate Matt Kirsch and associate Kelsey Messina.
This transaction was featured in Bisnow and the Washington Business Journal (subscription required).
Photography by Duane Lempke.