January 15, 2019
Washington – Perseus TDC today announces it has completed construction on Penn 11, a mixed-use project comprising 34 condominium units and ground-floor retail, where the famous Frager’s Hardware will return to business after a devastating fire destroyed the local icon in June 2013.
“We are honored to deliver a world-class property that Frager’s Hardware and Capitol Hill families can call home for years to come,” said Bob Cohen, President of Perseus TDC. “We designed larger units to meet the needs of families and retirees who expect high-quality living space, elevated service amenities, and easy access to a variety of entertainment, dining and shopping.”
Located at 1101 Pennsylvania Ave. SE, the project is 1 mile from the U.S. Capitol and surrounded by national landmarks, fine dining and high-end retail. The community offers a rooftop terrace with a grilling area and spectacular views of the U.S. Capitol and Washington Monument, concierge services, and bicycle storage. With one-, two- and three-bedroom units ranging from 700 to 2,000 square feet, the residences feature hardwood flooring, marble quartz countertops, premium appliances, modern crown molding, rolling window shades, built-in wardrobes, and outdoor terraces with grills.
The project includes 13,500 square feet of ground-floor and subterranean retail space. Frager’s Hardware, which will celebrate its 100th anniversary in 2020, has signed a 25-year lease to occupy 6,000 square feet of that space. JLL’s Andy Corno is providing leasing services for the remaining space, which will include Emilie’s, a signature restaurant by Kevin Tien.
Originally opened in 1920, Frager’s Hardware was destroyed in June 2013 by a four-alarm fire that officials said was sparked by a cigarette butt. It took 200 firefighters over five hours to extinguish the blaze.
“Residents in the neighborhood have been waiting for an opportunity to bring Frager’s back, and we are extremely proud to be a part of a new era for this neighborhood icon,” added Cohen.
Partners on Penn 11 include:
- Westbrook Partners as equity partner
- Hickok Cole as the architect
- Grunley Construction as the general contractor
- McWilliams Ballard as the condominium sales agent
- Javelin19 as the development partner
ABOUT PERSEUS TDC
Perseus TDC, an affiliate of Transwestern Development Co., invests alongside its financial partners in well-located Washington, D.C., metro area properties, adding value through skilled entitlement planning, design, risk management and operations. The firm draws upon its principals’ expertise in developing office, hospitality, multifamily, retail and mixed-use real estate, refined through decades of experience. Based in Washington, D.C., Perseus TDC wields the capabilities of a national firm with the dexterity of a local developer. Visit perseustdc.com for more information.
Media Contact:
Stefanie Lewis
713.272.1266
stefanie.lewis@transwestern.com
twmediarelations@transwestern.com