Metro’s board of directors has approved the sale of property near the Shaw-U Street station for $9.4 million to the developer also in charge of the massive Twinbrook redevelopment project in Rockville. On Thursday, the board approved the deal with Chevy Chase-based JBG Cos. that includes three parcels on Florida Avenue Northwest.
Metro has been trying to dump the land, which totals less than a half-acre, for nearly four years. Banneker Ventures responded to a Metro request for proposals in 2007 and was awarded the project the following year. Banneker had been awarded numerous projects worth tens of millions of dollars by then-Mayor Adrian Fenty’s office despite its perceived lack of development experience. After more than two years of zero progress, the transit agency dropped Banneker and tried selling the land again in September 2010. It received three proposals, including one offering $11.5 million, but none met all the requirements of the solicitation.
Finally in 2011, the third time proved to be a charm. JBG and Comstock Cos. responded to a Metro request on Florida Avenue and the former company offered the higher price and better proposal, according to Metro.
Earlier this year, JBG and a partner sold a majority interest in a development it built near the White Flint Metro station for $200 million.
In December the developer struck a new deal with Metro for property at Twinbrook after telling the agency it couldn’t move forward with the stalled development without a renegotiated price for the land at the station. The company said the recession and financing had hindered its ability to move forward, according to Metro.
