A District entrepreneur known for his streaming service has recently expanded into real estate development.
Ivan Jose Cloyd, who owns and manages the District-based Quadrant which provides opportunities for people and institutions to stream their activities, has made contacts to develop properties in Ward 7 and sent out feelers for a major development opportunity in central Prince George’s County.
Cloyd, who resides in the Congress Heights neighborhood of Ward 8, said getting into real estate development isn’t just about making money.
“Many developers buy properties with the goal of doing one thing: make money,” he said. “That is not what I want to do. I want to help the community and stop people from losing their homes and being displaced.”
Cloyd already plays a role in the former Fletcher-Johnson Middle School and Recreation Center development project in Southeast. Fletcher-Johnson, to be known as Fletcher-Johnson at the Park, will consist of 817 units of rental and for-sale housing in the form of condos, multi-family rental apartments and affordable senior-assisted living units. Cloyd said he will own a business condo that could serve as a space for film and entertainment content. Some of Quadrant’s operations will work out of the Fletcher-Johnson condo, he said.
Further west on Benning Road., N.E. from Fletcher-Johnson, Cloyd and a group of partners are actively seeking to purchase the property on the 3900 block. A convenience store and recently, a 7-11 outlet, used to occupy the 3900 block, which sits at the intersection of Benning Road and Minnesota Avenue., N.E. Documents obtained by the Informer reveal that Mossad Chughtai, the owner of Shop E Inc., owns the 3900 block.
“I found out through a friend that the owner of 3900 wanted to do something with that property,” Cloyd said. “So, I got in touch with him. I had a lot of conversations with the owner, who lives in Northern Virginia. He wants to stay involved in the east of the river communities where he owns properties and I agreed to help him do that.”
Cloyd spoke with leaders of the advisory neighborhood commission 7F and has gotten their support to build on the property. He envisions a six-floor building with 50 condo units and space for retail. Cloyd said an undisclosed retail tenant has expressed being an anchor for the project and while he didn’t say who, he did say “they could be considered the best coffee chain in the world.”
In Prince George’s County, Cloyd has expressed interest in building housing, among other amenities, along the Central Avenue corridor between the Capitol Heights Metro Station and the Addison Road-Seat Pleasant Metro Station. Prince George’s County Executive Angela Alsobrooks and Maryland Gov. Larry Hogan announced in April a $400 million economic development package to make the Blue Line corridor area a major hub for businesses, education and the arts.
Cloyd would like to develop 25 Yacht Place in Capitol Heights, into a residential and retail development. Cloyd’s 25 Yacht Place location would be less than a block away from the Central Avenue corridor and less than a mile from both Metro stations. He has also contacted the development company, NAIMichael based in Lanham, regarding the Metro City project. Metro City sits a few blocks south of the Addison Road-Seat Pleasant Metro Station on Addison Road and encompasses more than 38 acres. The plan includes a mixed-used development with retail and residential units.
Metro City exists in a federally qualified opportunity zone and Cloyd believes the designation will give him some leverage in pursuing the property.
“The county is asking for developers for these projects,” Cloyd said. “This is something we will pursue. This is a no-brainer. People will be able to walk or bike to Metro.”