- The Washington Times - Wednesday, December 6, 2006

The Waterview complex of offices, condos, hotels and retail outlets in Rosslyn begins sales in January of units in its second tower, a project that is updating the Virginia skyline from its 1960s low-rise buildings.

The 300-foot-high Waterview buildings cover a million square feet alongside the Key Bridge, overlooking the Potomac River and the monuments along the Mall.

Local economic development officials have been trying to attract projects like the Waterview in their bid to redevelop their downtown into what they call the “New Rosslyn.”

The developer, Washington-based JBG Companies, has identified Rosslyn as a fast-growth market for new mixed-use buildings.

“This is the second building of what I hope will be many to redevelop the Rosslyn submarket,” Brian Coulter, JBG spokesman, said about the Waterview.

The second tower is a residential and hotel building, with the bottom 12 floors to be used for a 155-room hotel and the top 17 floors for 136 condominiums. Condo residents would be able to use the hotel amenities.

A fourth-floor terrace that overlooks the Potomac joins the two buildings.

The company is nearly finished with its proposal for another mixed-use complex called Central Place, that would combine office, residential and retail space in two buildings at 19th Street and Wilson Boulevard in Rosslyn.

It already redeveloped and owns an office tower that was completed three years ago at 1801 N. Lynn St., about two blocks from the Rosslyn Metro station and across the street from the Waterview.

Developers Clover Cos. and Monday Properties are working on other mixed-use buildings in Rosslyn near the Metro.

Unlike the older buildings they are replacing, JBG’s new buildings are designed as small “live, work, play” communities.

The Waterview, for example, is being built on the site of three small office buildings.

“Most of those buildings were originally built in the ‘60s and ‘70s and many have aged,” said Kathleen Webb, a JBG principal. “The cycle has come around when it’s time for them to be redeveloped.”

JBG has not yet set prices for the condominiums.

“They are luxury condominiums and they will be priced accordingly,” Ms. Webb said.

In other news …

The D.C. Council’s preliminary approval this week to redevelop the Capital City Market clears the way to convert the 24-acre industrial area near the New York Avenue Metro station into a residential town center called New Town. Landowner and prime developer Sang Oh Choi said the $1.2 billion project would put 1,450 residential units, retail stores, a hotel, offices, a YMCA and an amphitheater in an area now used mostly by food wholesalers to the District’s restaurants and small groceries. The developers plan to set aside 20 percent of the residences as affordable housing for moderate-income purchasers and build warehouses to avoid pushing out merchants who work there now.

The west escalator entrance of the Georgia Avenue-Petworth Metro station is scheduled to close on Monday for two years to make way for construction of the Park Place condominium project.

Donatelli Development has designed the six-story building to offer 156 residences, ground-floor retail stores and underground parking. Prices for the condos are planned to start at $320,000 for a one-bedroom unit and $480,000 for two bedrooms. The project is scheduled for completion in mid-2008.

Property Lines runs on Thursdays. Call Tom Ramstack at 202/636-3180 or e-mail tramstack@washingtontimes.com.

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