- The Washington Times - Wednesday, June 14, 2006

The Alexandria City Council Saturday will consider a petition by Lane Development to build a $95 million residential complex in the rapidly growing area west of Old Town Alexandria near the Eisenhower Metro station.

Lane Development has been one of the area’s most active developers.

“We’ve already received a recommendation of approval from the Alexandria Planning and Zoning Commission,” said Jonathan Rak, an attorney representing Lane Development in negotiations with the city.

The 485-unit residential complex also is getting support from the local business community.

“Our board voted to send a letter of support to the planning commissioners,” said Janet Gregor, executive director of the Eisenhower Partnership, a 12-year-old public-private venture that promotes economic development in the Eisenhower Valley, which runs west of Old Town Alexandria to the border with Fairfax County.

“We liked several things about it,” Miss Gregor said. “It’s close to the Metro, and the city is supporting increased density near Metro stops. It’s a mix of condo and rental. We like the design of the building. It’s a very striking-looking building.”

The 474,000-square-foot development is designed to have towers of 20 and 24 stories. Retail space is included for the ground-level area. Some of the units are to be sold as affordable housing for middle-income households.

Construction is tentatively set to begin later this year and be completed in 2 years if the City Council votes to approve the project.

The complex would be near other Lane Development properties, such as the former headquarters of the American Trucking Association. The company plans to tear down the association’s building and replace it with a 600,000-square-foot office property.

Other Lane Development properties nearby are a 140,000-square-foot office complex and a planned $50 million, 175,000-square-foot office and retail project.

A new National Association of Realtors report this week says Northern Virginia is one of the nation’s best commercial real estate markets, despite the downturn in other cities. Developers invested $1.3 billion in Northern Virginia’s retail market last year, the report said.

In other news …

The Anacostia Waterfront Corp. this week narrowed the list of developers to five candidates for the contract to redevelop the 47-acre Southwest waterfront.

Seventeen development teams submitted proposals in March to the city-sponsored economic development corporation.

The five surviving teams are EastBanc/LNR Waterfront Partners, Madison/KSI Waterfront Partners, PN Hoffman/Streuver Brothers Eccles & Rouse, SW Waterfront LLC (JBG) and the John Buck Co.

Each team was required to demonstrate experience with “large-scale, mixed-use, retail, residential and public/private development,” the Anacostia Waterfront Corp. said.

Kurt Ivey, spokesman for Madison Marquette Co., a real estate developer that is part of one of the five remaining teams, said his company’s ideas for redeveloping the waterfront are similar to other projects it has worked on.

“This is not unlike our strategy across the country,” Mr. Ivey said.

A final selection is planned for later this summer.

• Property Lines runs on Thursdays. Call Tom Ramstack at 202/636-3180 or e-mail [email protected]

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