ALEXANDRIA, VA--(Marketwired - Sep 26, 2013) - Wood Partners has begun construction on Station 650 -- a mixed-use development of 183 luxury apartments and approximately 2,500 square feet of retail space in the Potomac Yard neighborhood, which straddles southeastern Arlington County and northern Alexandria, Va. The $50+ million project, situated at the southern end of the 167-acre master-planned Potomac Yard redevelopment, is expected to be open for leasing in early 2015.
"This is an ideal location for luxury apartments," says Scott Zimmerly, director of the Mid-Atlantic region for Wood Partners. "Alexandria boasts solid economic indicators and a population that is among the most highly-educated and affluent in the nation."
The wood-frame building, designed by KTGY Group and built by Clark Builders Group, will include 10 loft units with park views and eight affordable dwelling units as well as one- and two-bedroom market rate apartments. Luxury finishes will include granite countertops, stainless steel appliances, vinyl plank flooring, and full-size washers and dryers. Residents will have access to an on-site club room, fitness center and game room, as well as a dog wash station and a bicycle workshop on the first floor with direct access from outside the building. Courtyard amenities will include a fire pit, a demonstration kitchen with bar, multiple grilling and seating areas and a reflecting pool with movie/water wall. The five-story building will include 239 covered parking spaces on the first floor and underground.
Originally one of the busiest rail yards on the East Coast, Potomac Yard has extensive frontage on Jefferson Davis Highway (U.S. Route 1) to the west and is bounded to the east by the George Washington Memorial Parkway. The site is located less than one mile in either direction from two Metro stations and offers easy access to employers, shopping and recreation in Old Town Alexandria, Arlington's Rosslyn-Ballston Corridor and downtown Washington, DC. Ronald Reagan Washington National Airport (DCA) is just 2.5 miles away via Route 1 or the GW Parkway.
Currently under construction, the new Route 1 Bus Rapid Transit line is nearly complete and expected to open in the spring of 2014. When finished, this dedicated two-lane transit way -- which will include a stop directly in front of the site -- will connect the Pentagon City Metro station to the Braddock Road Metro station.
This new development is just 2.5 miles from the U.S. Patent & Trademark Office, Alexandria's largest employer, and just four Metro stops from The Pentagon. Potomac Yard Center, which offers nearly 600,000 square feet of major retail shopping, dining and entertainment, is less than one mile away on Route 1. The regional recent shopping center was recently approved for redevelopment to include 7.5 million square feet of office, retail and residential uses.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It was ranked the nation's No. 2 multifamily developer in 2012 based on 5,100 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 47,000 homes with a combined value of more than $7.0 billion nationwide. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach, Boston, Charlotte, Dallas, Denver, Houston, New York, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website www.woodpartners.com.