Tuesday, January 09, 2007

Arlington’s North Tract Project Back on Track


After months of appearing to be called off, Arlington officials have now announced that the county has reached a preliminary deal with Washington-based Monument Realty to swap and obtain the land necessary for it to move forward with its North Tract project, a world-class athletic and aquatic facility along the Potomac River south of the 14th Street Bridge and north of Crystal City. Under this agreement, Arlington County would receive from Monument the final seven (of the total 30) acres needed for its project. In return, Monument will gain a 5-acres site at the south end near Crystal City. Originally, the county was to also receive $25 million as part of the swap, but this arrangement was terminated by Monument last September. The recently announced new deal leaves out the monetary payment from Monument, which plans to build a 685,000-sf, mixed-use residential and office complex on its new site. As for the North Tract project, Arlington County expects to begin the first phase of the complex in late 2008.

0 comments:

 

DCmud - The Urban Real Estate Digest of Washington DC Copyright © 2008 Black Brown Pop Template by Ipiet's Blogger Template