Monday, April 13, 2009

Archstone Ponders More Residential for National Gateway


Of all the large-scale projects in development at the National Gateway, Archstone-Smith's "luxury residential towers" in Potomac Yard has been the least talked about - despite the 1.5 million square feet of LEED certified office space currently going up in the same neighborhood. Now the developer is seeking an "extension of time to...submit a building permit for two land bays and park concept design plan" from the Arlington County Board at their April 25th meeting.Archstone acquired a large swath of the Meridian Group’s National Gateway project for an undisclosed sum in May 2007 with the intent of bringing 691 residential units to the site. But Archstone has yet to move soil in their 135,402 square foot parcel bounded by Jefferson Davis Highway, Potomac Avenue and Crystal Drive, nor has an architect been formally linked to what is being called the “Archstone National Gateway,” though permitting records indicate that they have taken on Tishman Speyer as a development partner.

"We’re still in the drawing stage, but we should have something by the end of the month as far designs and proposals go," said Joshua Custer, Archstone-Smith's Marketing Coordinator. In all, planners hope for an eventual 1500 residential units with the recently opened 386-unit Camden apartments and 479-unit Eclipse condominiums, which began sales in 2005 and still have nearly 100 condos left to go. Ouch.

As for other adjoining pieces of the National Gateway pie, Camden Property Trust has already delivered there, while another nearby parcel was sold off to Marriott International for development under their Renaissance and Residence Inn brands is already well into construction.

For Meridian’s part, they are well on their way to realizing the 1.5 million square feet of office and 200,000 square feet of restaurants and retail included in Phase I of their National Gateway. That project is set to deliver this coming November.

Washington DC real estate news

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