Tuesday, May 12, 2009

Airport Residential on Approach in Crystal City

Gould Property Company, with the Abbott Development Group and CORE Architecture and Design, are readying for the fourth and final installment of their Airport Plaza development in Crystal City. Approved way back in 1981, Gould first delivered the two office tower components of the project in the early years of the Reagan era, but number four will bear a more striking resemblance to Airport Plaza III, also known as the Concord Residences - a 680,000 square foot, 412-unit "luxury" rental high-rise at 2600 Crystal Drive that delivered in 2007 and, as of this week, boasts a 93% occupancy rate.

"We don't have a name yet, but [Airport Plaza IV] will be linked with the Concord," said Doug Abbott, President of the Abbott Development Company. "It's designed as a stand-alone building, but, for our purposes, we’ll be managing and marketing it as one complex…It will have a Clark Street address, but they will share the amenities and management team."

Measuring in at roughly half the size of its neighbor, the as-of-yet untitled project will bring another 205-rental units to a resurgent Crystal City – itself slated for some major infrastructural improvements in the coming years. In accordance with those plans, the Gould-led development team will be outfitting the space between the two residential towers with "a multi-level outdoor plaza with landscaping" – a project already provided for in Crystal City Planning Task Force’s Framework Plan.

“That is part of the Crystal City redevelopment plan, so that can’t happen until the traffic circle is put in at 26th Street,” said Abbott. However, he says, work on Airport Plaza IV is proceeding at a much brisker pace and that his team is confident that the project will be a successful addition to a well-situated site less than a mile from National Airport.

“We’ve been working on schematics and we’re actually before the County with a minor site plan amendment. If that is approved, which I anticipate it will be, we’ll go ahead with design. For office buildings, we think that the market is kind of on hold, but I noticed during the last recession that the demand for rental is never slim to none."

Arlington, VA, real estate development news


Anonymous said...

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And for godsakes, don't be so freaking easy to manipulate! The stupid Iraq war for example. The whole country got played on like a drum, and you even elected dumbass bush a second time. After proving his Olympic grade incompetence for four years.

What good did the war serve? Other than screwing you economy that is.

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