The Keating Group has closed its Clarendon sales center for the Phoenix Condos. Another developer gone out of business? You might think so, with gloom over real estate this year's bumper crop, but 
that would be incorrect.
Keating sold the last of its 181 condos last week, and will now focus on selling its commercial remaining commercial space in the project it began building in 2005.
The Pennsylvania-based developer renovated and expanded the historic Post Office on Washington St., now on the Federal Register of Historic Places, adding 52,000 s.f. of office space, retail, and of course the 11-story condominium on what had been a surface parking lot. Located 2 blocks south of the Clarendon Metro, the Phoenix was built by Turner Construction, 
and began selling more than 4 years ago, with prices originally running from the low $300's to the $700's. Construction completed in the summer of 2007. The project received approval by the Smart Growth Alliance - a mix of various smart growth and environmental groups, for its transit-oriented historic adaptation. The Phoenix condominium was designed by Dorksy Hodgson Partners, the main architects, with Oehrlein & Associates as the preservation architects.
Keating will be going postal again, next time in Bethesda, where it plans another post office conversion with adjacent condo project. No timeline has been offered for that.
Arlington Virginia real estate news
5 comments:
Where the heck are we supposed to check lease prices???
That Asadoorian shill company has had signs up for three years advertising availability of the storefronts in the Phoenix building, but absolutely nothing has gone in save for a locksmith. Clearly the deal they cut with Arlington County for added density was abused. Adding to that, I doubt they have bothered playing game with leasing offers, since they had plenty of revenue coming in (eventually) from the upper floors.
Clarendon continues its descent into resembling Ballston with lame or unused commercial spaces.
Even national brands like Trader Joe's would make a killing in Clarendon, but alas, these developers have no incentive to play game (unless the county gets involved, AND IT SHOULD!).
Asadoorian is a big-box vendor and has no time to deal with smaller players (I tried once and couldn't get him to look at me), so it doesn't surprise me.
I guess by "absolutely nothing" you mean the optometrist, dry cleaner, and Lyon Hall restaurant (same owners as Liberty Tavern). And that doesn't take into account the substantial commercial space in the two buildings, which accounts for much more than the retail space and has all been sold for some time now, except one last unit...
From what I hear and see, the blanket requirement to include first floor retail has saturated that entire Wilson Blvd corridor and owners are struggling to fill those spaces. Many of players in the development community, local retailers, and the local Chamber have approached the County for some time to change this requirement or at least make what qualifies as first floor retail more flexible. People thinking that owners in this market want empty non-performing space are not tracking with economic reality.
Just look at the space that was across the street from Harry's Tap Room - it took them forever to find a restaurant tenant quite recently and you would think that is an attractive corner.
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