In a strategic move undisclosed early this fall, Jaguar Development has sold Phase 1 of its Braddock Gateway development in Alexandria, Va., to joint-venture partners Trammell Crow Company and Washington Real Estate Investment Trust. The straight-sale deal closed on November 23rd, and the partnership was announced by press release yesterday.
The recently purchased one-acre development site of Phase 1, a 15-story, 270-unit apartment building, at 1219 First Street (First and Fayette Street), is only one piece of the larger, 7-acre, five-phase Braddock development.
The residential-and-retail building, designed by Rust | Orling Architecture, consists of a mix of studios, 1-bedroom, and 2-bedroom apartment units, and will vary in height from 50' to 150' - from 6 to 15 stories - with the tallest section being the central tower (the focus), which is flanked by "two lower shoulders," the eastern 6-story wing with pool deck, and the western 13-story wing.
Phase 1 is now undergoing final site plan approval with the City of Alexandria, after preliminary site plan approval was given by the City this past September. After final approval, likely to come in the next half year, two years of construction will then begin in the fourth quarter 2012, developers expect. If all continues to go smoothly, the project - developed through TCC’s wholly-owned subsidiary High Street Residential - will deliver in 2016.
Washington D.C. real estate development news