Thursday, June 26, 2008

Monument - Arlington Land Swap Approved

A real estate swap between Monument Realty and Arlington County, approved last night by the Arlington County Board, will allow the developer's Monument View project and the County's recreational "Long Bridge Park" development to move forward.

As DCMud reported last year, "Long Bridge Park," formerly known as "North Tract," will be a twenty-eight-acre "state of the art aquatics, health and fitness facility and park" running along the Potomac. Bounded by Shirley Highway Interstate 395, The George Washington Memorial Parkway, and 10th Street, the swap gives the county the last seven of the twenty-eight acres needed to complete the park.

Arlington Board Chairman J. Walter Tejada said the decision was a step in the right direction for the new Potomac facility. "The Board's action today brings us an important step closer to developing a much-needed and long anticipated sports and aquatics facility on this key site. The County will now complete the land swap and move forward," Tejada said.

Monument's portion, located on a 4.7-acre site at 333 and 335 Old Jefferson Davis Highway, just north of Crystal City, will include an eight-story office and retail building with 323,229 s.f. of office space and 3,512 s.f. of ground floor convenience retail. Unlike its Vornadoville neighbors to the south, the 352-unit residential building will rise only four to seven stories, probably necessary due to its proximity to and location directly under the flight path to Reagan National Airport.

Bounded by S. 6th, Ball, and Clark Streets, the residential project will "create a gateway to Long Bridge Park" on its southern edge. And since there is no such thing as an even trade with the government, as part of the plan, the developer will make a $2.5 million contribution to affordable housing as well as a $376,761 contribution to Long Bridge Park improvements.

Arlington, VA real estate development news


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