Alexandria's Newest Gateway

Alexandria will pocket a sizable expansion of mixed-use space once the Braddock Gateway, now planned just south of the Monroe Avenue bridge, gets underway. Jaguar Development expects that its new development - not technically part of Potomac Yards, but adjacent to it, and only a few blocks away from the banks of the Potomac River - will provide close to 770,000 square feet of new development as it gathers momentum to build in the first quarter of 2010.

Jaguar is planning a whopping 630 residential units for the 7-acre site at North Fayette and First Streets, coupled with 70,000 square feet of office and 15,000 of retail. The development will consist of five buildings, built in as many phases - a plan that will allow Jaguar to tailor each successive component of the project to the demands of the marketplace.

“Each phase needs site plan approval and at the time of each approval, you tell the city what the use is going to be,” said Eddie Cettina of Jaguar Development. “All these numbers are moving targets according to where they sit in the development cycle and what the market calls for at that time.”

Though the inclusion of a hotel in the Gateway project was bandied about for a time, Jaguar has since decided against one - after meeting with Alexandria’s Board of Zoning. “It was resolved in March with ACCD [A Consolidated Development District] zoning which allows you…to change uses depending on how the market fares,” said Cettina. “It will now be residential, office and retail.”

Utilizing designs by RustOrling Architecture, the Gateway will sit on two contiguous parcels currently home to warehouses, a small office building, a large surface parking lot, and a National Car Rental service center. The first phase of the project is expected to be open for business by the end of 2012.

Correction: Per Jaguar Development, the site will accommodate about 770,000 s.f. of developable space, the original article stated there would be close to 2 million square feet.

Alexandria's Monarch Condopartments

President Bush's dream of an owner- ship society took another blow this week. Okay, it probably won't make the State of the Union, but the Monarch Condominiums in Old Town Alexandria are now the Monarch Apartments. Apparently Diamond Properties was struggling to keep the project in the black, selling a frustrating 16% of the 169 units since McWilliams Ballard began sales in July, 2005. Diamond is now adding Kettler to the mix.

This week's conversion continues the unremitting process of developers retooling projects that won't sell, into apartments, which generally do better in a market of skeptical buyers and skeptical lenders. Because they originally organized Monarch as a condominium project, Diamond has the legal ability to hawk individual condos at a later date, but buyers looking for homes in Old Town, Alexandria now have one less option - the supply is reduced to the Prescott, Cromley Lofts, Abingdon Row, and the Royalton. This trend mirrors the greater DC area, which has witnessed a large drop in condo supply due slowing construction and an influx of conversions from condos to rentals. Within the last 18 months, the DC (proper) condo pipeline has shrunk from an estimated projection of 18,000 units over the next two years, to a more modest 5,400 units, many of which are conversions of dated apartments and therefore fail to increase the housing supply.

Little is known about what will happen to the 28-or-so condo-owners that have purchased. A representative from Kettler indicated that a condo board is in place, and current owners would continue to occupy their units. Whomever they are, they can't be ecstatic about owning a home in an apartment building. Maybe the 17,000 s.f. of ground floor retail makes up for the loss, or perhaps the convenience of living four blocks from the Braddock Metro, or even the rooftop garden deck and in-house cinema room.

Kettler, who seems to be running the leasing side, will try to make up for lost time; a one bedroom, 700-s.f. apartment starts at $1885.

Alexandria Approves Madison Development

Trammell Crow Company (TCC) had a good week in Alexandria last week. Special Use Permits for The Madison were approved by the Alexandria Planning Commisssion, and on Saturday the City Council reviewed and unanimously approved the permits to build.

The next step for TCC is to finalize the site plan design, which is being headed up by civil engineering firm Christopher Consultants and architect Cooper Carry. Once complete, both the Zoning and Planning departments in Alexandria will take a final look at the technical details, which is more demanding than the general concept designs. Jeff Miller, Senior Vice President at TCC, predicts a ground breaking date in the first quarter of 2009, anticipating that this stage will take anywhere between eight and twelve months.

The Madison's two buildings have been planned to hold about 344 residential units, determined last August to go rental. The concept plan includes the construction of a new street to dissect the block connecting Fayette and N. Henry streets, splitting the site into northern and southern halves. The northern half will house 206 units and a roughly 9,000-s.f. courtyard for residents. The southern half will house a 138-unit structure and an 8,000-s.f. park open to the public. TCC will also provide about 521 parking spaces available for retail and residential uses.

The Madison is located at 800 North Henry Street: it will house 23,000 s.f. of ground level retail and passive open space at the intersection of North Henry and Madison Streets. Recent delays in approval had resulted from the project's falling under the jurisdiction of the upcoming Braddock Road Metro Area Plan.

Tuscany Condos in Alexandria Terminates Sales

Bozzuto’s Tuscany condo project in the Landmark section of Alexandria is shutting down its sales office to convert to rental units when the building is completed early next year. Maryland-based Bozzuto broke ground on the project and began sales on the 104-unit building in early 2006, but recently the project website was taken down and Bozzuto’s main office has confirmed that the project will now become a rental building. Locally, the company is still completing work on its project in Capitol Heights, MD, called the Addison at St. Paul, and has not yet completed sales on the Fedora, a condo at DC’s Meridian Hill Park which completed earlier this year.

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