New Joint Venture Development Team for Braddock Gateway's Phase One

In a strategic move undisclosed early this

fall, Jaguar Development has sold Phase 1 of its Braddock Gateway development site in Alexandria, Va., to joint-venture partners Trammell Crow Company and Washington Real Estate Investment Trust. The land sale and development site closed on November 23rd, 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 the first piece of a larger, 7-acre, five-phase Braddock development plan. 

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. 

Alexandria, Virginia real estate development news