The country's largest plot of undeveloped, privately-owned land at 1.8 million-square-feet was approved for $15 million by Arlington County. The previously county-owned property will be used for a multi-phase, office-dominated development of two 22-story office buildings, one 19-story office building, one 180-story hotel, one building that could either be used for office or residential, and 50,000-square-feet of retail. The development, called PenPlace, is planned to include ground-floor retail businesses, a hotel, and the option of up to 300 residential units to the largest parcel of undeveloped land in Pentagon City. The county and developer closed on the transfer a month ago for 610,951-square-feet of development rights at $15,050,619, or $24.60 per square. Despite completion of the necessary payments with Arlington, there is no time frame yet for the development.
The project will cost an additional $2.65 million for a 1.3-acre Central Green, half acre 12th Street Plaza, and 0.3 acre 10th Street Plaza. A walkway will connect the three open spaces and will include water features, artwork, a cafe, children's play area, gardens, and large lawn area for community events. The developer currently owns vacant office spaces in Crystal City and Rosslyn.
· Vornado pays Arlington $15M for right to build massive PenPlace project [Washington Business Journal]
· PenPlace site plan $105 [Arlington County Government]
- Michelle Goldchain
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