ARLINGTON, VA – Broad & Washington LLC, a venture of Arlington VA-based Insight Property Group and Reston VA-based Kiddar Metz, filed an application this week with Falls Church City for the redevelopment of their 3-acre downtown Falls Church property encompassing 100 N. Washington Street, 127 E. Broad Street, and 130 E. Broad Street - located on the northeast corner of Routes 7 and 29. The property is currently home to a commercial office building, an Applebee’s restaurant, and a medical office building.
Broad & Washington sets a new high-water mark for commercial footage in Falls Church mixed-use projects featuring over 100,000 square feet of commercial space to include a grocery anchor, restaurants with outdoor dining, neighborhood-serving retail stores, 36,000 square feet of commercial office space, and 324 apartments, which collectively will contribute more economic value to the area.
“This mix of space will yield a net fiscal surplus of $3.3 million each year and over $60 million in the next 20 years. Additionally, we expect the office and retail to support over 200 full-time jobs,” according to Todd Hitt, President & CEO of Kiddar Metz.
Richard Hausler, CEO of Insight Property Group, notes that in addition to the fiscal surplus, “Broad & Washington will bring new life and energy to Downtown Falls Church. This project falls within the City’s adopted Core Entertainment Area, which already includes existing restaurants and the The State Theatre. We believe this area of the community will really come alive with this project and grow into a local and regional destination.”
The planned 324 apartments will appeal to young professionals, millennials, and empty nesters. “There is proven demand for authentic downtown living in walkable and bike-friendly mixed-use settings with access to major employment centers,” says Insight Property Group Partner, Maury Stern. “This project will fulfill that demand along with a large underground/covered structure parking garage that will have space for residents, retailers, and the public.” Broad & Washington proposal specifics:
Number of units: Approx. 324 apartments
Office: Approx. 36,000 square feet of office
Retail: 20,000 square feet of neighborhood serving retail
Grocery Retail: 50,000 square feet of grocery retail
Parking: 4-Level underground parking garage
Net Fiscal Impact: In excess of $60 Million
This Falls Church, VA acquisition is part of Insight Property Group’s growing presence in the DC-Metro Area real estate market. Insight Property Group has nearly 1,000 residential units and 100,000 square feet of retail and commercial space currently under development. These projects include Apollo in the Atlas District of Washington DC, Fenwick in Silver Spring MD, The Shelby in Alexandria VA, and additional projects in pre-development throughout the DC-Metro Area.
About Insight Property Group: Founded by longtime multifamily industry veterans Richard Hausler and Michael Blum, Insight Property Group acquires, repositions, and develops well-located apartments and mixed-use real estate in the Washington, D.C. metropolitan region. The principals have over 70 years of experience in the area real estate industry. For more information, visit: www.insightpropertygroupllc.com.
About Kiddar Metz: Kiddar Metz is a Reston, Virginia-based private investment firm that originates structures and manages strategic equity investments across a variety of business disciplines. The firm has in excess of $300 million under management. For more information, visit: www.kiddar.com