WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a transaction for the development of The Gateway Alexandria, a planned 585,000-square-foot mixed-use project with luxury residences, below-grade parking, grocery-anchored retail and office space in Alexandria, Virginia.
HFF worked on behalf of Abramson Properties, who worked over the past five years to assemble and entitle the project. HFF identified Weingarten Realty Investors, who purchased the site and will lead vertical development of the exciting project.
The Gateway Alexandria will be a transformational project for the city of Alexandria. The site is the location of the former Jefferson Hospital and its medical buildings, which is proximate to the Northern Virginia Community College and the Department of Defense at Mark Center. This premier mixed-use development will be situated on 5.2 acres at the corner of King and North Beauregard Streets and one half of a mile from Interstate 395. The development will create a dynamic community with vibrant, grocery-anchored retail lining a walkable promenade. The site’s location is prominent in the north central section of Alexandria at the city’s boundaries with Fairfax and Arlington Counties. A Transit-Oriented Development (TOD), The Gateway Alexandria is six miles from the Capital Beltway, five miles from downtown D.C. and four miles from both Old Town Alexandria and the Pentagon. In 2017, the site will be served via a new Bus Rapid Transit station in addition to the current Metrobus and DASH bus service. Once completed in 2019, The Gateway Alexandria will be a three-building, mixed-use property featuring 352 multi-housing units, 74 of which will be affordable units; 110,000 square feet of ground-floor retail space anchored by a Harris Teeter grocery store; 87,000 square feet of office space; and below-grade parking with 820 spaces for the entire development, including 320 spaces for residential use. Weingarten's net investment at completion is estimated to be $160 million and will include ownership in the retail, 275 luxury residences and approximately 23,000 square feet of office space.
HFF’s team was led by Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex. Dave Millard and Peter Berk of Avison Young and Dave Dochter of Dochter Alexander provided leasing advisory services for the office and retail portions of the project.
About Abramson Properties
Abramson Properties was founded in Alexandria by Danny and Paul Abramson in 1980. Abramson Properties develops residential and mixed-use urban projects for its own account and venture partners. For more information, visit www.abramsonproperties.com.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2016, the company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 224 properties, which are located in 18 states spanning the country from coast to coast. These properties represent approximately 45.2 million square feet of which Weingarten’s interests in these properties aggregated approximately 28.4 million square feet of leasable area. Visit www.weingarten.com for more information.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.