Paradigm Development Co. of Washington, DC has aligned itself with Richmond, Va.-based Cornerstone Real Estate Advisor in the planned development of a $50 million, 14-story luxury apartment building and a 22-story uuptown office tower on 2.5 acres at Third and Church Streets.
Cornerstone owns the land for both projects. But the tower won't be started until an anchor tenant has been signed. In the meantime, Cornerstone feels the multifamily, high-rise development will drive the tower. A meeting has been scheduled to explain the project to local residents.
Developers say uptown land is so expensive they are forced to build high-rises to make residences affordable.
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