Located in the western part of the county at Route 50 and I-66, the upscale apartment community will be TCR's sixth Alexan development project in the Washington metro area. The 11 buildings will be a mixture of low-rise and mid-rise structures, and the complex will also feature an 8,000-sf clubhouse and a conference center. TCR expects the first tenants to be able to move into the new community in March 2003. As for development costs for this project, the developers are not talking. "I will not answer that question," TCR Mid-Atlantic division partner Chip Bay told GlobeSt.com in response to an inquiry about costs. He does not, however, that Bank of America is financing the project. "It's a great location," he adds. "We look forward to building a first class community in a first class area."

According to a 2001Delta Associates annual survey on class A garden-style apartment construction, similar luxury apartments in the general Washington Metro area cost $107,189 per unit to build. That number reflects the apartment cost only, no land purchase expenses are included. For high-rise luxury apartment buildings, the construction cost jumps to $157,773 per unit. Alexan Fairfax will consist of a mixture of low- and mid-rise buildings so taking the average of the aforementioned building costs, the construction of the apartment complex could cost an estimated $55.6 million, minus land acquisition.