Atlantic Realty Bags 41 Acres for Ashburn Project

ASHBURN, VA-Local real estate development firm Atlantic Realty Cos. has taken a major leap forward in realizing its 300,000-sf mixed-use endeavor with its recent acquisition of a 41-acre parcel within the nearly 300-acre Ashbrook development compound. Already, some preparation for construction activity has gotten underway. Atlantic Realty is in the midst of wrapping up infrastructure improvements, as well as $12 million in site improvements. However, mum’s the word at Atlantic in regard to the cost of the development and the purchase price of the land, which was sold by Loudoun Intertech Development Corp.

Located off Rte. 7, the Ashbrook development occupies an area near the new site of the Howard Hughes Medical Institute. Construction work is scheduled to get underway toward the end of the year. “The developments will be completed in different phases, “Atlantic Realty’s Rick Fassett tells GlobeSt.com.”The office portion should be finished in the fall of this year, and the retail portion should be finished six months after that.”