"This property fits right into our strategy of investing in established premium neighborhoods," Gables' Steven McCleaf tells GlobeSt.com. Work on the project, which will ultimately cost $70 million to realize, is expected to get under way in September or October of this year.

The as-yet-unnamed high rise in the Courthouse area here will carry the address of 1308 N. Taft St. When work wraps up in the fall of 2006, the property will feature 303 residential units within a tapered complex of 11, five and four stories, as well as a parking facility to accommodate upwards of 350 vehicles. Lessard Architectural Group is behind the building design. The remaining 24 units billed as part of the project will be affordable housing residences--to replace housing for those remaining tenants of the existing apartment community--located in the nearby Courthouse Crossing apartment complex at 1401 N. Taft St. The development's community benefit package, including the subsidized housing and area improvements, is in excess of $3 million.

Getting the project off the ground was no easy feat, McCleaf notes. "These sites are typically the toughest ones to tie up because competition is so fierce, especially with the condominium market," he says. "Also, it's just getting tougher and tougher to get things approved in Arlington County. The significance of this project for us is it shows we have the staying power to get difficult projects approved and to see them through."